The Tamil Nadu government designed the Ponmagan Podhuvaippu Nidhi Scheme, a savings account scheme for boys. Through the post office, the Indian government offers a number of initiatives, although the majority are directed towards women. The PPNS Scheme was launched by the Tamil Nadu government with men in mind. This is the first savings program developed with boys in mind. Open accounts at the post office for children under 10 years old and their parents are permitted under this scheme.In this post you get every necessary information regarding this scheme such as benefits, objectives, eligibility criteria, required documents, overview and application procedure.
Ponmagan Podhuvaippu Nidhi Scheme 2024
The State Government launched the Podhuvaippu Nidhi Scheme (PPNS) a social welfare program as the first saving program designed specifically for boys. The scheme was first presented by the government on 15 September 2015 and it has since been reintroduced with an interest rate increase of 9.70%.
A minimum deposit of Rs. 100 and a maximum deposit of Rs. 5 lakh are required for beneficiaries to register an account. For boys who are 10 years old or younger, parents can start a savings account.
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Overview of Ponmagan Podhuvaippu Nidhi Scheme 2024
| Name of the Scheme | Ponmagan Podhuvaippu Nidhi Scheme 2024 |
| Launched By | State Government of Tamil Nadu |
| Beneficiary | Boys in State |
| Objective | In order to motivate boys in the state to create a savings account |
| Mode of Transfer | DBT |
| Opening Amount | Rs.100 |
| Application Mode | Online |
| Official Website | https://www.indiapost.gov.in/ |
Objective of Ponmagan Podhuvaippu Nidhi Scheme
This program’s primary objective is to provide support to young boys who could face financial challenges in their pursuit of an education. The boys who are part of EWS may invest in this program and use it to ensure their future. The boy’s family will be able to save more money with a higher interest rate of 9.70% ensuring the boy’s future security.
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Benefits of Ponmagan Podhuvaippu Nidhi Scheme
The benefits of this scheme is given below:
- The state’s young boys will be inspired to put money into the bank account.
- The current interest rate which is 9.70% will be provided by the government.
- To create a bank account, you must deposit at least Rs. 500.
- Moreover, a maximum deposit of Rs.5 lakh is required to create a bank account.
- Boys under the age of 10 are also eligible to start a savings account.
- Boys under the age of ten may have their savings accounts opened by guardians.
- Guardians can apply for a loan from this account.
- Through this savings account program, the recipient’s financial situation will improve.
Eligibility Criteria
The eligibility criteria of this scheme is given below:
- The applicant must live in Tamil Nadu state.
- The applicant must be a boy.
- The applicant must have a bank account.
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Required Documents
The required documents of this scheme is given below:
- Aadhaar Card
- Domicile Certificate
- Address Proof
- Family Identity Card
- Income Certificate
- Domicile Certificate
- Duly Filled Application Form
- Bank Account
- School/College Certificate for the current academic year
- Email ID
- Mobile Number
Application Procedure of Ponmagan Podhuvaippu Nidhi Scheme
- First you have to go to the nearest post office.
- Ask for the Ponmagan Podhuvaippu Nidhi Yojana application form.
- Fill all the required details in the form.
- You have to attach all the necessary documents.
- Submit this application to the relevant department now.
- You will be qualified to get the interest rate amount upon verification.
FAQ’s
The Ponmagan Podhuvaippu Nidhi Scheme, a savings account program specifically designed for boys is a new initiative by the Tamil Nadu government.
The Ponmagan Podhuvaippu Nidhi Yojana is open to all males who are legally residing in the state of Tamil Nadu.
A minimum investment of Rs. 100 is required for this scheme.