PMKMY: Pradhan Mantri Kisan Mandhan Yojana

Features of Pradhan Mantri Kisan Mandhan Yojana (PMKMY)

The following are the key features of Pradhan Mantri Kisan Maandhan Yojna (PMKMY):

• Voluntary and Contributory: Joining the scheme is voluntary, and contributions are required from participants.

• Entry Age and Contribution: Open to individuals between 18 and 40 years old. The monthly contribution ranges from Rs. 55 to Rs. 200, depending on your entry age, and needs to be paid until you reach 60 years old.

• Government Matching Contribution: The Government of India (GOI) provides a matching contribution equal to your monthly payment, effectively doubling your investment.

• Minimum Guaranteed Pension: Upon successful completion of the scheme (reaching 60 years old), you'll be entitled to a minimum guaranteed pension of Rs. 3,000 per month. This helps meet your financial needs after retirement.

• Spousal Pension: In the unfortunate event of the farmer or pensioner's death after reaching 60, the spouse will receive 50% of the pension amount as a family pension.

• Limited Beneficiaries: Only the spouse is eligible for the family pension. Children, parents, or other relatives are not included.

• Corpus Reversal: If both the subscriber and spouse pass away, the accumulated corpus (contributions) will be credited back to the pension fund.

PM-Kisan Mandhan Yojana Benefits

PM-Kisan Mandhan Yojana Benefits are mentioned below: 

• Assured Minimum Pension of Rs. 3,000 per Month: Upon reaching 60 years of age, eligible farmers enrolled in the scheme will receive a minimum fixed pension of Rs. 3,000 per month. This guaranteed income helps ensure financial stability during retirement.

• Voluntary and Contributory Scheme: Unlike some mandatory schemes, PM Kisan Mandhan Yojana allows farmers to decide if they want to participate.  Contributions are based on the entry age, with farmers paying between Rs. 55 and Rs. 200 per month. The Government of India matches the farmer's contribution, effectively doubling the amount going towards the pension corpus.

• Family Pension on Spouse's Death: In the unfortunate event of the enrolled farmer's death after starting to receive the pension, the spouse will be entitled to 50% of the pension amount. This provides some financial security for the surviving spouse.

• Long-Term Investment: The scheme works on a long-term basis. The earlier a farmer joins, the lower the monthly contribution they need to make. This encourages early-enrollment and allows for a larger corpus to build over time.

Eligibility Criteria of PMKMY

To be eligible for this beneficial scheme, certain criteria need to be met:

• Age: 18-40 years old at the time of enrollment.

• Land Ownership: You must be categorized as a Small and Marginal Farmer (SMF) according to government land records. This means you own cultivable land up to 2 hectares (5 acres) or less.

• Existing Social Security Coverage: You cannot be enrolled in other government-sponsored social security schemes like the National Pension Scheme (NPS), Employees' State Insurance Corporation (ESIC), or Employees' Fund Organization (EFO).

Exclusion Criteria for SMFs:

• Membership in other pension schemes: You cannot be a beneficiary of Pradhan Mantri Laghu Vyapari Maan Dhan Yojana (PM-LVM) or Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM).

• Institutional landholders: Those who hold land on behalf of an institution are not eligible.

• Government positions: Current or former holders of constitutional posts, Ministers, Members of Parliament or Legislative Assemblies, Mayors of Municipal Corporations, or Chairpersons of District Panchayats are excluded.

• Government employment: Current or retired employees of Central or State governments are not eligible.

• Income tax: You cannot be an income taxpayer.

Additional Requirements:

• Valid Aadhaar Card

• Savings Bank Account

Monthly Contribution for the PMKMY Scheme

This PM Kisan Maandhan Yojana scheme requires a monthly contribution to be made by the subscriber. Your monthly contribution amount depends on your age when you join the scheme.

• You contribute between ₹55 and ₹200 per month.

• The younger you are when you enroll, the lower your monthly contribution will be.

• The Government matches your contribution rupee-for-rupee, effectively doubling your pension corpus.

Benefits If the Candidate Leaves the PMKMY Scheme

Even if the farmer or the worker registered under this PM Kisan Maandhan Yojana scheme leaves the Pension Scheme, he will receive some benefits. They are as follows:

1. Exit Before 10 Years:

   • You'll receive your own contribution amount deposited so far.

   • Interest earned will be at a standard savings bank rate, not the higher PMKMY rate.

   • No government contribution will be provided.

2. Exit After 10 Years or More:

   • You'll get your contributions along with interest at the PMKMY rate (better than savings bank).

How to Apply for the PMKMY Scheme (PM Kisan Mandhan Yojana)?

• Visit CSC: Go to the nearest Common Service Centre (CSC).

• Required Documents: Carry an Aadhar Card and a valid bank chequebook, passbook, or bank statement copy.

• First Contribution Payment: Make the first contribution payment in cash to the Village Level Entrepreneur (VLE).

• AADHAAR Authentication: VLE will authenticate AADHAAR and record the name, date of birth, and AADHAAR number.

• Enrollment Assistance: VLE will help with entering bank details, spouse and nominee information, mobile number, and email address online.

• Monthly Contribution: VLE will inform the subscriber of the monthly contribution amount, auto-calculated based on age.

• First Payment: Subscriber makes the first payment in cash to the VLE.

• Enrollment Form: Subscriber receives and signs the Enrollment & Auto Debit mandate form, which the VLE will print, scan, and upload.

• KPAN Issuance: After completing the formalities, the subscriber receives a unique Kisan Pension Account Number (KPAN) on a Kisan Card for their records.

Conclusion 

The Pradhan Mantri Kisan Mandhan Yojana (PMKMY) is a significant initiative aimed at providing financial security to Small and Marginal Farmers (SMFs) in India. By ensuring a steady pension post-retirement, the PMKMY scheme offers a safety net that can help alleviate the financial uncertainties faced by farmers.