“Post Office Ponmagan Podhuvaippu Nidhi Scheme is a social welfare program launched in 2015 by the Tamil Nadu administration. It was launched to help male students who are experiencing financial hardships. The term ‘Ponmagan’ translates to ‘Golden Child’ and was coined to symbolize the significance of this initiative. The primary objective of this scheme is to provide support to young boys who may be facing economic constraints in pursuing their education. In this article, we will talk about this scheme in detail. I am certain that by the end of the article, you will have no doubt left regarding the scheme.Â
What is Ponmagan Podhuvaippu Nidhi Scheme 2024?
The Ponmagan Podhuvaippu Nidhi Scheme aims to help all students get an education, especially those who might face money challenges. This savings plan encourages parents or guardians in Tamil Nadu to save money for their son’s education. The scheme is managed by the Department of Post.
To start a Ponmagan Podhuvaippu Nidhi Scheme account, you need at least Rs. 100. Parents or guardians need to put in at least Rs. 500 per year for their child’s education. They can save up to Rs. 1.5 lakh each year.
You can move the account to different post offices anywhere in India. Parents can open this account by using cash or a check. They can also choose someone to receive the money if needed in the future, just in case. Let’s talk about the scheme in detail like the documentation required, eligibility criteria, maturity period, and much more.
Ponmagan Podhuvaippu Nidhi Scheme 2024 Key Highlights
| Ponmagan Podhuvaippu Nidhi Scheme 2024 Key Highlights | |
| Ponmagan Podhuvaippu Nidhi Scheme Launch Date | September 15, 2015 |
| Ponmagan Podhuvaippu Nidhi Scheme Official Website | Click Here |
| Ponmagan Podhuvaippu Nidhi Scheme Objective | To help male students who are experiencing financial hardships. |
| Ponmagan Podhuvaippu Nidhi Scheme Amount (Minimum) | 15 Years ( can be extended by 5 years). Premature closure is not allowed. |
| Ponmagan Podhuvaippu Nidhi Scheme Amount (Maximum) | Rs 1,50,000 Per Year |
| Ponmagan Podhuvaippu Nidhi Scheme Matiruiry Period | 15 Years ( can be extended by 5 years). Premature closure is not allowed. |
| Ponmagan Podhuvaippu Nidhi Scheme Age Limit | Below 10 years & above 10 years |
| Ponmagan Podhuvaippu Nidhi Scheme Managing Department | Department of Posts |
| Ponmagan Podhuvaippu Nidhi Scheme Interest Rate 2024 | 9.70% |
| Ponmagan Podhuvaippu Nidhi Scheme Opening Amount | Rs 100 |
| Ponmagan Podhuvaippu Nidhi Scheme Helpline Number | Click Here |
Ponmagan Podhuvaippu Nidhi Scheme Objective
- The main goal of this program is to offer assistance to young boys who may encounter financial obstacles while pursuing their education.
- Through this scheme, the boys who belong to EWS can secure their future by investing in this scheme.
- With a higher interest rate of 9.70%, the boy’s family can save more so that his future can be secured.
Ponmagan Podhuvaippu Nidhi Scheme Eligibility Criteria
Ponmagan Podhuvaippu Nidhi Scheme is one lucrative scheme for the boy child of Tamil Nadu, However, it should be noted that one should be eligible for the same. To apply for the scheme, it is advised to check the Ponmagan Podhuvaippu Nidhi Scheme eligibility first. Here is the list of complete Ponmagan Podhuvaippu Nidhi Scheme eligibility to open a PPNS account through the Post Office.
- The child should be a boy and must be a permanent resident of Tamil Nadu.
- He should be studying in a school or college recognized by the government in Tamil Nadu.
- The family should fall under the Economically Weaker Section (EWS).
- The child shouldn’t already be getting financial help 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’s 10 years old.
- Parents or guardians can start a PPNS account when the boy is under 10 years old.
Ponmagan Podhuvaippu Nidhi Scheme Documents Required
The Ponmagan Scheme application in the post office necessitates specific documentation. These documents are necessary to apply for the Ponmagan Scheme at the post office, ensuring eligibility and facilitating the disbursement of benefits. Here is the complete list of the documents that are required to apply for the scheme.
- Ponmagan Scheme Application Form: The official form required to apply for the Ponmagan Scheme in post offices.
- Passport size Photo of the Boy Child: A recent photograph of the male child for identification purposes.
- Income Certificate of Parents or Guardians: A document proving the financial status of the child’s parents or legal guardians.
- School Certificate of the Current Academic Year of the Boy Child: A certificate from the child’s school indicating the ongoing academic year.
- Bank Account Details of the Boy Child: Information regarding the bank account in the child’s name for the scheme’s financial transactions.
- Residence Proof (Voter ID, Ration Card, or Aadhaar Card): A document verifying the residential address of the child or their parents/guardians.
Ponmagan Podhuvaippu Nidhi Scheme Interest Rate
The interest rate for the Ponmagan Podhuvaippu Nidhi Scheme at post offices is determined by the Tamil Nadu government and can change over time. Right now, the Ponmagan Podhuvaippu Nidhi Scheme interest rate 2024 is 9.7% per year. This interest gets added each year to the money you’ve saved.
Ponmagan Podhuvaippu Nidhi Scheme How to Apply?
If you want to open a Ponmagan Scheme account online, follow these straightforward steps:
Step 1: Get the Application Form
Start by visiting the nearest post office branch’s website. There, you can download the Ponmagan Podhuvaippu Nidhi Scheme application form.
