Ponmagan Podhuvaippu Nidhi Yojana is a savings scheme for children developed by the Government of Tamil Nadu. The government of India runs many programs through post offices, but you will find that most of them are dedicated to women.
The Tamil Nadu government has introduced 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.
Benefits of Ponmagan Podhuvaippu Nidhi Scheme 2024
- 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
Tamil Nadu PPNS Scheme Details in Highlights
| Name | Ponmagan Podhuvaippu Nidhi Scheme |
| Initiated by | Tamil Nadu Government |
| Year | 2024 |
| 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 |
Interest Rates for Ponmagan Podhuvaippu Nidhi Scheme 2024
| Interest rate | 9.70 percent |
| Minimum amount | 500 rupees |
| Maximum amount | 5 lakh rupees |
Eligibility Criteria for Ponmagan Podhuvaippu Nidhi Scheme 2024
The applicants applying for Ponmagan Podhuvaippu Nidhi Scheme must fulfill the following eligibility criteria:
- You can start a savings account for this program for Rs 100.
- The interest you get under this plan will be calculated based on an annual compound.
- The applicant also has the option, at his discretion, to change the name on his account.
- Only after five years have passed will the petitioner receive this money.
- Your account can only be transferred once in the name of any individual.
Required Documents to Apply
Some of the important documents required for the Ponmagan Podhuvaippu Nidhi Scheme are as follows:
- 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 2024
To apply for Ponmagan Podhuvaippu Nidhi Scheme, the user needs to follow the below given steps:
- First of all, go to your nearest post office branch
- From the concerned officials, get the Ponmagan Podhuvaippu Nidhi Scheme application form
- Now, fill in the form with all the required details
- After that, attach all the required documents with the application form
- Fill in the form carefully and attach all the required documents
- Finally, submit the application form along with all the required documents to the post office’s concerned officials
- The application is authorized after the verification process is complete.
- The child is now a beneficiary of the Post Office’s Ponmagan Podhuvaippu Nidhi Scheme
FaQ
1. What is the Ponmagan Podhuvaippu Nidhi Scheme?
The Ponmagan Podhuvaippu Nidhi Scheme is a savings scheme introduced by the Tamil Nadu government to encourage savings for children. It allows parents or guardians to open a savings account for a child under 10 years old.
2. What is the main objective of the Ponmagan Podhuvaippu Nidhi Scheme?
The main objective is to ensure a brighter future for children by promoting savings and financial planning from a young age.
3. Who is eligible to open an account under this scheme?
The child must be under 10 years of age.
The account can be opened by the child’s guardian or parent
4. What is the minimum and maximum deposit for the Ponmagan Podhuvaippu Nidhi Scheme?
Minimum deposit: Rs 500
Maximum deposit: Rs 5 lakh
5. What is the interest rate offered under the Ponmagan Podhuvaippu Nidhi Scheme?
The scheme currently offers an interest rate of 9.70% per annum.
6. Can the name on the account be changed?
Yes, the applicant has the option to change the name on the account at their discretion.
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