Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY): Explained

Ensuring the financial security of farmers is crucial to India’s economic well-being, as a significant portion of the population relies on agriculture for their livelihood. The Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY) was launched to provide small and marginal farmers with a pension scheme, offering a steady income post-retirement. With the government’s support, this scheme helps farmers build a secure financial future, alleviating concerns about income during their later years. In addition, complementary solutions like term insurance plans can further enhance financial protection. Explore the PMKMY scheme, its eligibility, benefits, and how to register.

The PMKMY scheme is a pension initiative introduced by the Indian government in 2019. It aims to offer financial assistance to small and marginal farmers by providing a monthly pension after they reach the age of 60. Under this scheme, farmers contribute a small monthly amount, matched by the government, which accumulates into a pension fund. On reaching the retirement age, enrolled farmers receive a monthly pension, ensuring they have a steady income to rely on. The PMKMY yojana reflects the government’s commitment to improving farmers' welfare and reducing financial insecurity. It also complements other financial tools like life insurance that secures families financially in the unforeseen times.

The Maan Dhan Yojana, officially known as the Pradhan Mantri Kisan Mandhan Yojana (PMKMY), is a government-backed pension scheme for small and marginal farmers. It offers a fixed monthly pension of Rs. 3,000 after the age of 60, helping ensure financial stability in retirement. Farmers between 18 to 40 years of age can enrol by contributing a small monthly amount until they turn 60. The government matches their contribution, making it a shared-effort scheme with long-term benefits for rural India.

The PMKMY yojana provides several benefits to farmers, promoting long-term financial stability and offering peace of mind.

• Monthly pension: Farmers receive a monthly pension of Rs. 3,000 after turning 60, providing consistent income.
• Government contribution: The government matches farmers’ contributions, enhancing the pension fund’s growth.
• Family support: In case of a farmer’s death, the spouse can continue receiving benefits at 50% of the pension amount.
• Low contribution: Farmers contribute a nominal amount based on their age, making it affordable for small-income households.
• PMKMY card: Registered farmers receive a PMKMY card, confirming their participation in the scheme and ensuring easy access to benefits.

To enrol in the PMKMY scheme, farmers must meet specific eligibility requirements. These criteria ensure that the scheme benefits small and marginal farmers who need financial support the most.

• Age requirement: Farmers between 18 and 40 years can register for the scheme.
• Land ownership: Applicants must own up to two hectares of cultivable land.
• Income criteria: The scheme is designed for small and marginal farmers, so applicants should not have high taxable income.
• Exclusions: Individuals already receiving government pensions, income taxpayers, or professionals registered under certain categories (like doctors or engineers) are ineligible.

Following are the documents you need to provide when registering for PMKMY:

• Aadhaar card
• Savings bank account details
• Age and income proof
• Land ownership certificate
• Mobile number

Enrolling in the PMKMY scheme is straightforward, and farmers can complete the process online or at Common Service Centres (CSCs).

• Online registration: Farmers can visit the PMKMY online registration portal and fill in the necessary details, including personal and land information.
• Visit CSCs: Alternatively, they can visit a nearby Common Service Centre (CSC) with their Aadhaar card, land documents, and bank account details.
• Submit documents: Ensure that required documents, such as Aadhaar and bank passbooks, are submitted during the registration process.
• Receive PMKMY card: After verification, the farmer receives a PMKMY card, signifying successful enrolment and providing proof of registration.
• Contribute regularly: Farmers make monthly contributions, which are automatically deducted from their bank accounts.

Monthly contribution for the PMKMY scheme

• Monthly contributions range from Rs. 55 to Rs. 200 based on the farmer’s entry age.
• For example, an 18-year-old contributes Rs. 55/month, while a 40-year-old contributes Rs. 200/month.
• The government contributes an equal amount every month.
• Contributions continue until the farmer turns 60.

Does the candidate get any benefits if leaves the PMKMY scheme?

• If exited before 60, the contribution plus interest (at savings account rate) is refunded.
• In case of death, the spouse may continue or withdraw the scheme benefits.
• If both pass away, the corpus goes back to the pension fund.
• Flexibility ensures farmers don’t lose their savings.

The PMKMY scheme is a valuable initiative by the Indian government, offering financial security to small and marginal farmers during their retirement years. By providing a monthly pension, matched contributions, and family support options, PMKMY helps protect the livelihoods of India’s agricultural backbone. Through a simple registration process and affordable contributions, farmers can build a secure future for themselves and their families. For those eligible, enrolling in the PMKMY scheme can be a step towards financial independence in later years, empowering them to focus on their work without worries about post-retirement stability.

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