The deposits in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) crossed Rs 3.09 lakh crore as of April 8, indicating a shift from mass account opening to active savings and usage, especially in rural and semi-urban India.

According to data shared by BLS E-Services, one of India’s largest business correspondent (BC) networks, the total number of PMJDY accounts stood at 580.6 million as of April 8. This marks a healthy increase from 552.8 million in April last year and 520.1 million in April 2024.

Deposits have grown consistently, rising from Rs 2.62 lakh crore in April last year and Rs 2.34 lakh crore in April 2024 to the current Rs 3.09 lakh crore level. The growth reflects improved engagement and higher average balances per account.

Uttar Pradesh continues to lead with 103.2 million accounts and deposits of Rs 64,000 crore, accounting for nearly 18% of the country’s total PMJDY account base. Bihar and West Bengal follow with Rs 30,000 crore each in deposits, while Rajasthan (Rs 24,000 crore), Maharashtra (Rs 22,000 crore), and Madhya Pradesh (Rs 19,000 crore) are also major contributors. States like Karnataka, Odisha, Jharkhand, and Gujarat are witnessing steady growth, pointing to broad-based expansion.

The surge in deposits is largely attributed to the rapid expansion of the business correspondent network, which has taken banking services deeper into villages and remote areas. BC outlets equipped with micro-ATMs and digital tools enable customers to deposit, withdraw, and carry out remittances locally, reducing reliance on distant bank branches.

Public sector banks, led by State Bank of India, hold the majority of PMJDY accounts and have significantly scaled up BC-led operations. Industry executives note a clear shift from transaction-based usage to savings-led engagement.

BLS E-Services, which operates over 45,800 BC outlets across the country, said a substantial portion of the deposits comes from rural and tier-4/tier-5 markets.