Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

Ponmagan Podhuvaippu Nidhi Scheme (PPNS): Benefits, Interest Rate, How to Apply

 

Ponmagan Podhuvaippu Nidhi Scheme is a savings account program for boys created by the Tamil Nadu government. The Indian government runs a number of programs through the post office, but you’ll find that most of them are geared towards women. The Tamil Nadu government has introduced PPNS Scheme with males in mind. This is the first savings program established specifically for boys. There is a 500 rupee minimum deposit requirement for this account. Only Tamil Nadu is currently carrying out this scheme. Under this program, a youngster younger than ten years old and his parents may open a savings account at the post office. .  Read below to check the detailed information related to Ponmagan Podhuvaippu Nidhi Scheme.

Ponmagan Podhuvaippu Nidhi Scheme 2023

The government of Tamil Nadu has launched a savings program for boys. The Tamil Nadu government introduced this program on September 15, 2015. This program has been re-launched and its interest rate has been raised in accordance with the passing of time. 9.70% is the current interest rate. You can start a boy account under this program for as little as Rs. 100; the maximum allowed deposit is Rs. 5 lakh. Each month, you must deposit money.

According to this plan, boys under the age of 10 can have their parents open their accounts, while boys over 10 can do it themselves.  You must apply for this program if you want to benefit from it for your son. Only Tamil Nadu is currently carrying out this scheme. Under this program, a youngster younger than ten years old and his parents may open a savings account at the post office.

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

Some of the key benefits of the Ponmagan Podhuvaippu Nidhi Scheme are as follows:

  • The boy’s parents can set money aside for their future with this plan.
  • This program was started by the government of Tamil Nadu to give the boys a brighter future.
  • The minimum and maximum amounts for this program are now defined at Rs. 500 and Rs. 5 lakh, respectively.
  • A boy under the age of 10 may also open an account under this program
  • This program now has an interest rate of 9.70% after an increase to the rate.
  • The scheme’s upper limit was raised from Rs. 1.5 lakh to Rs. 5 lakh.
  • The guardian opens the account for a boy who is under 10 years old.
  • Guardian may also request a loan from this account, but they must have held the account for four full years prior to doing so.

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

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

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


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