Ponmagan Scheme in Post Office 2024: Check Interest Rate and Age Limit

The Ponmagan Scheme has been launched by the government of Tamil Nadu. It is a social welfare initiative under which financial assistance is provided to boys students facing economic and financial constraints. So that they will be able to pursue education. This article will cover complete information regarding the Ponmagan Scheme in Post Office 2024. You will get to know how you will be able to submit your application under this scheme. Other than that you will also get to know about other important aspects concerning this scheme like its objective, benefits, features, eligibility, required documents, application procedure, etc. So if you want to pursue higher education without any kind of financial barriers then go through this article to get complete details regarding the scheme

Overview of Ponmagan Scheme in Post Office

The Ponmagan Scheme in the Post Office has been launched to provide financial assistance to the boys students for pursuing higher education. This scheme was launched by the government of Tamil Nadu in the year 2015. The main objective of this scheme is to promote education and make access to education available to all students. Under this scheme beneficiaries will be able to open a PPNS account with a minimum deposit of Rs 100 and parents or guardians are required to contribute a minimum of Rs 500 annually. This amount can be transferred across the post office in India and open through cash or check payment. The post office will provide interest on this account up to 9.7% per annum

Also Read: Ponmagan Podhuvaippu Nidhi Scheme 

The objective of the Ponmagan Scheme in Post Office

• The main objective of the Ponmagan Scheme is to make education accessible to all the students of the country
• Under the scheme, parents can contribute to the education of their boy child
• And the post office will provide interest on the deposit up to 9.7% per annum t
• This scheme will encourage parents to save money for their child’s education
• With the implementation of the scheme, students will not be required to depend on anyone to pursue higher education

Also Read: Post Office RD Scheme 

Key Highlights of the Ponmagan Scheme in Post Office

Eligibility Criteria

• The applicant should be a male child and resident of Tamil Nadu
• The child must study in a government or government-recognized school or college in Tamil Nadu.
• The applicant should belong to the Economically Weaker Section (EWS) category.
• The child should not be receiving any other financial assistance for education from the government.
• Only one male child per family can open a PPNS account.
• The account should be in the name of the boy child if the child is above 10 years, and parents or guardians can open the account when the boy child is below 10 years.

Also Read: Post Office Saving Scheme 

Benefits of Ponmagan Scheme in Post Office

• The Ponmagan scheme has been launched to motivate parents to save money for the education of their child
• Under the scheme, the post office is going to provide a high rate of interest for opening an account for the education of boy child in the post office
• The interest rate will be 9.7%
• Parents are required to at least Rs 500 per year under this scheme
• With the implementation of this scheme, parents will be motivated to save money which will ultimately improve the literacy ratio of the state
• Other than that employment will also be generated

Ponmagan Scheme in Post Office Interest Rate

• Applicant full be eligible to receive interest of 9.7% per annum

Also Read: Tamil Nadu Vanavil Mandram Scheme

Age Limit

• The age of the child should be below 10 years

Maturity Period

• The maturity period under the scheme is 15 years. It will be extended by 5 years within a year of majority. Premature closer under the account is not allowed. Par partial withdrawal is permitted from the seventh financial year of opening the account

Tax Exemptions

• Beneficiaries will be able to claim tax exemption for investments up to Rs 1.5 lakh under section 80C of the Income Tax Act 1961

Required Documents

• Aadhar card
• Resident certificate
• Passport size photograph
• Mobile number
• Email ID
• Bank account details etc

Ponmagan Scheme in Post Office Apply Online

• First of all, you have to go to the nearest post office
• Now you have to ask for an application form from there
• You have to enter all the required details and just the application form
• Now you have to attach all the required documents
• After that, you have to submit this form along with the amount of contribution to the post office
• By following this procedure you can apply under the scheme

Contact Details

• To check the contact details beneficiaries are required to click here

FAQs