Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024: Online Apply, Interest Rate

The Ponmagan Podhuvaippu Nidhi Scheme 2024 is necessary to guarantee that all students regardless of financial circumstances, obtain an education. Tamil Nadu state’s economically disadvantaged parents and guardians are encouraged to contribute to their boy’s education by way of this savings scheme. This is the first savings program of its kind specifically designed for males. This account requires a minimum 500 rupee deposit. In this article you get every necessary information regarding this scheme such as benefits, objectives, eligibility criteria, required documents, interest rate and applying procedure.

Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024

A savings scheme for boys has been introduced by the Tamil Nadu government On 15 September 2015 the Tamil Nadu government announced this scheme. The interest rate on this program has increased over time since it was relaunched. The interest rate right now is 9.70%. Under this scheme a boy account may be opened for as little as Rs. 100 with a maximum deposit of Rs. 5 lakh permitted. You have to deposit money every month.

Children over 10 can open accounts on their own, however those under 10 can open accounts on behalf of their parents. The insurance is subject to application if you would like to utilize it for the sake of your child. This system is only being implemented in Tamil Nadu right now. Under this program a child under 10 years old can open a post office account alongside his parents.

Ponmagan Podhuvaippu Nidhi Scheme

Overview of Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024

Name of the SchemePonmagan Podhuvaippu Nidhi Scheme (PPNS) 2024
Launched ByState Government of Tamil Nadu
BeneficiaryState Boys
ObjectiveTo Provide Financial Help
Opening AmountRs.100
Application ModeOnline in the post Office
Official Websitehttps://www.indiapost.gov.in/

Objective of Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024

The primary goal of the scheme is to give male students from the state’s economically disadvantaged areas financial aid. Eligible students can establish a corpus to cover their educational expenditures and receive high return on their donations under this scheme.

Makkaludan Mudhalvar Scheme Form 

Benefits of Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024

Some of the benefits of this scheme is given below:

  • The child’s parents are able to save money through this arrangement for their future.
  • The government of Tamil Nadu initiated the initiative to guarantee a better future for children.
  • This scheme’s minimum and maximum amounts are now specified as Rs. 500 and Rs. 5 lakh, respectively.
  • Under this arrangement, a youngster under the age of 10 can also create an account.
  • Following the rate increase this plan’s interest rate is presently 9.70%.
  • It appears that the scheme’s maximum ceiling of Rs. 5 lakhs has been raised from Rs. 1.5 lakhs.
  • A minor under the age of ten has their account created by a guardian.

Eligibility Criteria

Some of the eligibility criteria of this scheme is given below:

  • You can deposit up to Rs. 100 into a bank account for this scheme.
  • Your interest under this scheme will be computed on a yearly basis.
  • Additionally, the applicant can change the name linked to their account at any time.
  • The applicant will get this sum after five years.
  • There may only be one transfer of your account.

Required Documents

Some of the required documents of this scheme is given below:

  • Passport Size Photograph
  • Aadhar Card
  • Income Certificate
  • Bank Account Details
  • Residence Certificate
  • Voter ID
  • Ration Card
  • Duly Filled Application Form
  • Email ID
  • Mobile Number

Interest Rates for Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024

Interest Rate9.70 Percent
Minimum Amount500 Rupees
Maximum AmountRs.5 lakh

Applying Procedure of Ponmagan Podhuvaippu Nidhi Scheme (PPNS) 2024

  • First you go to your nearest post office branch.
  • The Ponmagan Podhuvaippu Nidhi Scheme application form may be obtained from the relevant officials.
  • Fill all the necessary details in the form.
  • You have to attach all the necessary documents.
  • Finally, provide the application form and all additional documents to the relevant post office staff members.
  • Once the verification procedure is finished the application is approved.
  • The child is now a recipient of the scheme offered by the Post Office.

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