Pradhan Mantri Jan Dhan Yojana (PMJDY) is India's national financial inclusion mission — its goal is to ensure that every household in India has access to a bank account, credit, insurance, and pension. Launched on August 28, 2014, it has become the world's largest financial inclusion initiative, with over 54 crore accounts opened as of 2025.
PMJDY accounts are basic savings bank accounts with zero minimum balance requirement. They come with a RuPay debit card, accidental insurance cover of ₹2 lakh, and life insurance of ₹30,000. Crucially, PMJDY accounts unlock access to government schemes like direct benefit transfers (DBT), LPG subsidies, and Pradhan Mantri Jeevan Jyoti Bima Yojana.
- Any Indian citizen aged 10 and above with no existing bank account
- Individuals without KYC documents can open a "Small Account" with minimal paperwork
- PMJDY is designed for unbanked populations, migrant workers, low-income households
- Existing bank account holders are not eligible for a fresh PMJDY account — but they can upgrade existing accounts
A PMJDY account can be converted to a regular savings account at any time by completing full KYC if you initially opened with limited documentation. To close, visit the home branch with your passbook, debit card, and identity proof, fill a closure form, and the balance is paid out. Note that the ₹30,000 life cover is not available if you already hold an account with another bank.