Jan-Dhan Yojana is a national mission to connect every Indian (especially weaker sections and low-income groups people) to various financial services (such as saving bank account, need-based credit, remittances facility, insurance, and pension) using advanced technology. Jan Dhan Yojana is also known as Pradhan Mantri Jan Dhan Yojana as it was run by the Indian Prime Minister, Narendra Modi as a People Money Scheme to add each and every people of India to the bank account and savings.
Long and Short Essay on Jan Dhan Yojana
Essay 1 (250 words)
On 15th August 2014, Independence Day, the Indian Prime-Minister, Mr. Narender Modi had expressed his view in his inaugural speech from the Red Fort on the upliftment of the poor. He told that a bank account is essential for their prosperity. Jan Dhan Yojana is the people’s money savings scheme launched by Indian Prime Minister Narendra Modi on 28 August 2014. It is also called the Pradhan Mantri Jan Dhan Yojana, which is actually a scheme for the people to create some opportunities for the common Indian people living in rural areas.
It is very important to increase awareness among the people about the habit of saving money so that they are free to do something better in the future and will gain some confidence in them. With the help of saved money, they can help themselves in days of the crisis. When every Indian person will have his/her own bank account, then s/he will be able to understand the importance of saving money better.
This scheme launched by the Prime Minister enables poor people to save money. Making people living here independent is truly a free India. India is a country that is still counted among developing countries due to the backwardness of people living in deceptive areas. Due to improper education, inequality, social discrimination, and many social issues, the rate of people living below the poverty line in India is high.
Many programs have been implemented to make this scheme a successful plan. About 60 thousand enrollment camps were organized in rural areas to make them aware of the importance of bank accounts, as well as to explain to them the benefits and procedure of opening a bank account and to draw the minds of people towards it.
Essay 2 (300 words)
Since coming to power, the Modi government has made many reforms to strengthen the economic condition of the country and for the development of the country. Keeping in mind the condition of the poor, the government announced on 15 August 2014 that all families must have an account in the bank to connect them to the bank and it was implemented on 24 August 2014. Under this scheme, people’s accounts are opened with insurance up to one lakh.
The scheme was started to provide bank facilities to the villagers, to instill confidence in them and to create awareness about banks. Villagers are deprived of the facilities provided by the government as all the facilities were limited to the cities. This is the first scheme that will benefit both the village and the city.
Rules for Opening Accounts under Pradhan Mantri Jan Dhan Yojana
One must be a citizen of India. If a person does not have proof of being a citizen of India, yet an account can be opened through certain processes. The account of children of ten years old can also be opened. One can get her/his ordinary account transferred to the Pradhan Mantri Jan Dhan account.
Benefits of Pradhan Mantri Jan Dhan Yojana
Under this, people’s accounts are opened and insurance of one lakh is also provided. After 6 months of opening the account, people can take up to Rs. 5000 as an advance so that they can avoid a high rate of interest of moneylenders. People have also been given a Rupay card which they can use as A.T.M. cards.
Pradhan Mantri Jan Dhan Yojana is a welfare scheme for all and it would prove to be a milestone in the progress of the country. If the bank works smoothly then the economy of the people and the country will improve.
Essay 3 (400 words)
With a view to providing banking facilities to the maximum population of the country, the Government of India has launched Pradhan Mantri Jan Dhan Yojana. The scheme was inaugurated by Prime Minister Narendra Modi on 28 August 2014. Under this scheme, any Indian adult citizen can open an account in nationalize banks with zero balance and very few documents.
Benefits of Pradhan Mantri Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana account actually falls under the category of Basic Savings Bank Deposit Account. The rules are very simple in terms of keeping balance and documents in such accounts, but there are also some restrictions in terms of money transactions and other facilities.
The Main Features of Pradhan Mantri Jan Dhan Account are as follows-
- The account can be opened with zero balance.
- No minimum deposit or balance is mandatory.
- 4 percent interest rate on deposits.
- ATM Card facility is provided.
- Rupay Debit Card facility for the account holders is also bestowed.
- Mobile Banking & SMS alert are available.
- Facility for sending and ordering money anywhere in the country.
- Accident Insurance cover up to one lakh rupees.
- Life insurance of 30 thousand rupees.
- The benefit of Subsidies, Pension, Insurance, etc.
- Overdraft facility up to Rs 5000.
Limitations of PM Jan Dhan Account
- Fees for withdrawing money more than 4 times: One can withdraw money at most 4 times in a month including ATM transactions. The bank will charge a fee of Rs 10 per withdrawal for withdrawing money more than this. However, there is no such restriction or limit in relation to depositing money.
- Restriction of maximum balance: The total deposits in such accounts during a year cannot exceed Rs 1 lakh and the balance cannot be kept more than Rs 50 thousand at any one time.
- Maximum transaction reimbursement: Total withdrawal in a month cannot exceed Rs. 10 thousand.
- No check draft facility on zero accounts: Basically no minimum balance is required to maintain the Jan-Dhan account, but if you want to get the facility of check or draft, then it is necessary to keep the necessary bank balance as well.
Pradhan Mantri Jan Dhan Yojana was launched as a national challenge to open an account and a money-saving scheme to bring every Indian citizen into the bank and link it to its benefits. Many programs have been implemented to make this scheme a successful plan. Near about 60,000 enrollment camps have been set up to attract the minds of people in rural areas, informing them about the procedures and benefits of opening their bank accounts, as well as making them aware of the importance of bank accounts.