Pradhan Mantri Kisan Mandhaan Yojana (PM-KMY)

Pradhan Mantri Kisan Mandhaan Yojana (PM-KMY) focuses on the Small and Marginal Farmers (SMF). Accordingly, they strive to provide small farmers with old age protection and social refuge.

Working of the PM-KMY 

Once the farmer has enrolled himself under the PM-KMY, he will open a fund. Further, the applicant will contribute monthly to the same by subsidizing money between Rs 55-200. The contribution will continue until he attains the age of 60. Following that, the farmer will begin to claim the pension amount monthly. Subsequently, the money allotted for an individual will be directly deposited into their bank accounts. Thus, a beneficiary will at least receive Rs 3000 per month that will be financial aid in old age.

Benefits Under the Scheme 

As mentioned above, the farmer will receive a pension of at least Rs 3000 per month once he/she attains the age of 60. Further, in the case of a farmer’s demise, the spouse is entitled to receive the pension. However, the spouse will receive only 50% of the pension as it is considered as a family pension. Additionally, only the spouse will be able to attain this pension.

In case, the beneficiary becomes disabled and cannot continue further; the spouse can continue on behalf. If the spouse wants to exit instead of a continuation, they will receive the contributed money with interest. The interest rate calculated at the provident fund or saving bank account whichever is the higher one.

Benefits of Exiting the Scheme 
  1. His/ her share of contribution is entitled to them with interest.
  2. If the beneficiary completes ten years, he/she will receive the contribution along with accumulated interest.
  3. The beneficiary death will result in his spouse receiving the benefits.
  4. In case both the candidate and the spouse is dead. The amount will be ascribed back to the fund.
Eligibility for PM-KMY

Since the scheme primarily focuses on the welfare of small and marginal farmers (SMFs), all SMFs are eligible to avail of the benefits. Nonetheless, they must possess a cultivable land of up to 2 hectares. Also, the age group can vary between 18 to 40 years. However, it is essential that the beneficiary’s name should appear in the list of land records understates or UTs on 1st August 2019.

Ineligible candidates for PM-KMY

Farmers that have opted for the following security schemes: 

  1. National Pension Scheme (NPS)
  2. Employee’s State Insurance Corporation Scheme
  3. Employee’s Fund Organisation Scheme
  4. Pradhan Mantri Shram Yogi Maandhan Yojana
  5. Pradhan Mantri Vyapari Maandhan Yojana

Note, it could be other related schemes under the Ministry of Labour and Employment.

Economic Status of the Beneficiaries for PM-KMY 

Farmers of higher economic statuses shall not avail the benefits of the scheme. This includes:

  1. Institutional landholders.
  2. Farmers with a constitutional post (currently or a former post).
  3. Government servants from central ministers to district panchayat (Current or former).
  4. Officials of the government’s bodies (retired or working).
  5. People that have paid income tax status in the last two years. Thus, all professionals like doctors, engineers, lawyers, architects, and so on.
Requirements for applying 

The applicant must possess the following to apply for PM-KMY

  1. Aadhaar card.
  2. Saving banks account.
  3. PM-KISAN account.
  4. IFSC code.
  5. Bank evidence (passbook, cheque leaf, statement copy).
Enrolling Under PM-KMY

Initially, the applicant should check for the necessary document and collect them. Following that, visit the nearest Common Service Centers (CSCs). Further, the Village Level Entrepreneur will complete the online registration process and receive the first contribution. Upon that, the system auto-calculate the contribution amount depending on the age. Also, VLE will generate Auto Debit form, which should be signed by the subscribed and updated.

Subsequently, the beneficiary will receive a unique Kisan Pension Account Number (KPAN) and a Kisan Card. Note that, the website will provide an option at the beginning of the process of self-registration or by VLE, the beneficiary can choose one that is suitable.

Steps Involved in the PM-KMY Online Registration 
  1. First, visit the official website of the PM-KMY and click on enrolment.
  2. Following that, fill in the details. Initially, fill in the necessary information that includes name, date of birth, age, gender, contact information, state, and farmer category (SMF).
  3. Next, fill in the account details including Bank name, branch, name of the account holder, type of account, account number, and IFSC code.
  4. Subsequently add the nominee details name, age, relation, and date of birth.
  5. After selecting the frequency of the contribution, click on submit and proceed.
  6. Next, is the Aadhaar card details and contact details with address and verification.
  7. Once enrolled, the same steps follow as mentioned above with the form and receive of KPAN and a Kisan card.

Note: Use the mobile number to log in and check the status. Also, the dashboard is provided to check the status of the ongoing scheme. Importantly retain a copy of the mandate form for future references.

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