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

The Ponmagan Podhuvaippu Nidhi Scheme is a new savings account program introduced by the Tamil Nadu government, specifically designed for boys. While the Indian government offers various programs through the post office, most of them are targeted towards women. However, the Tamil Nadu government has taken a step forward by creating this scheme exclusively for boys. To open an account, a minimum deposit of 500 rupees is required. Currently, this scheme is only available in Tamil Nadu. Under this program, boys under the age of ten can open a savings account at the post office with the help of their parents. This initiative aims to promote savings habits and financial inclusion among young boys in the state.

Benefits of Ponmagan Podhuvaippu Nidhi Scheme

  • Ponmagan Podhuvaippu Nidhi Scheme is a savings account program for boys launched by the Tamil Nadu government.
  • It is the first savings program specifically established for boys in India.
  • The scheme requires a minimum deposit of 500 rupees.
  • Only Tamil Nadu is currently implementing this program.
  • Boys below the age of ten and their parents can open a savings account at the post office under this scheme.
  • The program was initially introduced on September 15, 2015, and has been relaunched with an increased interest rate of 9.70%.
  • The account can be opened with a minimum of 100 rupees, and the maximum deposit allowed is 5 lakh rupees.
  • Monthly deposits are required under this scheme.
  • Boys under ten can have their parents open their accounts, while boys over ten can do it themselves.
  • The registration process can be done online at the post office.
  • The scheme aims to provide a brighter future for boys and allows parents to save for their children.
  • The scheme also permits guardians to request a loan from the account after holding it for four years.

Eligibility Criteria:

  • The scheme allows starting a savings account with a minimum of Rs 100.
  • The interest earned on the account is calculated based on annual compound interest.
  • The account holder has the option to change the account’s name at their discretion.
  • The funds can be withdrawn after a period of five years.
  • The account can be transferred only once in the name of any individual.

Required Documents for Application:

  • Duly filled application form.
  • Passport-size photograph of the child.
  • Income certificate.
  • Residence proof such as Aadhar Card, Ration Card, or Voter ID Card.
  • School/college certificates for the current academic year.
  • Bank account details of the child.

Here are the steps to apply for the Ponmagan Podhuvaippu Nidhi Scheme:

  1. Visit your nearest post office branch.
  2. Obtain the Ponmagan Podhuvaippu Nidhi Scheme application form from the concerned officials.
  3. Fill in the application form with all the necessary details.
  4. Attach all the required documents as mentioned in the application form.
  5. Ensure that you fill in the form accurately and provide all the necessary documents.
  6. Submit the completed application form along with the required documents to the concerned officials at the post office.
  7. The application will undergo a verification process.
  8. Once the verification is complete and the application is authorized, the child becomes a beneficiary of the Ponmagan Podhuvaippu Nidhi Scheme.

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