Dear Comrades,
PUDUCHERRY: The department of posts, Puducherry division, launched Ponmagan Podhuvaippu Nidhi (PPF) scheme for minor boys at Puducherry head post office and Sri Aurobindo Ashram sub office on September 14.
The department will launch the scheme in Villupuram head post office on September 15 and Tindivanam head post office and Gingee Mukhya Dak Ghar (MDG) on Wednesday.
The savings scheme for boys, PPF, was modelled on Sukanya Samriddhi accounts (Selvamagal semippu) introduced in February this year exclusively for girl children.
Parents or guardians can open PPF account for children under 10 years while children above 10 years may open account individually. There is no age limit for opening of account under this scheme.
The minimum deposit for a year is Rs500 and maximum is Rs1.5 lakh. The department will offer an interest at 8.7% for the current year.
The interest earned is totally exempted from income tax as investment under the scheme will qualify for deduction from the taxable income under Section 80c.
The department will offer loan and withdrawal facilities.
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