Ponmagan Scheme also known as Ponmagan Podhuvaippu Nidhi Scheme (PPNS) is a social welfare scheme launched by the government of Tamil Nadu in 2015. The scheme aims to provide financial assistance to male students of economically weaker sections of the state to pursue their education.
Here are the Objectives of the Ponmagan Scheme:
The key highlights of the Ponmagan Podhuvaippu Nidhi Scheme in the Post Office are mentioned in the table below:
|Government of Tamil Nadu in 2015
|Department of Post
|Public Provident Fund (PPF) Scheme
|Only Single Account Holder
|Minimum Amount to Open the Account: Rs. 100
Minimum Annual Deposits: Rs. 500
Maximum Annual Amount: Rs. 1.5 lakhs
|Tax Benefits on Investment
|Tax Deductions on Investment of up to Rs. 1.5 lakhs u/ Section 80C of the IT Act, 1961
Under this scheme, parents or guardians can open a savings account in the name of their boy child at any post office and the scheme offers attractive interest rates and tax benefits, making it an ideal way to save for the future of the boy child.
As of now, the scheme offers an annual interest of 9.7% p.a., which is compounded yearly, allowing the savings to grow at this fixed rate during the deposit period.
What is the interest rate of the Ponmagan Podhuvaippu Nidhi scheme?
The interest rate of the Ponmagan Podhuvaippu Nidhi scheme is subject to change and is typically announced by the Indian Postal Service. It is advisable to check with the post office for the current interest rate.
Here are the eligibility criteria for a Ponmagan Podhuvaippu Nidhi Scheme (PPNS) account rephrased in a table format:
|The male child must be a resident of Tamil Nadu
|The child should be studying in a government or government-recognized educational institution in Tamil Nadu
|The child's family should belong to the Economically Weaker Section (EWS) category
|The student should not be receiving any other educational financial assistance from the government
|Only one male child per family is eligible to open a PPNS account
|The account should be opened in the male child's name if he is above 10 years of age. For boys below 10 years, parents/guardians can open the account.
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To open a savings account under the Ponmagan Scheme, the following documents need to be submitted:
Here are the steps to apply for the Ponmagan Podhuvaippu Nidhi Scheme (PPNS):
The Ponmagan Scheme savings account has a maturity term of 15 years, which can be prolonged by another 5 years if the extension is applied for within one year of the maturity date. Premature account closure is prohibited, however partial withdrawals are allowed after the account has been operational for 7 financial years.
The Ponmagan Podhuvaippu Nidhi Scheme offers a robust value proposition for economically disadvantaged parents to secure their sons' educational future. Key perks make it an attractive savings tool for underprivileged students' higher studies.
Here are the benefits of the Ponmagan Scheme
The Ponmagan Podhuvaippu Nidhi Scheme (PPNS) offers tax exemptions for investments of up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961. Furthermore, the interest earned on the PPNS account is also exempt from taxes.
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The Ponmagan postal scheme is a savings scheme offered by the Indian Postal Service, designed to provide financial security and growth opportunities for individuals.
The documents required for the Ponmagan scheme may include identity proof, address proof, passport-size photographs, and any other documents as per the requirements of the Indian Postal Service.
The benefits of the Ponmagan Podhuvaippu Nidhi scheme include competitive interest rates, tax benefits, and the security of investing with a government-backed institution.
Yes, various investment and savings schemes can be opened for a baby boy, such as Sukanya Samriddhi Yojana, the Public Provident Fund (PPF), and other long-term investment options.
The interest rate of the Ponmagan Podhuvaippu Nidhi scheme in the post office for 2024 is subject to change and should be confirmed with the post office or the Indian Postal Service.
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