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PMKMY - Pradhan Mantri Kisan Mandhan Yojana
The Pradhan Mantri Kisan Mandhan Yojana (PMKMY) is a scheme introduced by the Indian government to provide financial security to small and marginal farmers during their old age. It aims to ensure that farmers, who work hard to feed the nation, have a stable source of income once they retire, helping them lead a dignified life without financial worries. The scheme is a ray of hope for many farmers who have little to no retirement savings.
What is PMKMY (Pradhan Mantri Kisan Mandhan Yojana)?
The Pradhan Mantri Kisan Mandhan Yojana (PMKMY) is a government-backed pension scheme designed to support small and marginal farmers in India.
Under this pension scheme, eligible farmers receive a monthly pension once they reach 60 years of age. The scheme offers a voluntary and contributory pension system, where farmers contribute a small amount each month, matched equally by the government until they reach the pensionable age.
Once enrolled, farmers are assured of a pension of ₹3,000 per month. This initiative helps farmers maintain financial independence after retirement, providing them with a steady income to cover essential needs.
What Are the Features of PMKMY?
The PMKMY scheme offers several beneficial features aimed at ensuring the financial well-being of farmers. This scheme is a voluntary scheme, meaning farmers can choose to enrol at their convenience. The government matches the contributions made by the farmer, essentially doubling their savings over time. Thirdly, the scheme guarantees a fixed pension of ₹3,000 per month once the farmer turns 60. Additionally, the scheme covers small and marginal farmers with up to 2 hectares of cultivable land. The process of mandhan yojana online registration is simple and convenient, allowing farmers to enrol through the Common Service Centres (CSCs) across the country.
What Are the Benefits of PMKMY?
The PMKMY offers four significant benefits to small and marginal farmers:
- It provides a financial safety net during old age, ensuring that farmers receive a monthly pension of ₹3,000, which can help cover their basic needs.
- The scheme is highly affordable, with monthly contributions starting as low as ₹55, depending on the farmer’s age at enrolment.
- The scheme promotes financial independence among farmers, helping them avoid relying on others after they stop working.
- If a farmer passes away before age 60, the spouse is entitled to continue contributing to the scheme or receive a reduced pension.
What is the Eligibility Criteria of PMKMY?
The Pradhan Mantri Kisan Mandhan Yojana eligibility criteria are designed to include small and marginal farmers across India.
To be eligible, farmers must own up to 2 hectares of cultivable land. They should be between the ages of 18 to 40 at the time of enrolment.
To complete the registration process, farmers must also have a savings bank account and an Aadhaar card. The scheme is open to all eligible farmers, ensuring that a large section of India’s farming community can benefit from this initiative.
The process of enrolling in Pradhan Mantri Maan Dhan Yojana is straightforward, making it easy for eligible farmers to join.
Who Is Not Eligible for PMKMY?
While the PMKMY scheme is designed to be inclusive, certain groups are not eligible to participate. Farmers who own more than 2 hectares of land are excluded from the scheme, as it targets small and marginal farmers.
Additionally, those already receiving a pension from other government schemes are not eligible to apply. Farmers who have defaulted on loans or are classified as income taxpayers are also not permitted to enrol in the scheme.
Lastly, individuals working in formal sectors or are government employees covered by other pension programs cannot participate in the Pradhan Mantri Kisan Mandhan Yojana.
How to Apply for PMKMY (PM Kisan Mandhan Yojana)?
Farmers can apply for the Pradhan Mantri Kisan Mandhan Yojana online and offline. To apply online, they can visit the nearest Common Service Centre (CSC), fill out the necessary forms, and submit the required documents.
The Mandhan Yojana online registration process ensures that the farmers’ data is recorded and that they are provided with a pension card. Those who prefer offline registration can visit any nearby CSC or state agriculture office, where authorised personnel will guide them through the application process. Once approved, farmers can start contributing to the scheme to ensure a secure future.
What Is the Monthly Contribution Amount Under PMKMY?
The monthly contribution under the PMKMY depends on the farmer's age at enrolment. Farmers between the ages of 18 and 40 must contribute a small amount each month, starting from as low as ₹55 for those aged 18. The older a farmer is at enrolment, the higher their monthly contribution, with a maximum of ₹200 per month for farmers aged 40.
The government matches the contribution amount, effectively doubling the savings. Upon reaching 60, farmers will receive a monthly pension of ₹3,000. The Pradhan Mantri Kisan Mandhan Yojana is a well-balanced scheme that ensures both affordability and financial security.
Documents Required to Apply for Kisan Mandhan Yojana
To apply for the Pradhan Mantri Kisan Mandhan Yojana, farmers must submit a few essential documents. Firstly, they must provide their Aadhaar card, which serves as proof of identity. Secondly, they must submit a copy of their savings bank account passbook to ensure that the contributions and pension payments can be processed smoothly. Thirdly, they must provide details about their landholding, confirming that they own up to 2 hectares of cultivable land. Additionally, applicants may be asked for passport-sized photographs to complete the application. The process is straightforward, and the necessary documents are minimal, making it easy for farmers to enrol and benefit from the scheme.
Frequently Asked Questions – PMKMY
Do I have to provide age and income proof to enrol under this scheme?
No, farmers do not need to provide proof of separate income. However, they must provide proof of their age through documents like an Aadhaar card to verify their eligibility for PMKMY.
Are there any additional costs involved with this Scheme?
No, apart from the monthly contributions, no additional costs are involved in the Pradhan Mantri Kisan Mandhan Yojana. The government bears all administrative expenses.
Is the nomination facility present under this Scheme?
Yes, the nomination facility is available under PMKMY. If a farmer dies, the spouse can continue contributing or receive a reduced pension.