The Pradhan Mantri Jan Dhan Yojana is a financial inclusion program of the Government of India open to Indian citizens (minors of age 10 and older can also open an account with a guardian to manage it), that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions.
This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.
All accounts opened under the Pradhan Mantri Jan Dhan Yojaa will be zero balance accounts and shall be linked to RuPay debit cards. In order to open these accounts, the account holder has to only provide a photograph and a signature / thumb impression specimen.
In a bank account opened under the scheme the total deposits must not exceed Rs.100000 in a year. The total withdrawals may not be over Rs. 10000 a month and the account balance shoudl not exceed Rs. 50000. The account shall remain active for a period of 12 months within which the account holder must furnish proof of application for a valid identificaiton document such as an Aadhaar Card or a Pan Card. In such a case the account will be allowed to exist for another year.
ADDITIONAL INFO:
Under this scheme 15 million bank accounts were opened on inauguration day. This achievement was recorded by the Guinness Book of World Records!
The slogan of the scheme is "Mera Khaata, Bhagya Vidhata" (meaning "My account, fortune maker")
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