The full form of PFMS is Public Financial Management System. The is a social security scheme which is started by the Government of India to check the growth and development taking place in the social sector. PFMS provides scholarships to many students, whether they are in college or school.
Some of the scholarship schemes initiated by PFMS are Post-Matrix Scheme for Scheduled Castes, Pre-Matrix Scholarship for Scheduled Castes; National Means cum Merit Scholarship, various scholarship programmes for the girl child, Post-Matrix Scholarship for OBC, and various other schemes are also there for members of Scheduled Castes. There are many benefits of Scholarships which are provided by the PFMS; they are:
#1. ENTIRELY AN ONLINE PROCESS
PFMS has its official website, which is www.pfms.nic.in and all the formalities from checking the eligibility from applying for the scholarship can be done through the official website of the PFMS. This is the chief benefit of PFMS scholarship, and many other benefits are incidental to it. The online portal makes the entire process easy and to reach everyone.
#2. CHECKING THE ELIGIBILITY CRITERIA
Checking the eligibility criteria for the scholarship is very easy. A student can check his competency for the scholarship on the online portal. There is a separate section that provides detailed information about the eligibility of a student.
Every student cannot apply for the scholarship as not everyone is eligible according to the provisions of PFMS. Not only this, as we know, there are many different types of scholarship schemes launched by the PFMS; every scholarship has different eligibility criteria. But, apart from this difference, there are a few common points which are present for all scholarships, they are:
- The student has passed his 12th grade and must be among those students who have secured the top 20 percent position in 12th boards.
- The annual income of the parents must not exceed 6 lakhs.
- The age of the candidate applying for the scholarship should not be less than 18 years and should not exceed 25 years at any cost. There is no age relaxation available for any section of society.
- Any other such condition which needs to be complied by the candidate according to the website.
#3. EASY REGISTRATION PROCESS
The PFMS has its own official website, and registration can be done only through this online portal. This process saves time as the student is not required to go to any office to apply for the scholarship and stand in long queues. This also ensures that the benefits of the scholarship are reached to all the students sitting in any corner of the country.
The following are the documents which are required at the time of applying for the scholarship:
- Scanned copies of mark sheet of class 11th and 12th, or any other mark sheet so required.
- Details of Bank Account of the student applying for the scholarship
- Aadhar Card
- Any identification proof
- Income details of parents as the annual income should not exceed 6 lakh
- Caste certificate to prove whether belonging to SC or OBC.
The following steps are needed to be followed by a candidate at the time of registration:
- Open the official site of PFMS, i.e.,pfms.nic.in in your web browser.
- There will be a scholarship window on the official website; you need to click that.
- There are many scholarship programmes launched by PFMS, and the list of the same will appear on the screen.
- Select the scholarship program to which you are competent.
- If there is any confusion about eligibility, then you can click on the scholarship as after clicking a list showing the eligibility for that particular scholarship shall open, and you can check your competency with the help of that list.
- There is a registration column on the next page, and the student can now register for the scholarship by opening his account as per the instructions provided by the online portal.
- After you have created your account, you are required to log in to that by providing your information which is asked by the portal. The portal may ask you to supply other information like details of the mark sheets etc. and you are obliged to supply the same.
- All the notices, status, and information about your application will be communicated to you through your mobile number and email address, and therefore it will be better if you supply those who are active.
The PFMS has its official website, which contains the entire process and formalities which are required to be fulfilled. This online portal makes the entire process transparent and genuine. When things are provided over the internet, then there is very little or even no chance for any loopholes.
Only those candidates will be provided with the scholarship, which is worthy and fulfills the eligibility criteria. The appropriate authority is in no chance to do any corruption as the process is online, and thus the process has the trust of the student.
#5. MAKING AND TRACKING PAYMENT STATUS
Making payments and checking the status of payment of any application for the scholarship can also be done through the online portal. The applicant can get the information about the payment done by the help of the PFMS website. On the website, there is a separate section that provides information about checking the payment.
The process for making the payment is every easy and involves the following steps:
- Open the official website of PFMS that is pfms.nic.in.
- When the website is opened, we encounter an option, “Know Your Window,” on the website.
- When we click on the option, payment will open on the screen.
- A page will open through which we can get acknowledged about the payment details
- After this, we need to provide the bank’s name, which we registered for the PFMS scholarship.
- We will be required to enter the account number of the bank in the field provided on the website.
- The student is supposed to re-write the account number in another field for confirmation which shall be provided under it
- A word verification image will be provided to us, and we are required to write the correct alphabets and numbers in the correct form in the space provided to us.
- A search option will be present below this, and when we click that option, we get all the payment-related information.
#6. TRANSFER OF PAYMENT
After the appropriate authority verifies and approves the application, the amount of the scholarship will be transferred to the student in his bank account. As the amount is transferred directly to his bank account, he shall be the sole beneficiary of that amount; he is the only one who can use such amount for his education.
#7. PRIVACY OF INFORMATION
All the information provided by the student remains safe on the online portal, and there is no chance of any leakage of the same. A student has his account on the website, and the login information is unique for all; this means that the information shall be seen either by the student himself or the concerned authority, and no outsider can fetch the same.
#8. ONE SCHOLARSHIP
No student is eligible to enjoy two scholarships at the same time. The authority will look for and trace the AADHAAR number, and account number, which gets repeated and ask the student to go for one scholarship only or in case may be, cancel one of the two scholarships.