Exclusive Special savings plan for boys..!!

Sowmiya Sriram
Exclusive Special savings plan for boys..!!
Ponmagan Public Deposit Fund Scheme is a scheme brought by the tamil Nadu government for boys, just like the Selvamagal savings scheme brought by the central government for girls. This deposit fund scheme helps parents save money for the future and education of their boys.
How much can be invested in the Ponmagan Scheme?:
 You can open a Ponmagan General Deposit Fund account in the name of your son below 10 years of age. A minimum of Rs 500 to Rs 1 lakh 50 thousand can be saved in a financial year. You can open an account with a minimum deposit of Rs.100 and installments up to a minimum of Rs.500 in a financial year. It can be saved as a lump sum investment or in monthly installments.
Interest Rate: The Ponmagan General Deposit Fund Scheme offers 9.7% interest. As it is calculated in the compound interest method it gives good profit. Like the gold savings plan, the interest rate in this scheme is changed from time to time.
How to invest?: Ponmagan Vaipu Fund Scheme is a scheme available at post offices. You can invest till your son is 15 years old. After that, the money can be withdrawn at the age of 18 or there is an option to renew every five years without withdrawing the savings along with the maturity amount. You can go to the post office fill up the application and start saving in this scheme or you can start this scheme through an internet banking facility in the post office account. Partial withdrawals can be made after seven years of opening the account. And after three years from the opening of the account, you can get a loan by showing it. Under Section 80C of the Income Tax Act, an income tax deduction of up to Rs 1.5 lakh is available.
Ponmagan General Deposit Savings Scheme in one post office can be transferred to another post office. This can be initiated in a male child belonging to an economically backward family. The male child should not be receiving any financial assistance from the government. An account can be opened in the name of only one child in a household. You can join the scheme by buying and filling out the application form at the post office, submitting your child's passport-data-size photograph, father's income proof, child's school certificate, etc.

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