How to open account under Pradhan Mantri Jan-Dhan Yojana? You must have this

The Pradhan Mantri Jan-Dhan Yojana is one of the most ambitious financial inclusion programs launched by Prime Minister Narendra Modi, which is run by the Department of Financial Services that fall under the Ministry of Finance. Launched on August 15, 2014, the program got entry into the Guinness Book of World Records as 1.5 crore bank accounts were opened on its inauguration day. Even after four and a half years after its inception, a good number of people are unable to take advantage of this scheme because they don't know how to open a bank account under the Pradhan Mantri Jan-Dhan Yojana. In some cases, it is because of the lack of documents that leads to rejection of the bank account opening under the scheme.

It becomes important for the targeted beneficiaries under the scheme to know the required documents to open Jan-Dhan account under Pradhan Mantri Jan-Dhan Yojana. If someone has his or her Aadhar Card, then he or she don't need any other documents as it is enough for opening a Jan-Dhan bank account. However, if one doesn't have the Aadhar Card, then any one of the Voter ID Card, Driving Licence, PAN Card, Passport & NREGA Card will be required. 'Small Account' can be opened on the basis of a self-attested photograph by putting one's signatures or thumbprint in the presence of an official of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rs 1,00,000 in a year), aggregate withdrawals (not more than Rs 10,000 in a month) and balance in the accounts (not more than Rs 50,000 at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document, within 12 months of opening the small account.

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But, what about those who don't have either of the above-mentioned ID and address proofs? They can also open their Jan-Dhan account but their account will be 'Small Account.' As per the RBI press release issued on 26th August 2014, those persons who don't have any of the officially valid documents can open 'Small Account' with the banks. A 'Small Account' can be opened on the basis of a self-attested photograph by putting one's signatures or thumbprint in the presence of an official of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rs 1,00,000 in a year), aggregate withdrawals (not more than Rs 10,000 in a month) and balance in the accounts (not more than Rs 50,000 at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that one has applied for any of the Officially Valid Document, within 12 months of opening the small account.

In brief, one can follow the below instructions if he or she wishes to open a bank account under the Pradhan Mantri Jan-Dhan Yojana:

1] If Aadhaar Card is available then no other documents are required. If the address has changed, then a self-certification of current address is sufficient.

2] If Aadhaar Card is not available, then any one of the following Officially Valid Documents is required: Voter ID Card, Driving Licence, PAN Card, Passport & NREGA Card. If these documents also contain one's address, it can serve both as 'Proof of Identity and Address'.

3] If a person doesn't have any of the above mentioned 'officially valid documents', but it is categorized as ‘low risk' by the banks, then one can open a bank account by submitting any one of the following documents:

a) Identity Card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;

b) A letter issued by a gazetted officer, with a duly attested photograph of the person.

So, make sure you have done the above-mentioned documentation before applying for Pradhan Mantri Jan-Dhan bank account.