Pradhan Mantri Jan Dhan Yojana is an initiative of the Government of India that focuses on establishing the financial inclusion of Indian Citizens. With a growing population and speeding economy, the requirement of the banking sector is high but, the outreach of the banking sector was very low especially amongst the poor.
Jan Dhan Yojana’s customer base is those citizens who do not have access to a banking system. This scheme by Narendra Modi Government allows anyone to open a bank account and use the banking system. Ever since the scheme was launched back in 2014, around 300 million users took benefit of the PMJDY scheme. In this article, we will discuss how to convert an old savings account to a Jan Dhan account.
Related Article- Pradhan Manti Jan Dhan Yojana Details
Eligibility for PM Jan Dhan Account
The following are the eligibility criteria for Jan Dhan Account-
- Any Indian citizen without a bank account can apply for a PMJDY savings bank account
- The citizen must be at least 18 years of age and a maximum of 60 years of age to become eligible for Jan Dhan Account
Difference between Normal Account and Jan Dhan Account
The main difference between a normal account and a Jan Dhan account is the minimum balance of the account. In the Jan Dhan account, there is no limitation of minimum maintenance balance meaning you can have zero balance in your bank account and you will not be fined for not maintaining a minimum balance.
There is another major difference between the two which is the allotment of the debit card. In the PMJDY bank account, the debit card offered is Rubpay Debit Card. Rupay is an Indian multinational financial Services company that provides financial services to domestic and international businesses.
The individual who subscribes to the PMJDY scheme, he/she will also be eligible for life insurance amounting to Rs.30,000/-
Steps to Convert Old Savings Account to Jan Dhan Account
The conversion process of old savings bank account to Jan Dhan account is very easy which is as follows-
- First, you have to visit the bank you have your old account with and submit a written application regarding the Account change from savings bank account to PM Jan Dhan Yojana Account.
- You also have to attach a photocopy of the Aadhaar card and PAN card along with the application.
- After that, your application will be processed and your old bank account will be changed into PM Jan Dhan Yojana Account.
- Once your account has been changed you will be notified using SMS and your Rupay debit card will be sent to your address.
Documents Required for Account Conversion
The following are the documents required for Account Conversion-
- Aadhaar number
- Driving Licence
- Voters ID Card (Issued by Election Commission of India)
- Job Card by NREGA duly signed by an officer of the State Government
- Letter issued by National Population Registry confirming details of Name, Address
- Letter to the bank requesting for account conversion to PMJDY
If KYC documents are not available then you can submit the following documents-
- Photo ID proof as per the bank’s acceptable list of documents
- Address proof as per the bank’s acceptable list of documents
- Two latest passport-size photographs