Jan Dhan Yojana 2.0: What are the eligibility criteria?, How to apply? How to check balance?, Dhan Yojana 2.0 in 2024. This new phase of the Pradhan Mantri Jan Dhan Yojana (PMJDY) builds on the success of the original scheme
In a major move to further boost financial inclusion across India, the Government of India has introduced Jan Dhan Yojana 2.0 in 2024. This new phase of the Pradhan Mantri Jan Dhan Yojana (PMJDY) builds on the success of the original scheme launched in 2014, which transformed the financial landscape for millions of underprivileged citizens by giving them access to banking services.
Key Highlights of Jan Dhan Yojana 2.0:
- Digital Integration and Financial Literacy: The 2024 version of the scheme places a significant emphasis on digital banking, aiming to bridge the digital divide. New banking services through mobile apps, QR codes, and digital wallets will now be easily accessible to all account holders, including rural and remote populations. The government is introducing free workshops and financial literacy campaigns focused on teaching beneficiaries how to utilize these tools effectively.
- Enhanced Overdraft Facility: One of the critical upgrades in Jan Dhan Yojana 2.0 is the increase in the overdraft facility from Rs 10,000 to Rs 20,000. Account holders can now avail themselves of this feature without much red tape, providing an essential financial cushion for emergencies or small business investments.
- Insurance Coverage Boost: Insurance coverage has also seen a substantial increase. Accidental insurance coverage for account holders has been doubled to Rs 4 lakh from Rs 2 lakh. Additionally, life insurance coverage has been expanded from Rs 30,000 to Rs 50,000, offering greater protection to low-income families.
- Increased Focus on Women and Marginalized Communities: The new phase of Jan Dhan Yojana is particularly focused on empowering women and marginalized communities. Exclusive financial products like subsidized loans and priority account services will be launched for women account holders, ensuring they have greater access to credit facilities to support entrepreneurship and other financial endeavors.
- New Credit Support Features: Jan Dhan Yojana 2.0 introduces credit-linked initiatives that provide micro-loans to small businesses and farmers. This includes easier credit access through partnership programs with banks, microfinance institutions, and cooperatives, allowing small entrepreneurs to take advantage of business loans with lower interest rates.
- Pension and Savings Schemes Integration: Under Jan Dhan Yojana 2.0, there will be seamless integration with pension and savings schemes, such as the Atal Pension Yojana and the Sukanya Samriddhi Yojana. Account holders will now find it easier to enroll in these long-term savings and pension programs, providing them with the opportunity to plan for a secure financial future.
- Targeting the Unbanked and Underbanked: While Jan Dhan Yojana 1.0 made strides in bringing millions into the banking system, there still remains a segment of the population without access to formal banking services. Jan Dhan Yojana 2.0 aims to target the remaining unbanked and underbanked communities, ensuring universal financial inclusion by reaching all corners of the country through digital and physical banking networks.
- Zero-Balance Account to Continue: The hallmark feature of zero-balance savings accounts continues to remain a key feature of the new scheme, ensuring that people from economically weaker sections can open a bank account without any financial barriers.
- Financial Inclusion for Farmers: Small and marginal farmers will benefit from customized agricultural credit schemes linked to Jan Dhan Yojana 2.0. This will help them access funds to buy seeds, fertilizers, and machinery, significantly enhancing productivity and financial stability in the agricultural sector.
- Monitoring and Performance Metrics: To ensure effective implementation, the government has set up performance tracking metrics under Jan Dhan Yojana 2.0, where progress will be monitored in real-time using digital tools and analytics. Beneficiary feedback will be integrated into the scheme’s rollout to ensure continuous improvements.
The Road Ahead
Jan Dhan Yojana 2.0 is a major leap towards India’s goal of universal financial inclusion. With its enhanced features focusing on digital banking, insurance, credit access, and empowerment of women, the scheme is expected to bring transformational changes in the financial ecosystem of the country. The government’s commitment to creating an inclusive financial framework reflects its vision of equitable growth for all citizens, ensuring that the fruits of economic progress reach every household in India.
The expanded scope and digital thrust of Jan Dhan Yojana 2.0 position it as a key pillar of India’s economic empowerment strategy in 2024 and beyond.
What are the eligibility criteria?
The eligibility criteria for Jan Dhan Yojana 2.0 in 2024 are designed to ensure that the scheme benefits individuals from economically weaker sections who lack access to formal banking services. The key criteria are as follows:
1. Age Limit:
- For Opening a Basic Savings Bank Deposit (BSBD) Account: Individuals must be 10 years of age or older.
