Following good patronage for ‘Selvamagal Semipu,’ a
savings scheme meant for girl children, the Department of Posts has
re-launched the Public Provident Fund scheme as ‘Ponmagan Podhuvaippu
Nidhi,’ which is aimed at benefitting male children.
The
‘Ponmagan Podhuvaippu Nidhi’ was launched here on Friday Sep 04,2015 to encourage
parents to open an account in the name of their male children.
However,
unlike Selvamagal Semipu, this scheme is meant for both male and female
children. It differs from the Selvamagal Semipu in another respect:
there is no age limit for opening an account under this scheme and the
minimum deposit period is 15 years.
There was a demand for a tax benefit scheme for boys patterned on Selvamagal Semipu, said officials of the postal department.
In
a year, deposits between Rs.100 and Rs.1.5 lakh can be made and an
interest of 8.7 per cent is offered. Though the PPF scheme has been in
place for several years, it has been misinterpreted as a plan meant only
for salaried people, officials added.
In Tamil Nadu,
post offices hold only 1.5 lakh PPF accounts. Of this, nearly 1.1 lakh
PPF accounts are in the Chennai city region.
The only limitation for PPF is that the depositors have to visit head post offices or sub post offices to start an account
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