Kisan Man Dhan Yojana (KMDY) will be launched by Prime Minister Narendra Modi on September 12, 2019 in Ranchi, Jharkhand as mentioned in the Budget 2019-20
Under the scheme KMDY a monthly pension of Rs 3,000 will be provided to eligible farmers on attaining the age of 60 years.
Kisan Man Dhan Yojana will secure the lives of 5 crore small and marginal farmers by providing monthly pension of Rs 3,000. The scheme has an outlay of Rs 10,774 crore for next three years.
All small and marginal farmers who are currently between the age of 18-40 Years can apply for this scheme. In this scheme farmers (age between 18-40 years) will have to deposit Rs55 to Rs200 per month depending on the age of entry till they reach the retirement date. Central government will also make an equal contribution of same amount in pension fund.
Who Are Eligible for Kisan Man Dhan Yojana :-
KMDY is only for small and marginal farmers residing in any state or union territory of India. Farmers having land less than 5 acres and age between 18years to 40 Years are eligible.
Documents required for KMDY Registration
1.Residential document issued by the respective state government.
2. Age proof certificate due to age criterion
3. Farmer registration certificate to confirm that they belong to small or marginal categry.
4. Aadhar Card photocopy
5. Bank account Details
6. Land documents to confirm that they don’t have land more than 5 acres
Kisan Man Dhan Yojana Registration
Registration Process :- As there is no Online portal available to get registered,
all eligible and interested farmers having above documents have to visit Common Services Centres (CSCs) which are located in respective area.CSCs executives will fill your registration form online after verifying your documents.
There is not Registration fee for the scheme but farmers have to pay fee of Rs. 30 for the service they will receive at CSCs.
Term and Conditions of the KMDY Scheme
1. The farmers have to deposit money in the pension funds for at least five years regularly to keep it active.After completing 5 years he/she may exit the scheme, their entire contribution will be returned with an interest equal to prevailing saving bank rates.
2. The main account holding farmer can name his spouse as the nominee. Additionally, he can activate another account that is in the name of the spouse. Monetary contributions must be made in this account separately.
3. In case of death of main pensioner before retirement date, the spouse may continue withe scheme.
4 If the spouse does not want to continue, the total contributions of main pensioner along with interest will be paid to the spouse.
5.If the farmer dies after the retirement date, the spouse will receive 50% of the pension as family pension.
6.In case of death of both farmer and spouse, the accumulated corpus will be credited back to the pension fund