Pradhan Mantri Kisan Maan Dhan Yojana, Empowering Small and Marginal Farmers

Pradhan Mantri Kisan Maan Dhan Yojana is a pension scheme launched by India Government. PM-KMY is old age pension scheme that benefits to small and marginal farmers, with landholdings. Due to this, this scheme is also called PM Kisan Pension Yojana. This scheme was introduced as contributory and voluntary pension scheme for age group of 18-40 years old.

Under this yojana, the small and marginal farmers avail the fixed income of Rs 3000 every month after their 60 years old age. Upon the maturity of the scheme, the eligible person is eligible to get a monthly pension of Rs 3000. In case if farmer die, then their spouse are eligible for this scheme and earn 50% of that income to meet needs of their family members. This pension scheme is only applicable to a farmer’s spouse. In this way, the PM-KMY  scheme helps farmers to meet their financial needs.

What is PM-KMY Scheme

Pradhan Mantri Kisan Maan Dhan Yojana is government launched scheme for marginal and small category farmers. This scheme was established in 2019 year, and helps farmers to reduce their economic stress and meet financial needs. This scheme provide the Rs 3000 per month to every eligible farmers. It aims to give a sense of financial security to farmers and ensure dignity in their later years of life.

Objective of PM- KMY scheme

PM- KMY scheme aims to give financial security to small and marginal farmers through pension amounts. With this scheme, eligible farmers do not need to cut their savings or disturb their financial condition. When the farmer old and reach to age of above 60 years old, and wants livelihood support, this scheme benefits them. Under this scheme, every eligible farmer can get a fixed pension of Rs 3000 per month. This yojana is a contributory and voluntary scheme, with entry suitable for 18 to 40 years old.

Pradhan Mantri Kisan Maan Dhan Yojana Significance

The Pradhan Mantri Kisan Maan Dhan Yojana hold great significance for several stakeholders  as follows as

  • Farmers- This PM- KMY scheme ensures the financial security of farmers, and boost their confidence. It also encourages them to adopt sustainable farming techniques.
  • Rural economy- A financially secure farming community ensures a robust rural sector and promotes stability and growth.
  • National development- Pradhan Mantri Kisan Maan Dhan Yojana address the needs of farmers and contribute to national development and growth
  • Social welfare- This PM-KMY scheme improves the living standards of farmers and takes leading steps towards social welfare

Benefits of PM-KMY Yojana

  • The spouse is also eligible for the PM–KMY scheme and gets a pension amount. For this, the qualified person’s spouse needs to make separate contributions to find a pension amount
  • In case if the eligible person die before retirement date, then spouse may keep continue the scheme by pay the remaining fund contribuitions. If the spouse decides not to continue the scheme, then the total payment of the farmer with interest is paid to the spouse
  • If there is no spouse of a beneficiary, then the then-nominee will get the same payment with interest
  • If beneficiary die after retirement date, then the spouse will responsible to hald income as family pension. The accumulated amount is credited back to the pension fund on the death of both the farmer and spouse
  • If you contribute to find directly from scheme rewards, then you do not need to spend any more money. If a contributor to this scheme leaves it within ten years of inception, then their portion of the amount will be returned to them with an interest rate
  • A farmer can exit the arrangement without incurring a financial loss. The farmer can get cash put up to the date of departure, with interest in the same way as a savings account

PM- KMY Eligibility Criteria

Here the eligibility criteria include land records set by authority that applicant should meet.

  • PM – The KMY scheme is for farmers who lie in the age group of 18 to 40 years old
  • Small and marginal farmers are eligible to apply for this scheme
  • Small and marginal farmers have landholding up to 2 hectares to become qualified for this yojana
  • The scheme enrollment is voluntary, and allows farmers to opt in or out of this scheme, according to their needs.

Who is Not Eligible

Large farmers who have more than 2 hectares of land as per land records of state/ union territory are not eligible for Pradhan Mantri Kisan Maan Dhan Yojana. The applicants who enrolled in other schemes are also not qualified. The beneficiaries of National Pension scheme, Employees state insurance corporation, Employees say fund organisation are not eligible for this scheme.

How to apply for PM- KMY Yojana

Here is an easiest guide that eligible farmers can follow to apply for the Pradhan Mantri Kisan Maan Dhan scheme

  • Interested candidates must visit the nearest Common service centre with the required documents, like a bank passbook and Aadhar card.
  • At Common service centre, you can get help of village level enterpreneur to complete your online registration. In the registration process, you must enter your details like name, spouse, nominee name, aadhaar number, active mobile number, optional number, date of birth, address, etc.
  • Then, you should enter the bank account details and monthly debit for the contribution of funds under this scheme.
  • In this way, applicant bank account are set up. The sponsor bank will manage the automatic debit setup of applicants.
  • Then, the CSS employee will manually check all bank details that verify your documents and confirm aadhaar authentication.
  • If a mobile number is given, it is verified by a One-time password process
  • The applicant information will be reviewed and approved on the online application form by providing a signature
  • VLE upload the scanned copy of the applicant’s enrollment and debit mandate form and enable the initial contribution payment
  • A receipt is given to the applicant once their payment is confirmed.
  • Once the registration process is complete, a PM- KMY pension card with a new pension account number is given to the applicant.
  • After registration and initial payment, a form is generated for the applicant to approve monthly debits from PM Kisan benefits by their bank account.
  • This form needs to be signed by the applicant to finish this process

Conclusion

Pradhan Mantri Kisan Maan Dhan Yojana, stands as best scheme that empowers small and marginal farmers. It bridges the gap between the financial well-being and needs of hardworking farmers in the country. By giving a fixed pension amount to eligible farmers, this scheme improves their lives and ensures the growth of the agricultural sector.

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