PM Kisan Mandhan Yojana: The government is continuously launching new schemes to empower the poor and needy sections of society financially. To increase farmers’ income and provide them with financial security in old age, the central government has launched the Pradhan Mantri Kisan Mandhan Yojana (PM-KMY). Under this scheme, small and marginal farmers receive a regular pension after the age of 60, ensuring they don’t have to worry about their future.
Know Scheme Details
The Pradhan Mantri Kisan Mandhan Yojana is specifically designed for farmers with limited income who want a stable source of income in their old age. To avail of the scheme, the farmer’s age must be between 18 and 40 years. Once the farmer reaches 60 years of age, they receive a monthly pension of at least Rs 3000.
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This scheme not only provides a pension but also takes care of the family’s security. If the beneficiary farmer passes away for any reason, their spouse receives a family pension. This amount is 50 percent of the original pension, providing financial support to the surviving spouse.
The investment amount in the Pradhan Mantri Kisan Mandhan Yojana is kept very low so that as many farmers as possible can join. Farmers can deposit between Rs 55 and Rs 200 per month, depending on their age. Importantly, the central government also contributes an equal amount to the farmer’s account.
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If a farmer joins this scheme at the age of 18 and invests Rs 55 every month, they will receive a monthly pension of Rs 3000 after the age of 60. However, if the farmer is 40 years old, they will have to deposit Rs 200 every month.
To avail of this scheme, the farmer must have an Aadhaar card and a bank account. Having a bank account linked to the PM Kisan Yojana also simplifies the application process. Overall, the Pradhan Mantri Kisan Mandhan Yojana is a reliable initiative to ensure financial security for farmers in their old age.
Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
