PMJDY stands for Pradhan Mantri Jan Dhan Yojana. It is a financial inclusion program launched by the Government of India on 15th August 2014, with the objective of providing universal access to banking facilities with at least one basic banking account for every household, financial literacy, and access to credit, insurance and pension.

PMJDY Was Launched On 15th August 2014.

The aim of PMJDY is to provide universal access to banking facilities with at least one basic banking account for every household, financial literacy, and access to credit, insurance and pension.

PMJDY provides a platform for the three social security schemes viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).

BSBDA is a KYC-compliant account with no requirement to maintain a minimum balance. Basic minimum facilities given in BSBDA Account are free of charge. The services available in the account will include Deposit and Withdrawal of cash at a Bank Branch as well as ATMs / CDMs; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central / State Government agencies and Departments. The account holders are eligible to avail of cheque book facility by paying additional charges as per the extant guidelines applicable for Savings Bank Account holders without the requirement of maintaining any minimum balance in the BSBD Account. On the other hand, BSBDS is an account opened with limited KYC, based on a self-attested photograph, with certain restrictions such as an aggregate of all credits in an account during the financial year does not exceed rupees one lakh, the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand, and the balance in an account at any point of time does not exceed rupees fifty thousand.

No, the holders of the BSBD Account cannot open any other Savings Bank Deposit Account in the same bank. If a customer has any existing Savings Bank Deposit Account, then they are required to close it within 30 days from the date of opening a BSBD Account. An existing Savings Bank account can be converted to a BSBD account at the request of the Customer.

PMJDY accounts can be opened through BC Points (Business Correspondents/Bank Mitras) as well as through branches. All branches have been issued with the latest guidelines of the scheme. On the basis of the collection of KYC documents, PMJDY accounts can either be opened by submitting full KYC documents or by submitting a self-attested photograph as per the extant guidelines of RBI.

• No limit on number of withdrawals in a month.
• Chequebook with 25 leaves is provided yearly free of cost.