PMJDY Withdrawals

Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on 28th August 2014 under the National Mission for Financial Inclusion (in two phases) for four years. The main aim of this scheme is to envisage the universal access of at least one banking account of every individual to avail the banking facilities. This scheme also provides financial literacy, insurance, and pension, and access to credits.

However, the PMJDY is the major platform for the three social security schemes- Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY), Pradhan Mantri Jeevan Beema Yojana (PMJBY).

PMJDY Withdrawals

PMJDY Account Withdrawals

If a person wants to withdrawal his/her money from PMJDY bank account, the process of doing so easy. He/she can only need to use his/her RuPay Debit Card. However, the withdrawal limit under the PMJDY account is up to Rs. 10,000/- and the account holder of this scheme can deposit the sum of up to Rs. 1 lac only. 

The Pradhan Mantri Jan Dhan Yojana has been launched by the Government of India and it is a national financial inclusion scheme that ensures financial assistance to the backward sections of the society. Moreover, the primary objective of this scheme is to provide benefits of banking products and services and designed for such people who were not covered under the previous small savings scheme plans and had been deprived of enjoying the benefits under these schemes.

How to withdraw funds from PMJDY?

An account holder can easily withdrawal his/her funds from PMJDY by using a RuPay Debit Card. This debit card enables the account holder to withdraw his/her funds from his/her bank account whenever needed. Moreover, there is a facility provided by the Government to open a bank account with a “Zero balance” under the PMJDY scheme without maintaining any minimum balance in the account.

So far, the main motive to launch this zero balance account under this scheme is to make every single Indian citizen financially stable, self-sufficient, and to be secure. Therefore, the Government of India focuses on the purpose to improve the financial and economic condition with the help of providing the zero balance bank account through this scheme to every individual and the country in general.

Features of Pradhan Mantri Jan Dhan Yojana

Though, the Government has made few features to extend the comprehensive program of PMJDY in an opening account of every citizen of India. These modifications and new features are listed below :

  • The age limit of an individual to availing the Overdraft facility has been revised from 18-60 years to 18-65 years.
  • The existing facility of overdraft limit has been revised from Rs. 5,000 to Rs. 10,000.
  • For the new RuPay cardholders who have opened their new PMJDY account after 28th August 2018, the accidental insurance cover has been raised from the existing Rs. 1 lac to Rs. 2 lacs.
  • No conditions are attached to the active PMJDY accounts holders availing the overdraft facility up to Rs. 2,000.

Benefits of Pradhan Mantri Jan Dhan Yojana

Under the scheme of PMJDY, any individual not having any other account in the Business correspondent (Bank Mitra) outlet or any other bank branch, can open the account of Basic Savings Bank Deposit (BSBD). Though, there are many benefits of opening an account under the PMJDY scheme. Some of them are explained below.

  1. The accounts opened under PMJDY are eligible for Direct Benefit Transfer (DBT), Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJY), and other Micro units and Development & Refinery Agency Bank (MUDRA) scheme.
  2. The overdraft facility is available to the eligible account holder of up to Rs. 10,000.
  3. Accidental insurance cover is also available to the account holder of the PMJDY scheme of Rs. 1 lac that has enhanced to Rs. 2 lacs according to the new modification made under the PMJDY accounts that are opened after 28th August 2018.
  4. The account holder of PMJDY is also provided with RuPay Debit Card.
  5. On the deposit sin PMJDY accounts, the interest has also been earned to the account holders.
  6. No requirement has to be made in fulfilling or maintain any minimum balance in PMJDY accounts.
  7. An unbanked person can be able to avail the benefit of opening one basic savings bank account with zero balance.

Frequently Asked Questions

Q1. What is the maximum limit to withdraw and deposit in PMJDY account?
Ans. The maximum limit to withdraw from the PMJDY account is up to Rs. 10,000. However, an account holder can deposit a sum of more than Rs. 50,000 per month.

Q2. What is the overdraft interest rate of the account under the PMJDY scheme?
Ans. The applicable rate of interest of the account under the PMJDY scheme is 12%. Although, it is usually counted as the base rate that is 12% or +2%.

Q3. How do I avail the overdraft facility under the PMJDY scheme?
Ans. Elaborating the overdraft facility under the scheme of PMJDY, SEBI registered investment and tax expert Manikaran Singhal stated that, “if an individual wants to become eligible to avail the overdraft facility then a new account holder of the PMJDY should do regular cash transactions through RuPay Debit Card issued to him/her and also has to maintain a positive and healthy balance in the account for the first six months after opening the account. And if he/she satisfied the bank then he/she would be provided with the overdraft facility of up to Rs. 5,000 to that account holder. However, he also stated that the account holder also has to pay the nominal rate of interest to avail of the overdraft facility under the PMJDY scheme.

Q4. How can I convert my savings account into a zero balance account?
Ans. SBI has provided the option to convert the savings account to the zero balance account (BSBD account that is free of cost) to their customers. Moreover, there is no requirement to maintain any minimum balance. However, the zero-balance account can be open or converted by any account holder only by providing his/her valid KYC documents.

Q5. How to link my bank account to the PMJDY scheme online?
Ans. The following steps have been taken to link up the bank account to the PMJDY scheme.

  1. An individual has to visit the official website of the PMJDY scheme.
  2. Enter his/her User ID and Password to login into the account.
  3. Then on the home page, he/she must locate the option of “link Aadhar with bank account” he/she must click on that option.
  4. Then it will get redirected to the new page, where the account holder has to enter the “Aadhar number” after that he/she must click on the “Submit” button.
  5. Select the bank the account holder wants to link with the Aadhar number and then click the “Submit” button.
  6. After that, the account holder will receive an OTP on the registered mobile number that is linked with the Aadhar card.
  7. The account holder has to enter the OTP and then click on the “Submit” option.
  8. Now, all the steps are completed and the Aadhar that is linked to the PMJDY account will be initiated within the 4-5 working days to get processed.


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