Jan Dhan Account: The number of Jan Dhan accounts crossed 50 crores in less than 9 years -Government
The Finance Ministry on Friday said that the total number of Jan Dhan accounts in the country has crossed 50 crore, of which 56 per cent accounts belong to women.
About 67 per cent of these accounts have been opened in rural and semi-urban areas, it said in a statement.
The total deposits in these accounts are over Rs 2.03 lakh crore, while around 34 crore RuPay cards have been issued free of cost from these accounts.
A Jan Dhan Account is a zero-balance savings account that is part of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), a national mission for financial inclusion in India. It offers benefits such as insurance, credit, pension and remittance. You can open a Jan Dhan Account online or at any bank branch or business correspondent. Do you want to know more about the eligibility, features or benefits of a Jan Dhan Account?
What is the interest rate on Jan Dhan’s Account?
The interest rate on Jan Dhan Accounts is 4% per annum. However, this interest rate may vary from time to time. There is no requirement to maintain any minimum balance in PMJDY accounts. You can also avail of an overdraft facility up to Rs. 10,000 in PMJDY accounts. Is there anything else you would like to know about Jan Dhan’s Accounts?
What documents do I need to open a Jan Dhan account?
To open a Jan Dhan account, you need to have valid proof of address such as an Aadhaar card, passport, driving licence, PAN card, voter’s identity card, etc. If you have an Aadhaar card or number, then no other document is required. You also need to provide two passport-size photographs. If your address has changed, then a self-certification of your current address is sufficient. I hope this helps.
How long does it take to open a Jan Dhan account?
The time to open a Jan Dhan account may vary depending on the bank or the business correspondent you choose. However, some online platforms claim that you can open a Dhan account (a type of demat account) in less than 10 minutes. After that, the exchanges begin their verification and approval process, which may take 1-2 working days. A Jan Dhan account is a savings and deposit account that is part of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), a national mission for financial inclusion. You do not need to open another account under PMJDY if you already have a bank account with any bank.
What is the difference between a Jan Dhan account and a regular savings account?
A Jan Dhan account and a regular savings account have some similarities and some differences. Some of the similarities are:
- Both are savings and deposit accounts that allow you to deposit and withdraw money.
- Both offer an interest rate of 4% per annum on the balance.
- Both provide a debit card (RuPay card for Jan Dhan’s account) for transactions.
Some of the differences are:
- A Jan Dhan account has no minimum balance requirement, meaning you can have zero balance in your account and you will not be fined for not maintaining a minimum balance. A regular savings account may have a minimum balance requirement depending on the bank and the type of account.
- A Jan Dhan account offers additional benefits such as accidental insurance cover of Rs. 2 lacks, life cover of Rs. 30,000, overdraft facility of up to Rs. 10,000, and access to a pension, insurance and credit schemes. A regular savings account may not offer these benefits or may charge a fee for them.
- A Jan Dhan account has some eligibility criteria such as being an Indian citizen, being over 10 years of age, and not having an existing bank account. A regular savings account may have different or no eligibility criteria depending on the bank and the type of account.
If you already have a regular savings account, you can convert it to a Jan Dhan account by submitting an application form at your bank branch. Alternatively, you can open a new Jan Dhan account online or at any bank branch or business correspondent. I hope this clarifies the difference between a Jan Dhan account and a regular savings account.