Ponmagan Podhuvaippu Nidhi Scheme is a savings scheme for children developed by the Government of Tamil Nadu. The Government of India runs several schemes through post offices, but you will find that most of them are reserved for women.
The Tamil Nadu government has launched the PPNS scheme keeping men in mind. This is the first fundraising scheme specifically for children. A minimum deposit of Rs 500 is required for this account. Currently, only Tamil Nadu is implementing this scheme.
Under this scheme, a youth under the age of ten can open a post office account with his parents. Read below to see detailed information about Ponmagan Podhuvaippu Fund Scheme.
Ponmagan Podhuvaippu Nidhi Scheme 2023
The Tamil Nadu government has launched a savings scheme for children. The Tamil Nadu government started the program on September 15, 2015. The program has been re-launched and the interest rate has been increased as per the previous period 9.70% is current interest rate.
Under this scheme, you can start a child account for Rs. 100 square feet; Maximum deposit allowed is Rs. 5 lakhs and it is. You have to make a monthly deposit.
According to this policy, children under 10 can open accounts for their parents, while children over 10 can do so on their own. If you wish to use this policy for your son, you must apply for this policy.
Currently, only Tamil Nadu is implementing this scheme. Under this scheme, a youth under the age of ten can open a post office account with his parents.
Tamil Nadu PPNS Scheme Details in Highlights
| Name | Ponmagan Podhuvaippu Nidhi Scheme |
| Initiated by | Tamil Nadu Government |
| Year | 2023 |
| State | Tamil Nadu |
| Beneficiary | Tamil Nadu State boys |
| Opening amount | 100 Rupees |
| Registration process | Online in the post office |
| Official website | https://www.indiapost.gov.in |
Benefits of Ponmagan Podhuvaippu Nidhi Scheme
- Through this arrangement, the child’s parents can save money for their future.
- The program was launched by the Tamil Nadu government to ensure a brighter future for children.
- The minimum and maximum amount for this scheme is now defined as Rs. 500 and Rs. 5 lakh respectively.
- A child below 10 years can also open an account under this scheme
- This plan currently has an interest rate of 9.70% after the rate hike.
- The upper limit of the scheme was increased from Rs. 1.5 lakhs to Rs. 5 lakhs and it is.
- A guardian opens an account for a child under 10 years of age.
- Guardian can also apply for a loan from this account, but the account must have been held for a full four years before that.
Interest Rates for Ponmagan Podhuvaippu Nidhi Scheme
| Interest rate | 9.70 percent |
| Minimum amount | 500 rupees |
| Maximum amount | 5 lakh rupees |
Eligibility Criteria for Ponmagan Podhuvaippu Nidhi Scheme
- You can deposit Rs.100 under bank account for this scheme.
- The interest you earn under this plan will be calculated annually.
- The applicant also has the right to change the name on his/her account at will.
- After five years, the applicant will receive this amount.
- Your account can only be transferred once
Required Documents to Apply
- Duly filled application form
- Passport-size Photograph of the Child
- Income Certificate
- Residence Proof like Aadhar Card/ Ration Card/ Voter ID Card
- School/ College Certificates for the current academic year
- Bank Account Details of the Child
Steps to Apply for Ponmagan Podhuvaippu Nidhi Scheme
- First of all, go to your nearest post office branch
- Obtain Ponmagan Podhuvaippu Fund Scheme application form from concerned authorities
- Next, fill in all the required form information
- Then, attach all the required documents to the application form
- Complete the form carefully and include all required documents
- Finally, send the application along with all the required documents to the concerned authorities at the post office
- The application is granted after completion of the verification process.
- The boy is now a beneficiary of the Ponmagan Podhuvaippu Fund Scheme of the Post Office
Ponmagan Podhuvaippu Nidhi Scheme FaQs?
What is the benefit of Ponmagan Podhuvaippu Nidhi scheme?
The Ponmagan Podhuvaippu Nidhi Scheme provides tax exemptions for investments up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961. The interest paid on the PPNS account is also tax-free
What are the documents required for Ponmagan scheme?
Duly filled application form.
Passport-size Photograph of the Child.
Income Certificate.
Residence Proof like Aadhar Card/ Ration Card/ Voter ID Card.
School/ College Certificates for the current academic year.
What is the interest rate of Ponmagan Podhuvaippu Nidhi scheme?
Ponmagan Podhuvaippu Nidhi Scheme Plan Details:
Features of Ponmagan Podhuvaippu Nidhi Scheme (PPNS) Benefits of Ponmagan Podhuvaippu Nidhi Scheme (PPNS)
Maximum investment – INR 1.5 lakh Offer Tax benefits under section 80C
Interest Rate – 9.70% Nomination facility available, so you can nominate your beneficiary
What is the Ponmagan scheme in Indian post office?
What is the Ponmagan scheme in Indian post office?
Post Office Ponmagan Podhuvaippu Nidhi scheme is a social welfare. The scheme aims to provide financial assistance to male students of economically weaker sections of the state. Under this scheme, eligible students earn high interest on their contributions to build a corpus for educational expenses.
What is the Ppns scheme in bank?
The Ponmagan Podhuvaippu Nidhi Scheme (PPNS) is a remarkable initiative by the government of India to empower male children and secure their financial future
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