Ponmagan Public Fund Scheme is a savings account program created by the Tamil Nadu government for boys. Government of India runs many programs through post office but you will find that most of them are targeted women. The Tamil Nadu government introduced the PPNS scheme targeting men. It is the first savings program specifically established for boys. This account requires a minimum deposit of Rs.500. Only Tamil Nadu is currently implementing this scheme. Under this programme, a youth below the age of ten and his parents can open a savings account at the post office. . Read below to check detailed information related to this Ponmagan Public Fund Scheme.
Ponmagan Public Provident Fund Scheme 2023
Government of Tamil Nadu a Savings Program For boys. The program was introduced by the Government of Tamil Nadu on 15 September 2015. The program was restarted and its interest rate increased over time. Current interest rate is 9.70%. You can open a boy account under this program. 100; Maximum investment allowed is Rs. 5 lakhs. Deposit money every month.
According to this plan, boys below 10 years of age can ask their parents to open their account, while boys above 10 years of age can do it themselves. If you want your son to benefit from this program you must apply for it. Only Tamil Nadu is currently implementing this scheme. Under this programme, a youth below the age of ten and his parents can open a savings account at the post office.
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Tamil Nadu PPNS Scheme Details in Highlights
|name||Ponmagan Public Fund Scheme|
|started with||Tamil Nadu Govt|
|Beneficiary||Tamil Nadu State Boys|
|Opening Amount||100 Rs|
|Registration process||Online at Post Office|
Benefits of Ponmagan Public Fund Scheme
Following are some of the key benefits of the Ponmagaan Public Welfare Fund Scheme:
- The boy’s parents can save money for their future through this scheme.
- The Tamil Nadu government has started this program to give boys a bright future.
- The minimum and maximum amounts of this program are now defined as Rs. 500 and Rs. 5 lakhs respectively.
- A boy below 10 years of age can also open an account under this program
- This program now has an interest rate of 9.70% after the rate hike.
- The upper limit of the scheme has been raised from Rs. 1.5 lakh to Rs. 5 lakhs.
- A parent opens an account for a boy below 10 years of age.
- The Guardian may also request a loan from this account, but they must hold the account for four full years before doing so.
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Interest Rate of Ponmagaan Public Provident Fund Scheme
|interest rate||9.70 percent|
|Minimum amount||500 Rs|
|The maximum amount||5 lakhs of Rs|
Eligibility criteria for the same Ponmagan Public Fund Scheme
Applicants applying for Ponmagan General Provident Fund Scheme must meet the following eligibility criteria:
- For this program you can open a savings account for Rs.100.
- The interest you will get under this plan will be calculated based on annual compounding.
- The applicant also has the option to change his/her account name at his/her discretion.
- The petitioner will get this money only after five years.
- You can transfer your account only once in one person’s name.
Documents required to apply
Following are some of the important documents required for Ponmagaan Public Fund Scheme:
- Duly filled application form
- Passport size photograph of the child
- Income certificate
- Like residence proof Aadhaar Card/Ration Card/ Voter ID Card
- School/College Certificates for this academic year
- Bank account details of the child
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Procedures for applying for the Ponmaghan Public Welfare Fund Scheme
In order to apply for Ponmagan Public Wip Nidhi Scheme, the user needs to follow the steps given below:
- First, go to your nearest post office branch
- Get the Ponmagaan Public Provident Fund Scheme Application Form from the concerned officials
- Now, fill the form with all the required details
- After that, attach all the required documents along with the application form
- Fill the form carefully and attach all required documents
- Finally, submit the application form along with all the required documents to the concerned officials of the post office
- The application will be approved after the verification process is completed.
- The child is now a beneficiary of Post Office’s Ponmagan Public Wiping Fund Scheme.