- For Availing Overdraft Facility: The minimum age requirement is 18 years, and the upper age limit is typically 65 years.
2. Citizenship:
- The individual must be an Indian citizen.
- Non-Resident Indians (NRIs) are not eligible for the Jan Dhan Yojana 2.0 account.
3. Documentation (KYC Requirements):
- Individuals must provide valid KYC (Know Your Customer) documents for identification and verification purposes. Acceptable documents include:
- Aadhaar Card (preferred).
- Voter ID, Driving License, Passport, or PAN Card.
- For those without any of the above, a letter issued by a Gazetted officer with a duly attested photograph can also be submitted.
- In case of no documents, the account can be opened under a small account provision with simplified KYC.
4. No Prior Bank Account:
- The scheme primarily targets individuals who do not already have a formal bank account or have limited access to banking services.
- Those who already hold a savings account in a bank can transfer it under Jan Dhan Yojana to avail scheme benefits.
5. Financial Exclusion:
- Preference is given to individuals from low-income groups, including economically disadvantaged sections, farmers, rural laborers, daily wage workers, and individuals from marginalized communities, as part of the government’s goal of achieving universal financial inclusion.
6. Zero-Balance Account:
- There is no minimum balance requirement to open an account under Jan Dhan Yojana 2.0, making it accessible to all, especially those from low-income backgrounds.
7. Special Focus Groups:
- Women, rural population, and members of marginalized communities are given priority under the scheme to boost their access to financial services.
- Special initiatives like micro-credit, insurance, and pension plans may have additional support features for these target groups.
These eligibility criteria are structured to ensure that the benefits of Jan Dhan Yojana 2.0 reach the people who need it the most, empowering them through access to banking, credit, insurance, and pension schemes.
How to apply?
Applying for Jan Dhan Yojana 2.0 is a simple and straightforward process, and there are multiple ways to do it, both offline and online. Here’s a step-by-step guide on how to apply:
1. Offline Application Process (Branch Visit)
Step 1: Choose a Bank
- You can apply for a Jan Dhan Yojana account at any public sector bank, private sector bank, or regional rural bank (RRB) authorized to open accounts under the scheme.
- Banks like State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), HDFC Bank, and others participate in the scheme.
Step 2: Visit the Nearest Bank Branch
- Visit the nearest bank branch where you wish to open your account.
Step 3: Collect and Fill the Application Form
- Ask for the Pradhan Mantri Jan Dhan Yojana (PMJDY) account opening form.
- Fill in your personal details, such as name, address, date of birth, contact information, and nomination details.
Step 4: Submit KYC Documents
- Provide necessary KYC (Know Your Customer) documents, including:
- Aadhaar Card (preferably).
- Voter ID, PAN Card, Driving License, or Passport (as alternatives).
- Two passport-sized photographs.
- In the absence of full KYC documents, a small account with relaxed KYC norms can be opened with basic information.
Step 5: Account Opening and Verification
- Once the form and documents are submitted, the bank will verify the details.
- After successful verification, your Jan Dhan Yojana account will be opened.
Step 6: Receive Your Passbook and RuPay Debit Card
- After your account is opened, you will receive:
- A passbook for your account.
- A RuPay Debit Card that can be used for ATM withdrawals, digital transactions, and point-of-sale (POS) purchases.
2. Online Application Process (Through Bank’s Website or App)
Some banks offer the option to open a Jan Dhan Yojana account through their online portals or mobile apps. Here’s how you can apply online:
Step 1: Visit the Bank’s Official Website or Download the Bank’s Mobile App
- Go to the official website of the participating bank (e.g., SBI, HDFC, PNB, etc.).
- Alternatively, download the bank’s mobile app from the Google Play Store or Apple App Store.
Step 2: Fill in the Online Application Form
- Navigate to the Jan Dhan Yojana account opening section on the website or app.
- Fill in the required details such as name, address, mobile number, email, and Aadhaar number.
Step 3: Submit KYC Details Online
- Upload the necessary KYC documents such as your Aadhaar, PAN, or other identification documents.
- In some cases, Aadhaar-based eKYC verification is available, allowing you to link your Aadhaar number digitally without needing physical documentation.
Step 4: Choose a Nominee
- Provide details for the nominee who will be eligible to receive benefits in case of the account holder’s demise.
