Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) – Complete Guide New Scheme
1. What Is PM-KMY?
The Pradhan Mantri Kisan Maandhan Yojana is a Central Government pension scheme launched to provide old-age financial security for small and marginal farmers. Under this scheme:
- Farmers who enroll and contribute a fixed monthly amount until they turn 60 years old will receive a monthly pension of ₹3,000 (₹36,000 annually).
- The scheme is voluntary and contributory, with the government matching the farmer’s contribution.
2. Who Can Apply?
To qualify for PM-KMY, a farmer must:
- Be between 18 and 40 years old at the time of enrollment.
- Own cultivable land up to 2 hectares as per land records.
- Have a valid Aadhaar card and savings bank account.
- Not be covered under other statutory pension schemes like:
- National Pension Scheme (NPS)
- Employees’ State Insurance Scheme (ESIC)
- Employees’ Provident Fund (EPF)
- Not be an income taxpayer.
3. Benefits of the Scheme
- Assured Pension: ₹3,000 per month after 60 years of age.
- Government Contribution: Whatever you contribute, the government contributes the same.
- Security: Financial assistance for old age when regular farm income may decline.
- Life Insurance Link: If you enroll through CSC, you may also be linked to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
4. How Much to Contribute?
The monthly contribution depends on your age at the time of joining. Here’s the approximate contribution chart:
| Entry Age | Monthly Contribution (Farmer) | Monthly Contribution (Govt.) | Total per Month |
|---|---|---|---|
| 18 years | ₹55 | ₹55 | ₹110 |
| 30 years | ₹100 | ₹100 | ₹200 |
| 40 years | ₹200 | ₹200 | ₹400 |
Note: The younger you join, the less you pay each month.
5. Documents Required
- Aadhaar Card (Mandatory for enrollment and verification)
- Savings Bank Account Passbook
- Land Ownership Record (Showing cultivable land up to 2 hectares)
- Passport-sized Photograph
- Mobile Number (Linked with Aadhaar for OTP verification)
6. Enrollment Process – Step by Step
Step 1: Visit Nearest CSC Centre
- Go to your nearest Common Service Centre (CSC) in your village or town.
- Inform the CSC operator (Village Level Entrepreneur – VLE) that you want to enroll in PM-KMY.
Step 2: Provide Documents
- Submit your Aadhaar card and bank passbook.
- Share land ownership details (as per revenue department records).
Step 3: Fill the Application
- The VLE will enter your details in the official PM-KMY portal.
- An auto-debit mandate will be set up with your bank to deduct the monthly contribution automatically.
Step 4: Biometric Authentication
- Your Aadhaar will be authenticated through fingerprint or iris scan.
Step 5: First Contribution Payment
- Pay the first month’s contribution in cash or through bank transfer at the CSC.
- You will get a printed PM-KMY Enrollment Card as proof.
7. After Enrollment
- Keep the enrollment card safe.
- The contribution will be auto-debited every month from your bank account until you turn 60.
- If you miss a payment, you can pay the pending amount with a small penalty.
8. Pension Payout
Once you turn 60 years old:
- The monthly pension of ₹3,000 will be credited to your savings bank account.
- This continues for life.
- In case of death:
- Spouse gets 50% of the pension as a family pension.
- After both pass away, the pension stops.
9. Early Exit Options
- Within 10 Years: You can withdraw your contribution plus interest (at savings bank rate).
- After 10 Years but Before 60: Contribution plus interest earned or earned by the Pension Fund, whichever is higher.
- In case of death before 60 years:
- Spouse can continue the scheme or exit and take the contribution plus interest.
10. Example – How It Works
- Farmer Age at Joining: 30 years
- Monthly Contribution: ₹100 (Govt. adds ₹100)
- Total Monthly Saving: ₹200
- Years to Contribute: 30 (from age 30 to 60)
- Pension After 60: ₹3,000/month (₹36,000/year) for life.
11. Tips to Maximize Benefits
- Join as early as possible to keep the contribution low.
- Maintain sufficient bank balance for auto-debit to avoid penalties.
- Keep Aadhaar and bank details updated.
- Inform your spouse about the scheme and family pension rights.
12. Common Mistakes to Avoid
- Joining without checking land records — can lead to rejection.
- Using a bank account not linked with Aadhaar — auto-debit will fail.
- Not updating mobile number — you won’t get OTPs or alerts.
PM-KMY is one of the most farmer-friendly pension schemes in India, offering a secure income of ₹36,000 a year during old age with equal contributions from the government. The process is straightforward — visit your CSC with Aadhaar, bank passbook, and land records, and start contributing as early as possible.
This is not an instant cash payout scheme but a long-term pension plan, so it’s ideal for farmers looking for stability after retirement from active farming