If you’re worried about not receiving the 20th installment of the PM Kisan Samman Nidhi Yojana, don’t worry. The 20th installment of the PM Kisan Yojana may arrive in your account in early July. But before that, we’re telling you about an unprecedented scheme that can provide you with a guaranteed pension of ₹3,000 per month after the age of 60. This is the PM Kisan Maandhan Yojana. This scheme was launched to empower farmers in their old age.
By making a small contribution (₹55 to ₹200 per month), you can earn a pension of ₹3,000 after the age of 60. The most important feature of this scheme is that if you are a beneficiary of the PM Kisan Samman Nidhi, you won’t have to pay this money out of your own pocket; this contribution will be deducted from your PM Kisan amount.
What is the Pm Kisan Maandhan Yojana
To secure the future of the country’s small and marginal farmers, the central government launched the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) on August 9, 2019. The primary objective of this scheme is to provide financial assistance to farmers by providing them with a monthly pension after the age of 60.
This scheme is proving to be extremely helpful for farmers in their old age. Farmers between the ages of 18 and 40 can join this scheme. Under this scheme, social security can be obtained by making a small contribution of ₹55 to ₹200 per month. The objective of the PM-KMY scheme is to provide guaranteed financial support to farmers in their old age so that they do not have to depend on anyone for their daily needs.
Special Features and Eligibility
The key features and eligibility criteria of the PM-KMY scheme make it a boon for farmers. A monthly pension of ₹3,000 is received after the age of 60. Contributions between the ages of 18 and 40 are required, ranging from ₹55 to ₹200. This scheme is for small and marginal farmers. Any male or female farmer between the ages of 18 and 40 can join.
These farmers cannot avail the benefits of the PM Maandhan Yojana
Farmers enrolled in other pension schemes, such as the National Pension Scheme (NPS), ESICS, or EPF, are not eligible. Large landowners who are institutional landholders, current or former constitutional office holders, current or former members of legislative bodies, and serving or retired employees of central or state government departments are ineligible for the scheme.
However, multi-tasking staff/Class IV/Group D employees are exempted. Those who paid income tax in the year before application, or who are professionals such as doctors, engineers, lawyers, CAs, and architects, will also be considered ineligible for this scheme.
Special Rules for PM Kisan Samman Nidhi Beneficiaries
If you are receiving ₹6,000 per year from the central government under the Pradhan Mantri Kisan Samman Nidhi Yojana, you can have your PM Kisan Mandhan Yojana installment deducted directly from this amount. You will need to inform your bank. After this, whenever the PM Kisan installment is deposited into your account, your monthly contribution will be automatically deducted from your account. This facility connects farmers to the pension scheme without any additional burden.
How to Apply for the Kisan Mandhan Yojana
Farmers interested in joining this scheme must visit their nearest Common Service Center (CSC). When visiting the CSC, be sure to bring your bank passbook and Aadhaar card. The Village Level Entrepreneur (VLE) will fill out the online form on your behalf. You will need to enter all the details like your Aadhaar number, address, mobile number, spouse’s name (if applicable), nominee’s name, etc.
The beneficiary will need to authorize auto-debit from their bank account to deduct the installment amount on a specific date every month. The bank will deduct this amount from your account on behalf of LIC (Life Insurance Corporation of India). After the application, the bank official will verify all the information, and the Enrolment cum Debit mandate form will be scanned and uploaded. After this process is completed, you will receive a unique pension number. You can choose any payment option as per your convenience – monthly, quarterly, half-yearly, or yearly.