Ponmagan Podhuvaippu Nidhi Scheme (PPNS): Benefits, Interest Rate, How to Apply

In India, a substantial 71% of adults have not completed their upper secondary education. Even among the younger population, 58% of males have not reached the level of upper secondary education. To empower the lives of children and secure their future, the government of Tamil Nadu introduced the Ponmagan Podhuvaippu Nidhi Scheme (PPNS).

This guide gives you an overview of PNNS, its eligibility, benefits, application process, and the required documents.

What is the Ponmagan Podhuvaippu Nidhi Scheme?

Previously known as the Public Provident Fund Scheme (PPF), the Ponmagan Podhuvaippu Nidhi Scheme is a social welfare scheme curated to provide educational aid. It was launched in 2015 by the government of Tamil Nadu.

Similar to child plans, it aims to provide financial support to male students facing economic hardships in pursuing their education. The term 'Ponmagan' translates to 'Golden Child,' symbolising the significance of this initiative.

Ponmagan Podhuvaippu Nidhi Scheme Details: Eligibility Criteria

Before applying for the scheme, you must review the eligibility criteria for the Ponmagan Podhuvaippu Nidhi Scheme. Here is the complete list of eligibility requirements for opening a PPNS account through the Post Office:
 

• The child must be a male and a permanent resident of Tamil Nadu.
• He should be enrolled in a government-recognised school or college in Tamil Nadu.
• The family must belong to the Economically Weaker Section (EWS).
• The child should not be receiving financial assistance from the government for education.
• Only one boy per family can have a PPNS account.
• The PPNS account should be in the boy's name once he reaches 10 years of age.
• Parents or guardians can open a PPNS account for the boy when he is under 10 years old.

Benefits of the Ponmagan Podhuvaippu Nidhi Scheme

The Ponmagan Podhuvaippu Nidhi Scheme offers several attractive features and advantages that make it an appealing savings option for the future of male children in India. Let us delve into these benefits:
 

• The scheme has a maturity period of 15 years, extendable for an additional 5 years within one year of maturity, allowing for further growth and fund accumulation.
• Deposits made under this scheme qualify for deductions from taxable income under Section 80C of the Income Tax Act, providing significant tax* advantages to the account holder.
• The interest earned on the scheme is entirely tax-free, enhancing the overall investment returns.
• Withdrawals can be made starting from the 7^th financial year, ensuring funds are accessible when required. Additionally, the scheme permits loans against the accumulated amount starting from the 3^rd financial year.
• PNNS ensures the security of the account holder's interests by preventing the attachment of funds through court decree orders.
• The Ponmagan Podhuvaippu Nidhi Scheme offers convenience by allowing account openings at multiple post offices and facilitating easy account transfers between different locations.

Required Documents for Ponmagan Podhuvaippu Nidhi Scheme Online Apply

You need to furnish the following documents to apply for the Ponmagan Podhuvaippu Nidhi Scheme:
 

• Completed application form
• Income certificate
• Passport-sized photograph of the child
• School/college certificates (for the current academic year)
• Bank account details of the child
• Proof of residence (such as a ration card, voter ID card, or Aadhaar card)

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

The process for applying to the Ponmagan Scheme at the Post Office involves the following steps:
 

• Step 1: Visit the nearby post office to obtain the application form for the Ponmagan Podhuvaippu Nidhi Scheme.
• Step 2: Carefully complete the form and attach all the necessary documents, including:
  
  
  • Proof of identity
  • Proof of address
  • Educational certificates
  • Bank account details
  • Proof of income, and so on.
     
• Step 3: Submit the filled application form and required documents to the post office officials.
• Step 4: After the verification process is completed, your application will be approved, making the child a beneficiary under the Ponmagan Podhuvaippu Nidhi Scheme at the Post Office.

Conclusion

The Ponmagan Podhuvaippu Nidhi Scheme is a social welfare scheme curated to provide educational aid to male students in Tamil Nadu.  This scheme, named after the term 'Ponmagan,' which translates to 'Golden Child,' offers attractive features that make it an appealing savings option.

Overall, a financial plan guarantees consistent assistance at every important stage in your child's life.

Child Plans are especially made with the specific purpose of addressing your child's financial requirements. These plans offer vital financial backing throughout their educational pursuits and as they strive to achieve their future goals.