Ponmagan Podhuvaippu Nidhi Scheme (PPNS): A Savings Account Program for Boys in Tamil Nadu

Are you looking for a way to save money for your son’s future? Do you want to take advantage of a high-interest rate and tax benefits? If yes, then you may be interested in the Ponmagan Podhuvaippu Nidhi Scheme (PPNS), a savings account program for boys launched by the Tamil Nadu government. This scheme is designed to provide financial security and support to the male children of the state and to create awareness about the harmful effects of alcohol consumption.

Here, we will tell you everything you need to know about the PPNS scheme, such as its benefits, interest rate, eligibility criteria, required documents, and how to apply online and offline.

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What is Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

Ponmagan Podhuvaippu Nidhi Scheme (PPNS) is a savings account program for boys created by the Tamil Nadu government in 2015. The scheme is implemented through the post office and is similar to the Public Provident Fund (PPF) scheme. The scheme aims to facilitate the male children of the state and to provide them with a brighter future.

The scheme covers boys of any age group and allows them to open an account with a minimum amount of Rs. 100. The maximum amount that can be deposited in a year is Rs. 5 lakh. The scheme offers a high-interest rate of 9.70% per annum, which is compounded annually. The interest earned on the scheme is exempted from income tax under section 80C of the Income Tax Act.

The scheme has a maturity period of 15 years, after which the account holder can withdraw the entire amount along with the interest. The account holder can also avail a loan against the scheme after completing four years of deposit. The loan amount can be up to 50% of the balance at the end of the fourth year.

NamePonmagan Podhuvaippu Nidhi Scheme
Initiated byTamil Nadu Government
Year2023
StateTamil Nadu
BeneficiaryTamil Nadu State boys
Opening amount100 Rupees
Registration processOnline in the post office
Official websitehttps://www.indiapost.gov.in

The scheme also includes the families of Anganwadi workers, assistants, and contract-based female supervisors who died due to any reason. They can also open an account under this scheme and get the same benefits.

Interest Rates for Ponmagan Podhuvaippu Nidhi Scheme

ParameterValue
Interest Rate9.70 percent
Minimum Amount500 rupees
Maximum Amount5 lakh rupees

Benefits and Features of Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

Some of the key benefits and features of the PPNS scheme are as follows:

  • The scheme provides a high-interest rate of 9.70% per annum, which is higher than most other savings schemes.
  • The scheme offers tax benefits under section 80C of the Income Tax Act. The interest earned on the scheme is also exempted from income tax.
  • The scheme has a flexible deposit option. The minimum amount that can be deposited in a year is Rs. 100 and the maximum amount is Rs. 5 lakh.
  • The scheme has a long maturity period of 15 years, which ensures long-term savings and growth.
  • The scheme allows the account holder to avail a loan against the scheme after four years of deposit. The loan amount can be up to 50% of the balance at the end of the fourth year.
  • The scheme covers boys of any age group and also includes the families of Anganwadi workers, assistants, and contract-based female supervisors who died due to any reason.

Eligibility Criteria for Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

To apply for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS), you need to fulfill the following eligibility criteria:

  • You must be a permanent resident of Tamil Nadu.
  • You must be a male child or a parent or guardian of a male child.
  • You must have an Aadhaar card and a bank account linked with Aadhaar.
  • You must have a minimum deposit amount of Rs. 100.

Required Documents for Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

To apply for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS), you need to submit the following documents along with your application form:

  • Aadhaar card of the child or parent or guardian
  • Residence proof like ration card or voter ID card
  • Birth certificate or school certificate of the child
  • Bank passbook or cheque book
  • Passport size photograph

How to Apply Online for Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

If you want to apply online for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS), you need to follow these steps:

  • Visit the official website of India Post (4).
  • On the home page, click on “Savings Account” option.
  • Then click on “Ponmagan Podhuvaippu Nidhi Scheme” option.
  • A new page will open with an online application form.
  • Fill in all the required details in the form, such as your name, address, Aadhaar number, bank account number, etc.
  • Upload all the required documents in scanned format.
  • Click on “Submit” button to submit your application form.
  • You will receive an application number and a confirmation message on your mobile number and email ID.
  • Keep your application number safe for future reference.

How to Apply Offline for Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

If you want to apply offline for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS), you need to follow these steps:

  • Visit your nearest post office branch and collect the application form from the concerned authority.
  • Fill in all the required details in the form, such as your name, address, Aadhaar number, bank account number, etc.
  • Attach all the required documents in self-attested copies with the form.
  • Submit your application form to the same authority and get a receipt for your submission.
  • Keep your receipt safe for future reference.

Frequently Asked Questions about Ponmagan Podhuvaippu Nidhi Scheme (PPNS)

Q: What is the purpose of the Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

A: The purpose of the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) is to provide financial security and support to the male children of Tamil Nadu and to create awareness about the harmful effects of alcohol consumption.

Q: Who can apply for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

A: Any male child or a parent or guardian of a male child who is a permanent resident of Tamil Nadu can apply for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS).

Q: How much interest rate will be given under the Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

A: A high-interest rate of 9.70% per annum will be given under the Ponmagan Podhuvaippu Nidhi Scheme (PPNS).

Q: How can I check the status of my application for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

A: You can check the status of your application for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) by logging into the official website of India Post (4) with your application number and mobile number. You can also contact the helpline number 1800-11-2011 for any queries or grievances.

Q: What are the documents required for applying for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS)?

A: The documents required for applying for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS) are Aadhaar card, residence proof, birth certificate or school certificate, bank passbook or cheque book, and passport size photograph.