Union Bank PPF Account is a savings-cum-tax efficient avenue sponsored by the government. It can be opened by individuals for a minimum period of 15 years at any of the UBI branches across the nation. The minimum amount that one can be deposited starts from as low as Rs. 500 to a maximum of Rs. 1,50,000. The maturity amount and interest earned on it is exempted from tax. Owing to these benefits, PPF is considered as one of the most tax-efficient and popular saving schemes in India.
At present, Union Bank of India does not provide the facility to open Union Bank of India PPF account online. You can still approach the authorized UBI branches which accept applications for PPF accounts and complete the formalities to open a new PPF account. However, if you are an existing customer with your savings account in Union Bank and an active internet banking service, you can download the account opening application form and submit the duly filled form to the relevant branch.
Below given are the documents required to open a PPF account at Union Bank:
UBI PPF deposits can be made through both Online and Offline methods:
Online deposit: You must have a savings bank account with Union Bank with internet banking to make deposits online from your account.
Offline deposit: You can visit any relevant branch of Union Bank and deposit the funds through cheque or pay-in-slip available at the counter.
PPF account transfer can be done in two ways- Either one can transfer within the same bank or Post Office and Transfer from Post office to Bank or vice versa
PPF Account Transfer to Other Bank or Post Office
PPF Account Transfer from Post Office to Bank
Union Bank of India – Frequently Asked Questions
Ques. How is the PPF interest rate calculated?
Ans. The interest is compounded annually for PPF and is calculated every month but credited to the depositor’s account at the end of the year on the 31st of March. The
Ques. Can we have more than one Public Provident Fund (PPF) account under a single name?
Ans. No, an individual can open only one PPF account under one name.
Ques. What is the Union Bank PPF account interest rate currently?
Ans. The Union Bank PPF interest rate is 7.1%.
Ques. Can I withdraw my PPF amount before 5 years?
Ans. No. Partial withdrawals before are not allowed before the completion of five years under this scheme. Even after five years, PPF has a restriction on the withdrawal limit.
Ques. How much return can I expect on PPF after 15 years?
Ans. The depositor receives the matured amount in the PPF account after 15 years which is the principal amount invested and the interest earned on it.
Ques. Are there any conditions for partial withdrawal from the fund?
Ans. Partial withdrawals are allowed anytime after the completion of 5 years from the end of the year in which initial subscription was made.
Ques. Can I close my account after 5 years?
Ans. In case of a medical emergency / serious ailment / critical illness or higher education of the minor child, the PPF account can be closed after 5 years (Valid documents / Proof to be submitted)