Ponmagan Podhuvaippu Nidhi Scheme

Ponmagan Podhuvaippu Post OfficeScheme: A Quick Overview

The government of India is making best efforts to facilitate common people. To strengthen the lifestyle and secure the future of Indian children, the government has taken several steps. Previously, Sukanya Samriddhi Account swept the entire country with a storm. More than 10 lakh girls opened their accounts under this scheme. More people are still interested in opening accounts. When this scheme was launched in Tamilnadu it received an extraordinary response by the people. Soon after the success of this scheme, people started demanding for more such schemes. Te government was forced to launch more schemes. This is how Ponmagan Podhuvaippu Nidhi Scheme evolved.

• Any individual above 10 years can open account on their own. Minor account can be opened through guardian on behalf of individuals below 10 years.
• Minimum of Rs. 500/- in a financial year and maximum Rs. 1,50,000/- Deposits can be made in lump-sum or in 12 instalments.
• An individual can open an account in his/her name and another in the name of a minor as guardian, subject to maximum investment limit by adding the balance in all the accounts.
• Account can be opened by cash/cheque. In case of cheque, the date of realization of cheque in Government account shall be the date of opening of account.
• The PPF account can be opened in a Post Office which is double handed and above.
• Nomination facility is available at the time of opening and also after opening of account.
• Account can be transferred from one post office to another.
• From 1.7.2017, interest rate - 7.8% per annum (compounded yearly).
• Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.
• Maturity value can be retained without extension and without further deposits also. The balance in the account will earn PPF interest till its closure.
• Withdrawal is permissible every year from 7th financial year from the year of opening account.
• Loan facility available from 3rd financial year. No attachment under court decree order.
• Deposits qualify for deduction from income under Sec. 80C of IT Act. Interest is completely tax-free.
  
  Related Ponmagan Scheme Sources:
• How to Open Ponmagan Scheme For Boy Child? 
• ponmagan scheme interest rate 

Source: chennaipost.gov.in/savings.aspx