Farmers can now benefit from the PM Kisan Man Dhan Yojana under which they can get Rs 36,000 a year in 12 monthly instalments of Rs 3,000 per month once they retire. This scheme is valid for any farmer who is registered under the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KSNY). This scheme will provide a financial cushion in the form of a monthly pension to farmers above 60 years of age registered under the Pradhan Mantri Kisan Samman Nidhi Scheme.
A farmer needs to start investing in the scheme for at least 20 years before reaping the benefits.
A farmer can start investing in the scheme as early as he is 18 years old for securing retirement. Farmers who are 18 years old have to contribute Rs 55 every month, those above 30 years old, have to contribute Rs 110 per month, while those farmers above 40 years of age will have to invest Rs 200 every month to get the benefits after retirement.
How to enrol in the PM Kisan Man Dhan Yojana?
A farmer who is registered under the Pradhan Mantri Kisan Samman Nidhi Yojana can enrol for the Kisan Man Dhan Yojana.
The farmer should have less than two hectares of cultivable land.
There is no need for the farmer to undergo additional documentation to apply under the PM Kisan Man Dhan Yojana.
Meanwhile, under the PM Kisan Samman Nidhi Yojana, the government has transferred the 8th installment of Rs 2,000 to small and marginal farmers in their accounts in May. This financial assistance from the government to farmers comes in three instalments of Rs 2000. Under the scheme, the first instalment of Rs 2000 comes from April 1 to July 31, the second instalment comes between August 1 and November 30 and the third instalment from December 1 to March 31.
This annual financial support is given to farmers having combined landholding/ownership of up to 2 hectares. Since its inception in December 2018, the government has given seven installments to these farmers. The Central government's Rs 75,000-crore scheme aims to cover 125 million farmers, irrespective of the size of their landholding in the country.
