Average Jan-Dhan account deposit swells 2.7 times to Rs 3,398 in 7 years, indicates saving habit in rural India

As per official data, the average deposit per Jan-Dhan account in August 2015 was Rs 1,279. Growing steadily since then, it reached Rs 3,398 in August 2021.

Presently, there are 43.04 crore Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts out of which 36.86 crores (86%) are operative. While 55% of the Jan-Dhan account holders are women, 67% Jan Dhan accounts are in rural and semi-urban areas.

Only 8.2% PMJDY accounts are zero balance accounts.

The total deposit balances under PMJDY Accounts stand at Rs 1,46,230 crore, up 6.38 times since August, 2015.

The government has been working to ensure coverage of PMJDY account holders under micro insurance schemes which comprise of Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

While PMSBY is an accidental insurance scheme, the PMJJBY is a life insurance scheme. As the two schemes are government-backed, the annual premium is very low with Rs 12 for accidental insurance while Rs 330 for life insurance.

"Eligible PMJDY account holders will be sought to be covered under PMJJBY and PMSBY. Banks have already been communicated about the same," an official statement from Finance Ministry said on Saturday.

Jan Dhan bank account provides an avenue to the poor for bringing their savings into the formal financial system and an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders.

PMJDY has brought the unbanked into the banking system, expanded the financial architecture of India and brought financial inclusion to almost every adult.

"Financial inclusion is a national priority of the Government as it is an enabler for inclusive growth," noted the Finance Ministry.