Step 2: Fill in the Form
Carefully complete the form and make sure to provide all the necessary information. Don’t forget to attach the required documents.
Step 3: Submit the Application
Once you’ve filled out the form and attached the documents, submit the application form along with the deposit amount through the online portal.
Step 4: Verification and Account Opening
The post office officials will review your application and documents. After verification, they will proceed to open your PPNS account.
Remember, this process allows you to open a Ponmagan Scheme account conveniently online, ensuring that you can save for your child’s education with ease.
Ponmagan Podhuvaippu Nidhi Scheme Maturity Period
You should save for at least 15 years in the Ponmagan Podhuvaippu Nidhi Scheme. If you wish, you can extend this by five more years within the first year after it matures. You cannot close the scheme early, but you can take out some money from the seventh year onwards. This way, your savings stay secure and steadily grow for your child’s education.
Ponmagan Podhuvaippu Nidhi Scheme Benefits
The Ponmagan Scheme brings several advantages.
- Easy Accessibility: People in Tamil Nadu and Puducherry can easily access the scheme through designated post offices.
- Affordable Investment: You can start with just Rs. 100, making it a budget-friendly choice.
- Stable Returns: The scheme offers a fixed interest rate, often higher than other small savings plans.
- Tax Benefits: Investors can avail tax benefits under Section 80C of the Income Tax Act for their PPNS investments.
- Government Support: With government backing, the scheme is a secure investment option, particularly beneficial for financially vulnerable sections.
- Assured Future Fund: The fixed interest guarantees a steady payment upon maturity, offering valuable support for future educational expenses of the boy child.
Ponmagan Podhuvaippu Nidhi Scheme Tax Benefits
The Ponmagan Podhuvaippu Nidhi Scheme offers tax benefits on investments up to Rs.1.5 lakh as per Section 80C of the Income Tax Act, 1961. Additionally, the interest earned on the PPNS account is exempt from taxes.
The Ponmagan Scheme has effectively aided numerous boys in Tamil Nadu by alleviating financial worries and enabling them to pursue education without hindrance.
Ponmagan Podhuvaippu Nidhi Scheme Vs PPF
The Ponmagan Podhuvaippu Nidhi Scheme is designed as a public provident scheme specifically targeted at boy children from the economically weaker sections (EWS) in Tamil Nadu. In contrast, the Public Provident Fund (PPF) is a general public savings scheme available to single adults regardless of their category. PPF accounts can be opened at both Post Offices and Banks, whereas the PPNS scheme is exclusively available through Post Offices. To invest in either of these schemes, one must meet the eligibility criteria.
| Ponmagan Podhuvaippu Nidhi Scheme VS PPF | ||
| Specifications | PPNS | PPF |
| Who can open | Boy from Tamil Nadu above or below 10 years (Opened by Parents)Must belong to EWS category | (i) a single adult by a resident Indian.(ii) a guardian on behalf of minor/ person of unsound mind . ​ |
| Deposit Amount | Minimum deposit Rs. 500 Maximum deposit is Rs. 1.50 lakh | Minimum deposit Rs. 500 Maximum deposit is Rs. 1.50 lakh |
| Interest Rate | 9.7% | 7.1% |
| Tax Exemption under 80C | YES | YES |
| Withdrawl Rules | After seven years excluding year of account opening. | After five years excluding year of account opening. |
| Loan Allowed | YES | YES |
| Maturity Period | 15 Years | 15 Years |
| Premature Closure | Not Allowed | Shall be allowed after 5 years from the end of the year |
| Can be opened in Bank | NO | YES |
Ponmagan Podhuvaippu Nidhi Scheme FAQs
What is the Ponmagan Podhuvaippu Nidhi Scheme?
The Ponmagan Podhuvaippu Nidhi Scheme is a savings scheme offered by the Post Office in Tamil Nadu and Puducherry, designed to provide financial support for the education of young boys.
 Who can apply for the Ponmagan Podhuvaippu Nidhi Scheme?
Parents or legal guardians of male children can apply for this scheme on behalf of the child.
What is the minimum investment amount in this scheme?
The minimum investment amount for this scheme is Rs. 100.
 What is the interest rate offered by this scheme?
The scheme offers a fixed interest rate, which is currently 9.7% per annum, compounded yearly.
Are there any tax benefits associated with this scheme?
 Yes, investors can claim tax benefits under Section 80C of the Income Tax Act for the investments made in this scheme.
Is the scheme safe?
Yes, the Ponmagan Podhuvaippu Nidhi Scheme is backed by the Government of India, making it a secure investment option.
How can I check the status of my investment?
You can inquire about the status of your investment by contacting the post office where you applied for the scheme.
Can I withdraw my investment before maturity?
 Generally, this scheme has a lock-in period, and premature withdrawal may not be allowed. It’s advisable to check with the post office for specific rules and conditions.
What documents are required to apply for the Ponmagan Scheme?
To apply for the scheme, you will typically need the application form, a passport-sized photo of the boy child, an income certificate of parents or guardians, a school certificate of the current academic year, bank account details of the boy child, and residence proof.
How can I open an account under this scheme?
 To open an account, visit your nearest designated post office in Tamil Nadu or Puducherry, fill out the application form, and provide the necessary documents along with the initial deposit.
Is the scheme available only for residents of Tamil Nadu?
Yes, the Ponmagan Podhuvaippu Nidhi Scheme is currently available only for residents of Tamil Nadu.
