In this paper it is shown that M class PMU (Phasor Measurement Unit) reference model for phasor estimation recommended by the IEEE Standard C37.118.1 with the Amendment 1 is not compliant with the Standard. The reference filter preserves only the limits for TVE (total vector error), and exceeds FE (frequency error) and RFE (rate of frequency error) limits. As a remedy we propose new filters for phasor estimation for M class PMU that are fully compliant with the Standard requirements. The proposed filters are designed: 1) by the window method; 2) as flat-top windows; or as 3) optimal min-max filters. The results for all Standard compliance tests are presented, confirming good performance of the proposed filters. The proposed filters are fixed at the nominal frequency, i.e. frequency tracking and adaptive filter tuning are not required, therefore they are well suited for application in lowcost popular PMUs.