PFMS Scholarship 2020: The Public Financial Management System or PFMS Scholarship is a unique initiative by the central government to channelise scholarships directly to the intended user without the need of any middlemen engaging in disbursal of scholarship amount.
Every year in budget allocations, the central government allocates and invests a certain amount of funds in giving out selective scholarship amounts to deserving and meritorious candidates. This fund/scholarship amount is facilitated through the ‘Direct Benefit Transfer’ method to reach the hands of the candidate, thereby reducing any foul play/misuse of money by other agents in the fund transmission process.
Money is lent to the Candidates’ account from the central government fund through NEFT process. The whole process is governed by the O/O controller general of accounts, under the ministry of finance. More than 82,000 students across the country are availing this benefit every year for various study purposes.
Some of the necessary points to note with regard to PFMS Scholarship 2020 are:
- Candidates need to apply ONLINE for the scholarship.
- Candidates need to submit/upload all records/documents as necessary or requested for availing the scholarship.
- All candidates who wish to avail of the scholarship must ensure they meet the minimum criteria as set out in the notification.
PFMS Scholarship 2020 Overview
|Organization||Public Financial Management System|
|Scholarship Name||PFMS Scholarship|
|Scholarship Registration link||Click here|
|PFMS Login link||Click here|
|Know your Payment Status||Click here|
|PFMS Manual||PDF Download|
|Last Date of Application||December 31, 2020|
|Helpdesk No||1800 118 111 (Toll Free)|
PFMS Scholarship – List of Scholarships
PFMS offers a wide range of scholarships that caters to different categories of students belonging to different levels of education, from school to college and merits based on reservation. The PFMS list of scholarships available for the year 2020-2021 is listed below:
- PFMS Scholarship for College/University students
- PFMS Post-matric scholarships for SC/ST students
- PFMS Scheme of Post-matric scholarship for SC students
- PFMS Scholarship of National means cum merit scheme
- PFMS National scheme of incentive for girl child
- PFMS Post-matric scholarship for OBC students
- PFMS Up-gradation scheme for the benefit of SC students
- PFMS Scholarship to provide top-class education to SC students
PFMS Scholarship Eligibility Criteria
The complete eligibility criteria details shall be enlisted in the official brochure overseeing the PFMS scholarship. Candidates have to cross-check their minimum eligibility requirements and all other conditions thoroughly before they begin with the application form submission.
Also, if any candidate is found not to satisfy the minimum criteria stated in the brochure, then such candidates shall be disqualified from applying for the scholarship. The various types of scholarships available are based on different sub-criteria but defined by a few standard enlisted main criteria.
Every detail needs to be checked before proceeding to the main application submission step. The eligibility criteria are listed below:
- All candidates must have passed the 12th standard examination.
- Candidates must have scored very high marks, i.e., they should be in the top creamy layer and among the top 20% of top scorers.
- Age criteria: The minimum age is 18 years, and the maximum age is 25 years to apply for the scholarship.
- The scholarship is mainly aimed to aid the weaker sections and economically backward classes financially.
- Hence the annual income of parents should be lesser than 6 lakhs per annum, and only such candidates’ application shall be further processed.
PFMS Scholarship Registration Process – How to Apply Online?
Candidates can apply for more than one application under the PFMS scheme. For this purpose, candidates need to complete the application form with all the compulsory and necessary details and submit the form. Candidates can login to the official website of PFMS to fill up and submit the application form. All information pertaining to the scholarship name, the 12th passing marks of the candidate, and other relevant data shall be kept ready before applying.
Candidates must ensure that all data they enter in the application form can be cross-checked and verified, and no data is incorrect/irrelevant. Documents must support all information. The government shall cross-check the entered data of each candidate while processing all applications. Applications shall be available and must be submitted in the ONLINE mode only. There shall be no other way/means to submit the form whatsoever. Once the candidate is sure of meeting the minimum eligibility conditions, he shall proceed to register himself first on the website and then apply for the scholarship.
Once the application portal under PFMS is open to the public (is activated), then candidates may begin applying for it. While applying for the scholarship, all relevant details like contact information, bank details, etc. must be kept ready, so there is no delay in entering information. Upon entering the correct mobile number, students shall receive an OTP on the registered number, thus validating the information. Candidates should be careful while selecting the class/category they belong to.
Steps to Register on the PFMS Official Website
- Go to the official PFMS website.
- Check out for “PFMS 2020 scholarship – student registration’.
- In the same portal, click on “ Scholarships for university/ college students.’
- Enter education details like the year of passing the 12th standard.
- Enter the respective bank account details like account number and IFSC code of the bank branch correctly.
- Select the correct category of the candidate.
- Check and validate all details.
- Enter your correct mobile number, and thereafter the OTP number received on the number you entered.
- Candidates now have to verify their identity by providing their valid e-mail id.
- Click on the link sent to your mail inbox. Create a login and password.
- Once all details are found to be correct, hit the submit button.
PFMS Scholarship Documents Required
All candidates who wish to avail the scholarship under the PFMS scholarship 2019-2020 scheme need to upload certain documents to validate the details they entered in their respective application form. All documents uploaded in the portal should match in correspondence with the entered information in the candidates’ application form.
Any information found mismatching with the application form and the documents presented for verification might lead to the candidates’ cancellation of his chance of getting the scholarship amount. Here we present the list of necessary documents:
- Recent passport size photograph of the candidate. (Scanned copy. Photo specifications – Photo must be either in jpeg/jpg/png/bmp/tiff/ gif formats. Size of the photo must not exceed 1 MB in size.)
- Mark sheets of the candidate. (TO be uploaded in PDF format)
- Signature of the candidate. (scanned copy)
- Fee receipt. (Scanned copy to be uploaded in PDF format)
- Class/category/ reservation certificate of candidate. (Scanned copy to be uploaded in PDF format)
- Aadhaar Card.
