Pradhan Mantri Kisan Maandhan Yojana
Pradhan Mantri Kisan Maandhan Yojana is a government scheme meant for old age protection and social security of Small and Marginal Farmers (SMF). All Small and Marginal Farmers having cultivable landholding up to 2 hectares falling in the age group of 18 to 40 years, whose names appear in the land records of States/UTs as on 01.08.2019 are eligible to get benefit under the Scheme.
Under this scheme, the farmers would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years and if the farmer dies, the spouse of the farmer shall be entitled to receive 50% of the pension as family pension. Family pension is applicable only to spouse.
On the maturity of the scheme, an individual will be entitled to obtain a monthly pension of Rs. 3000/-. The pension amount helps pension holders to aid their financial requirements.
The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging between Rs 55 to Rs 200 per month till they attain the age of 60.
Once the applicant attains the age of 60, he/ she can claim the pension amount. Every month a fixed pension amount gets deposited in the pension account of the respective individual.
Following documents are required for Pradhan Mantri Kisan Maandhan Yojana.
Savings Bank Account / PM- KISAN Account
For Small and Marginal Farmers
Entry age between 18 to 40 years
Cultivable land up to 2 hectares as per land records of the concerned State/UT
The monthly contributions will fall due on the same day every month as enrolment date. The beneficiaries may also choose an option to pay their contributions on quarterly, 4-monthly or half-yearly basis. Such contributions will fall due on the same day of such period as the date of enrollment.
The amount of the monthly contribution shall range between Rs.55 to Rs.200 per month depending upon the age of entry of the farmers into the Scheme, as per the following contribution chart:
You can apply online through Maandhan Website.
Apply through Common Service Center (CSC)
The Eligible Small and Marginal Farmers (SMFs) desirous of joining the scheme shall visit nearest Common Service Centre (CSC).
Following are the prerequisites for the enrolment process:
Savings Bank Account Number along with IFSC Code ( Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account ).
Initial contribution amount in cash will be made to the Village Level Entrepreneur (VLE).
The VLE will key-in the Aadhaar number, Name of subscriber and Date of birth as printed on aadhaar card for authentication.
The VLE will complete the online registration by filling up the details like Bank Account details, Mobile Number, Email Address, Spouse (if any) and Nominee details will be captured.
The system will auto-calculate the monthly contribution payable according to the age of the Subscriber.
Subscriber will pay the 1st subscription amount in cash to the VLE.
Enrolment cum Auto Debit mandate form will be printed and will be further signed by the subscriber. VLE will scan the same and upload it into the system.
A unique Kisan Pension Account Number (KPAN) will be generated and Kisan Card will be printed.
Death of Eligible subscriber
During the receipt of a pension, if an eligible subscriber dies, his spouse shall be only entitled to receive fifty percent of the pension received by such eligible subscriber, as family pension and such family pension shall be applicable only to the spouse.
After the death of the subscriber and his or her spouse, the corpus shall be credited back to the fund.
Disablement of Eligible subscriber
If an eligible subscriber has given regular contributions and become permanently disabled due to any cause before attaining his age of 60 years, and is unable to continue to contribute under this Scheme, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit the Scheme by receiving the share of contribution deposited by such subscriber, with interest as actually earned thereon by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
Leaving the Pension Scheme
In case an eligible subscriber exits this Scheme within a period of less than ten years from the date of joining the Scheme by him, then the share of contribution by him only will be returned to him with savings bank rate of interest payable thereon.
If an eligible subscriber exits after completion of a period of ten years or more from the date of joining the Scheme by him but before his age of sixty years, then his share of contribution only shall be returned to him along with accumulated interest thereon as actually earned by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
If an eligible subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such subscriber along with accumulated interest, as actually earned thereon by the Pension Fund or at the savings bank interest rate thereon, whichever is higher.
After the death of the subscriber and his or her spouse, the corpus shall be credited back to the fund.
What is the cut-off date for determination of eligibility of beneficiaries under the scheme?
The cut-off date for determination of eligibility of beneficiaries under the scheme shall be 01.08.2019.
Whether an employee of the Central/State Government/PSU/Autonomous Organization, etc. is eligible to get the benefit under the scheme?
No. Serving or retired officer and employee of Central/State Government Ministries/Departments/Offices and its field units, Central and State PSEs and Attached Offices/Autonomous Institutions under the Government as well as regular employees of the Local Bodies are not eligible to get the benefit under the scheme. However, serving or retired Multi Tasking Staff/ Class IV/Group D employee is eligible to get the benefit under the scheme, subject to fulfilment of other eligibility criteria
Will any individual farmer owing more than 2 hectare of cultivable land get any benefit under the scheme?
No. Any individual farmer owning more that 2 hectare of cultivable land will not be eligible to get benefit under the scheme.
What will happen if the beneficiary gives incorrect declaration to be an eligible subscriber of the scheme?
In case of incorrect declaration, the beneficiary shall be liable to get back his contributions without any interest thereon. The Central Government’s matching contribution will be stopped.
Does any person/farmer who is not having land holding in his name is eligible to get benefit under the scheme?
No. Land holding is the criteria to be eligible to get the benefit under the scheme.
How the subscriber under the scheme will be identified and shortlisted under the scheme?
The prevailing land ownership system /record of land in different States/UTs will be used to identify the eligible SMF, subject to exclusion criteria.
Can contribution to the scheme may be made from the benefits received from PM-KISAAN Scheme?
