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2 mins Read | 2 Years Ago

Pradhan Mantri Jan Dhan Yojana Benefits


The Pradhan Mantri Jan Dhan Yojana or PMJDY is a government initiative that aims to promote financial inclusion to the needy and poor section of society. The services that can be carried out through this scheme are insurance, credit, pension, remittance, and deposits. Let’s get to know some of the benefits of PMJDY.

In India, there are numerous unbanked customers that still do not have easy access to basic banking facilities. To address these needs, the Government of India introduced the Pradhan Mantri Jan Dhan Yojana (PMJDY). As one of the best financial inclusion programs, the PMJDY was first rolled out on 28th August 2014 in India.

Under the program, the poor section of the population can have easy access to services such as deposit accounts, savings, remittances, pension, credit and others. The PMJDY Account can be opened in the form of a Zero Balance Savings Account at ICICI Bank.

The ICICI Bank’s Basic Savings Bank Deposit Account (BSBDA) is a type of PMJDY zero balance savings account that can be opened as a user or jointly with other members of your family. The interest rate of the savings account starts from 3.00% p.a., and it is offered on the deposits made towards the account. The Basic Savings Bank Deposit account provides access to more than 1500 ICICI Bank ATMs across the country. Below are some of the benefits of the account:

  • No minimum balance required: The PMJDY zero balance account does not require you to maintain a minimum balance. In fact, you can open an account without any initial deposit.

  • Life cover benefit: If any individual has opened a savings bank account between 20th August 2014 and 31st January 2015, the nominee gets a life cover benefit of Rs.30,000 if the account holder passes away.

  • RuPay Card: Under the PMJDY scheme, subscribers get a personalized RuPay Debit Card free of cost. The card is accepted at all ATMs, e-commerce merchants and Point of Sale (PoS) terminals in the country.

  • Transfer of Money: Account holders can transfer money anytime using the Zero Balance Savings Account.

  • Access to Pension & Insurance Products: Subscribers can also avail of pension services and invest in an insurance cover under the PMJDY scheme.

Apart from the above three benefits, an individual can avail of free cash deposits, free cheque leaves and a free passbook. The account is 24*7 accessible through Internet Banking and Mobile Banking facilities. Any individual above 18 years of years belonging to lower-income groups can be eligible for the PMJDY Scheme. The scheme is not open for NRIs and the HUF community. Are you looking to open a zero balance savings account? It is easy to do so with ICICI Bank’s Jan Dhan yojana account open online service.

You need to provide the following documents to open the PMJDY Zero balance savings account.

  • A duly filled application form

  • Identity proof as per the list of documents specified by the bank

  • Address proof


The zero balance savings account opened under the PMJDY program is a great way to empower citizens financially so that every individual can reap the benefits of development and growth.


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