Step 5: Account Activation
- Once the form is submitted and verification is completed, the bank will notify you about your account opening status.
- You may receive your account details and RuPay Debit Card by post or need to visit the branch to collect them.
3. Applying through Bank Mitras (Business Correspondents) in Rural Areas
- In rural areas, people can apply for Jan Dhan Yojana accounts through Bank Mitras, who act as business correspondents for banks.
- Bank Mitras visit villages or are stationed at designated centers where they assist applicants in filling out forms, submitting documents, and opening accounts without the need to visit a bank branch.
4. Aadhaar-based eKYC (Simplified Process)
If you have an Aadhaar number linked to your mobile number, you can use Aadhaar-based eKYC to open your Jan Dhan Yojana account through authorized banking channels.
Documents Required for Application:
- Aadhaar Card (or other valid ID).
- Proof of Address (if Aadhaar doesn’t reflect the current address, provide utility bills, or ration card).
- Two Passport-sized Photographs.
- PAN Card (if available, though not mandatory).
Things to Remember:
- You can open a zero-balance account, which means no minimum balance is required.
- Ensure to provide correct information, especially for the RuPay Debit Card and insurance coverage benefits.
- Avail the overdraft facility (up to Rs 20,000) after maintaining your account for six months with satisfactory transactions.
By following these steps, you can successfully apply for a Jan Dhan Yojana 2.0 account and enjoy the enhanced financial benefits and services offered under the scheme.
How to check balance?
There are several ways to check your Jan Dhan Yojana (PMJDY) account balance under Jan Dhan Yojana 2.0. These methods are designed to make it easy and convenient for account holders, including those in rural or remote areas, to access their account information. Below are the various methods:
1. Mobile Banking and SMS Alerts
You can check your balance using mobile banking services or by receiving SMS alerts if your mobile number is linked to your Jan Dhan account.
- Using SMS:
- Most banks provide an SMS banking service where you can send a specific code or keyword to a designated number.
- For example, if your account is with State Bank of India (SBI), you can send an SMS to a number like 09223766666 by typing BAL <Account Number> to receive your balance.
- The exact format and number vary depending on the bank, so it’s recommended to check with your bank for specific SMS details.
- Using Missed Call Service:
- You can check your balance by giving a missed call from your registered mobile number.
- Example: For SBI, you can give a missed call to 09223766666, and you will receive an SMS with your account balance details.
- Other banks like Bank of Baroda, HDFC Bank, etc., also offer similar missed call services.
2. ATM/Debit Card
If you have a RuPay Debit Card linked to your Jan Dhan Yojana account, you can use it to check your balance at any ATM.
Steps:
- Insert your RuPay Debit Card into the ATM.
- Enter your PIN.
- Select the Balance Enquiry option.
- Your account balance will be displayed on the screen.
3. Online Banking
If you have activated internet banking for your Jan Dhan Yojana account, you can check your balance through the bank’s official website.
Steps:
- Visit the official website of your bank.
- Log in with your User ID and Password.
- Go to the Account Summary or Balance Enquiry section to view your balance.
4. Mobile Banking Apps
Many banks offer dedicated mobile banking apps that allow you to check your account balance on the go.
Steps:
- Download your bank’s mobile app (e.g., SBI YONO, PNB ONE, BOB M-Connect).
- Log in using your credentials, like your User ID and Password or through MPIN.
- Navigate to the Balance Enquiry section to check your account balance.
5. USSD (Unstructured Supplementary Service Data)
USSD is a quick and easy method to check your balance without internet access. This method works on basic feature phones as well as smartphones.
Steps:
- Dial *99# from your registered mobile number.
- Follow the on-screen prompts and select Balance Enquiry from the menu.
- Enter your bank’s short code (e.g., SBI, HDFC) if prompted.
- Your balance will be displayed on the screen.
This method is especially useful for rural account holders with limited internet access.
6. Through Bank Mitras or CSPs
In rural areas, Bank Mitras (business correspondents) and Customer Service Points (CSPs) can help you check your balance.
Steps:
- Visit the nearest Bank Mitra or CSP center.
- Provide your account details or passbook.
- They will check your balance using their handheld devices and let you know your current account balance.
7. Passbook Update
You can visit your bank branch or any nearby branch to update your passbook. The updated passbook will show your latest transactions and available account balance.
These multiple methods make it convenient for Jan Dhan Yojana 2.0 account holders to access their balance, regardless of their location or access to the internet.
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