Jan Dhan Account KYC: The Pradhan Mantri Jan Dhan Yojana has completed 10 years. According to RBI regulations, it is mandatory to update KYC (Know Your Customer) after 10 years of opening a bank account. Consequently, the government has mandated that accounts opened under the Jan Dhan Yojana be re-KYCed by September 30th.
Jan Dhan Account KYC: The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014. Banks have opened accounts for 559 million people under this scheme so far. Meanwhile, significant news has emerged for Jan Dhan account holders. Nearly 100 million Jan Dhan accounts are completing 10 years. Now, they need to re-KYC (re-KYC) updates. Banking regulations require re-KYC for all accounts older than 10 years. September 30th is the deadline.
The government is running a special KYC campaign, the Nationwide Financial Inclusion Saturation Campaign, at the Panchayat level across the country starting July 1, 2025. Account holders can complete their re-KYC through this campaign. Failure to do so could result in the bank closing your account, potentially leading to difficulties in receiving government subsidies.
Learn what re-KYC is and why it’s important.
Re-KYC is a simple process in which you update your bank details, such as your name, address, and photo. It also helps prevent fraud and ensure smooth banking service delivery. Account holders opened in 2014-2015 must complete re-KYC, as the KYC validity for these accounts is 10 years. This process is necessary to keep the account active. According to a report, camps have been held in approximately 100,000 gram panchayats so far, and millions of people have updated their details.
What is the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a special government scheme aimed at connecting every citizen of the country, especially the poor and those in rural areas, to banking services. Under this scheme, a bank account can be opened with a zero balance, offering services such as a savings account, remittance, insurance, and pension.
Where and how can this account be opened?
Anyone can open an account at any public or private bank branch or through a bank friend. There is no minimum deposit required. This means you can open an account even with a zero balance.
Benefits of the Jan Dhan Yojana
1 – Interest is earned on deposits.
2 – Accident insurance cover of ₹1 lakh is available.
3 – Life insurance of ₹30,000 is available under normal conditions.
4 – No minimum balance is required upon opening an account.
5 – Funds from all government schemes are transferred directly to the account.
6 – Facility to send money across the country is available.
7 – Overdraft facility of up to ₹5,000 is available if the account is maintained for 6 months.
8 – Benefits like pension and insurance are also available.
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