The Ponmagan Podhuvaippu Nidhi Scheme is a unique savings account program created by the Tamil Nadu government exclusively for boys. While the Indian government has numerous programs through the post office, most of them focus on supporting women. Recognizing the need to address the financial needs of young boys, the Tamil Nadu government introduced the PPNS Scheme. This is the first savings program in the country that specifically targets boys.
To open an account under this scheme, there is a minimum deposit requirement of 500 rupees. Currently, only Tamil Nadu is implementing this initiative. Under the PPNS Scheme, boys under the age of ten, along with their parents, can open a savings account at the post office. For more detailed information about the Ponmagan Podhuvaippu Nidhi Scheme, kindly continue reading.
Ponmagan Podhuvaippu Nidhi Scheme 2024
A savings program exclusively for boys has been initiated by the Tamil Nadu government. Originally launched on September 15, 2015, this program has undergone a relaunch with an increased interest rate that now stands at 9.70%. You can open a boy account under this program with a minimum deposit of Rs. 100, while the maximum allowable deposit is Rs. 5 lakh. It is mandatory to make monthly deposits into this account. As per this scheme, boys below 10 years of age have the option of having their parents open their accounts, while those over 10 can do it themselves. To avail the benefits of this program for your son, you must apply for it. Currently, this initiative is being implemented exclusively in Tamil Nadu. Under this program, children below the age of ten, along with their parents, can open a savings account at the post office.
Tamil Nadu PPNS Scheme Details in Overview
|Ponmagan Podhuvaippu Nidhi Scheme
|Tamil Nadu Government
|Tamil Nadu State boys
|Online in the post office
Benefits of Ponmagan Podhuvaippu Nidhi Scheme
Here are a few notable advantages of the Ponmagan Podhuvaippu Nidhi Scheme:
- This plan allows the boy’s parents to save money for their future.
- The government of Tamil Nadu initiated this program with the aim of providing boys with a more promising future.
- The program now has defined minimum and maximum amounts of Rs. 500 and Rs. 5 lakh, respectively.
- Children younger than 10 years old are also eligible to open an account through this program.
- After a rate increase, the program’s interest rate has been adjusted to 9.70%.
- The maximum limit for the scheme was increased from Rs. 1.5 lakh to Rs. 5 lakh.
- The guardian establishes an account for a boy younger than 10 years old.
- In order to request a loan from this account, the Guardian must have maintained the account for a complete duration of four years.
Interest Rates for Ponmagan Podhuvaippu Nidhi Scheme
|5 lakh rupees
Eligibility Criteria for Ponmagan Podhuvaippu Nidhi Scheme
In order to be eligible for the PPNS, applicants must meet the following criteria:
- Start a savings account for this program by depositing Rs 100.
- Under this plan, the interest you receive will be calculated using an annual compound method.
- The applicant may choose to change the name on his account, if desired.
- The petitioner will not receive this money until five years have elapsed.
- Transferring your account is limited to a single occasion, specifically for the name of a single individual.
Required Documents to Apply
The Ponmagan Podhuvaippu Nidhi Scheme necessitates certain essential documents, including:
- properly completed application
- a child’s passport-sized photo
- Income Tax Form
- Residence ID such as an Aadhar Card, Ration Card, or Voter ID
- Certificates from the current academic year’s schools and colleges
- Account information for the child’s bank
Steps to Apply for Ponmagan Podhuvaippu Nidhi Scheme
The actions listed below must be followed by the user in order to apply for the Ponmagan Podhuvaippu Nidhi Scheme:
- Go to the nearest post office branch first.
- Obtain an application for the Ponmagan Podhuvaippu Nidhi Scheme from the relevant authority.
- Now, complete the form with all the necessary information.
- After that, provide the application form together with any necessary papers.
- Carefully complete the form and include any necessary documentation.
- Finally, hand the application form and any necessary documentation to the respective post office staff members.
- After the verification procedure is finished, the application is approved.
- The youngster is currently a beneficiary of the Ponmagan Podhuvaippu Nidhi Scheme of the Post Office.
Note :- In today’s article, we have given you a good idea about the Ponmagan Podhuvaippu Nidhi Scheme. If you still want to ask or know something, then you can ask through the comment box!
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Posted By :- Sonu Gupta
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FAQ’S – Ponmagan Podhuvaippu Nidhi Scheme
The Tamil Nadu government makes periodic decisions on the Ponmagan Scheme’s interest rate, which is presently set at 9.7% per year with yearly compounding. The following requirements must be satisfied in order to be qualified for a PPNS account: The candidate must reside in Tamil Nadu and be a young boy.
The current MIS interest rate at the post office is 7.4% per year, payable on a monthly basis, with a 5-year maturity. Mr. Suresh, for instance, deposits Rs. 2,000 in the Post Office Monthly Income Scheme. For a period of five years, he will get Rs. 1233 in interest per month.