Yes. The SMFs shall have the option to allow payment of his/her voluntary contribution to the Scheme from the financial benefits received by them from the PM-KISAAN Scheme, directly. The eligible SMFs who are desirous of using their PM-Kisaan benefit for contributing for Pradhan Mantri Kisan Maandhan Yojana, will have to sign and submit an enrollment-cum-autodebit-mandate form for giving their consent for auto-debiting their bank accounts, in which their PM-Kisaan benefits are credited, so that their contributions are automatically paid.
Can the spouse of a subscriber continue in case of death of the subscriber before vesting date? What are the eligible benefits under various circumstances ?
In case of death of subscriber before vesting date, the spouse of subscriber shall have an option of continuing the scheme by payment of remaining contributions under the scheme, provided she/he is not already an SMF beneficiary of the Scheme. The rate of contribution and vesting date shall remain the same. Pension accruals will be calculated as if subscriber were to be alive on the vesting date. However, the same pension would be payable to the spouse. Upon death of spouse after vesting date, pension corpus would be transferred back to Pension Fund.
In case of death of subscriber before vesting date, if the spouse does not exercise option of continuing under the scheme, then subscribers’ contributions along with fund interest earned or Savings Bank Interest whichever is higher would be payable to the spouse under the scheme
In case of death of subscriber before vesting date, if there is no spouse, then subscribers’ contributions along with fund interest earned or Savings Bank Interest, whichever is higher, would be payable to the nominee/s under the scheme. The cocontributions made by Government along with fund interest earned after adjusting for difference between Savings Bank Interest payable and fund interest earned, if any will be credited back to Pension fund of Government.
If a subscriber dies after the date of vesting, his/her spouse shall be entitled to receive 50% of the pension received by such eligible subscriber as Family Pension, provided she/he is not already an SMF beneficiary of the Scheme, and such family pension shall be applicable only to the spouse After death of subscriber as well as of his/her spouse, the corpus i.e. total accumulated contributions made by the subscriber and the Government shall be credited back to the fund.
Whether the applicant farmers / their spouse will be charged any for enrollment under the Scheme?
The enrollment at CSC Centres is free of cost and the applicant farmers/their spouse shall not have to pay any charge for the purpose.
What is the alternative mechanism for registration of eligible beneficiary other than enrollment through CSC?
The eligible beneficiaries may alternatively also enrol themselves by contacting physically the State Nodal Officers (SNOs) (or agencies designated by them) in their respective districts.
How the subscriber will change his bank details or any other details which are not correct?
A Subscriber, who desires to change the bank details or any other details which are incorrect, will approach CSC or the Village Level Entrepreneur (VLE) present at the CSC, along with Pradhan Mantri Kisan Maandhan Yojana number and Aadhaar Card. However, the Date of Birth of the Subscriber cannot be changed at any time. The VLE at CSC will validate the credentials of the Member on the payment of the Amount / Fee as prescribed by the Government from time to time
What are the provisions relating to default in payment of contributions?
It may so happen that subscriber’s bank account may not have sufficient funds for auto-debit of contributions to be successful. When contribution auto-debit is not successful on payment cycle immediately, following the contribution due date, the subscriber’s account will be deemed to have defaulted or will be treated as an account in default.
The demand would then be repeated in the next payment cycle.
When a Pradhan Mantri Kisan Maandhan Yojana Pension Account is in default, the same may be regularized with payment of all contributions that have fallen due along with interest as follows :
Until 1 month from first unpaid contribution: No late fee would be charged. Account can be regularized by paying contribution amount only. Three payment cycles demand would be raised for payment of contribution without any interest.
After one month from last unpaid contribution :
No interest would be charged on the amount of contribution that became due immediately preceding the payment cycle date.
However, if there are arrears of installments due on the due date immediately preceding the payment cycle date, late fee or at saving bank interest would be charged. Such late fee would be computed on each of the installment from due date of installment to the due date preceding the payment cycle date. If the period of default of a particular installment is up to 12 months, the reckoning of interest would be simple interest method. But if period of default of a particular installment is over 12 months, then compounding interest would be reckoned for completed number of years’ part and for remaining period simple interest would be reckoned.
The rate of interest/late fee would be the one that is prevailing on the date of payment cycle date, as declared by the Government from time to time.
The interest/late fee charged would be credited into pension account and shall be part of fund earnings under the scheme.
Interest is reckoned only from the date of remittance and credited on annual basis.
Matching amount of co-contribution shall be credited by GOI which shall be maintained separately and this portion shall be utilized only for pension corpus on the vesting date.
If contributions remain unpaid for a period of six months, such account status would be changed to ‘dormant account’ and for dormant accounts demand would not be raised further. Suitable SMS alerts / notices would, however, be sent for the dormant status accounts for a period of three years from date of first unpaid contribution. He/she will, however, be allowed to regularize his/her contribution by paying the entire outstanding dues, along with interest of the rate as determined by the Government from time to time.
After lapse of period of three years from the date of last unpaid contribution, SMS alerts / notices would be stopped. However, Subscriber may make inquiries about status of his account through dedicated call centre or make on-line web inquires. He/she will, however, be allowed to regularize his/her contribution by paying the entire outstanding dues, along with interest of the rate as determined by the Government from time to time.
If a beneficiary becomes ineligible for the Pension under Pradhan Mantri Kisan Maandhan Yojana, his account will be active but Government’s contribution (50%) shall be stopped. If beneficiary agrees to pay the entire amount of the contribution, he will be allowed to operate the account. At the age of 60, he shall be allowed to withdraw his contribution with an interest equivalent to the prevailing saving bank rates.