- Bank details.
- Identity proof of the candidate.
- Income certificate / caste certificate etc
- Any other essential documents as the case may be.
PFMS Scholarship – Know your payment status
Any student who gets any leads/information about PFMS scholarship 2020 shall be deemed to receive the scholarship amount in two ways – payment from the government through Aadhaar card number and through bank account number.
Payment through Aadhaar card number
- Candidates have to enter their valid Aadhaar card number and confirm it.
- Candidates then have to enter the word verification code displayed on the window.
- Finally, click on the search button.
Payment through the Bank account number
- Select the bank name where you have your account at.
- Enter your full account number and confirm.
- Perform word verification by entering the text displayed on the window.
- Finally, click on the search button.
(Candidates can check the status of their applied scholarship on the official website)
PFMS Scholarship Renewal Process
All candidates who have successfully availed the scholarship shall enter the required details to renew their application status. Re-registration of the candidate is required for the renewal process. The task is simple and easy to perform. To ensure consistency in their academic record, candidates have to submit relevant information and submit details compulsorily. Renewal is an ONLINE procedure and done on the official website only. No other way of renewing the scholarship is possible. Candidates are requested to regularly visit the website to know about updates and follow them.
Steps to Renew the PFMS Scholarship 2020
Here we list the complete details of how to renew the PFMS scholarship
- Visit the official website of the PFMS scholarship portal.
- Click on the link ‘PFMS student scholarship renewal 2020’.
- Enter the year in which you passed the 12th standard board exam. Also, select the board of education from which you passed your 12th standard examination.
- Update bank account details like bank name and IFSC code of the bank branch.
- Some details shall already be placed on the renewal form (if the candidate is enrolled for the PFMS scholarship scheme 2020.
- Update the mobile number. Enter the OTP sent to your mobile number.
- Update e-mail id. Click on the verification link.
- Update registration details.
- Click on the SUBMIT button of the renewal application form.
Benefits of PFMS Scholarship
The PFMS scholarship was initially seeded to help the deserving and needy students with financial aid to help them with their education. Today it has been helping more than 82,000 students to realize their dreams of continuing further studies after their 12th standard into the pathways they are interested in. Some of the major benefits of PFMS scholarship are:
- Follows direct bank transfer method to transfer funds directly into the beneficiary’s account.
- The scholarship is applicable for select few candidates who applied through the website.
- There are different programs and scholarship schemes to cater to different categories of candidates.
- Complete information is available at one place, on the official portal of the PFMS program.
- The scholarship scheme is open right at the beginning of the academic year itself, thus helping students to a large extent.
- The system is entirely transparent. Right from fund flow, money transfer, payment, and status, the system provides timely and useful updates at every single stage of the process.
- No third party involvement to count for misuse of funds.
- Candidates shall receive alerts regularly in the form of SMS messages and e-mails.
- Candidates can contact the helpline numbers for any query they have regarding PFMS scholarship.
List of PFMS Banks
All applicants who wish to avail of the PFMS scholarship scheme should mandatorily hold a working and valid bank account. Candidates should have ready information on their bank details like their account number, IFSC code of their bank branch, etc. Here is the complete list of banks that are integrated with the PFMS scholarship scheme for the transfer of payment.
- Abu Dhabi Commercial Bank
- Allahabad Bank
- Allahabad Gramin UP Bank
- Andhra bank
- Andhra Pragathi Grameena bank
- Axis bank
- Bank of Bahrain and Kuwait
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Bassein catholic co-op.bank ltd.
- Bombay mercantile co-op.bank ltd.
- Canara bank
- Catholic Syrian bank ltd.
- Central bank of India
- City union bank ltd
- Corporation bank
- DCB bank limited
- Dena bank
- Deutsche bank
- Dhanlaxmi bank ltd
- HDFC bank
- ICICI bank
- IDBI bank
- Indian bank
- Indian overseas bank
- Indusind bank limited
- Jharkhand Gramin bank
- Karnataka bank
- Karur vysya bank
- Kotak Mahindra bank
- Madhya Bihar Gramin bank
- Manipur state co-op.bank ltd.
- New India co-operative bank ltd
- NKGSB co-op bank ltd
- Oriental bank of commerce
- Punjab and Sind bank
- Punjab National bank
- RBL bank
- South Indian bank
- Standard chartered bank
- State bank of India
- SVC co-operative bank ltd.
- Syndicate bank
- Tamilnad mercantile bank ltd
- The cosmos co-operative bank ltd.
- The federal bank ltd
- The Jammu and Kashmir bank ltd
- The kalupur commercial co. op. bank ltd.
- The Lakshmi Vilas bank ltd
- The Saraswat co-operative bank ltd
- The Thane Janata Sahakari bank ltd
- UCO bank
- Union Bank of India
- United bank of India
- Vijaya bank
- Yes Bank Ltd
PFMS – Frequently Asked Questions
1. How does a candidate know about the status of his scholarship application form once he has applied for the same?
All candidates can get the latest updates on their scholarship application/renewal/other information by checking the official website regularly.
2. For what level of education is the PFMS scholarship applicable?
The PFMS scholarship is applicable from school to the college level of education only.
3. How are the candidates supposed to register for the scholarship?
Candidates can visit the official site and submit the filled-in application form to register themselves (apply) for the scholarship.
4. What are the necessary details to be checked before applying for the scholarship?
All candidates are advised to check the complete eligibility criteria and other information provided in the information bulletin on the official site.
5. How can candidates check the status of their PFMS application?
Candidates can check the status of their application by entering their Aadhaar number and bank account number.
6. By what means does the candidate receive the scholarship amount?
The scholarship shall be directly credited to the candidates’ bank account.
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