UCO Bank PPF Account

Protect your long-term savings with UCO Bank's government-backed PPF account, offering a competitive 7.1% interest rate, flexible contributions from ₹500 to ₹1.5 lakhs annually, and steady growth.
Benefit from a 15-year lock-in period, partial withdrawals after 5 years, and tax-free "EEE" advantages for contributions, interest, and maturity amounts.

UCO Bank PPF Interest Rate

UCO Bank currently offers a 7.1% interest rate on PPF, compounded annually, for steady and consistent fund growth.
Check out the latest table showcasing the interest rate and other key features provided by UCO PPF:

Interest rate 7.1%
Minimum Investment amount ₹ 500
MMaximum Investment amount ₹ 1.5 Lakh p.a.
Tenure 15 years (can be extended for 5 years at a stretch)
Maturity Period 15 years
Note: These rates are indicative and subject to change. Always check with the Bank for the most up-to-date information before making any investment decisions.

UCO Bank PPF Account Eligibility

To open a UCO PPF account, you will need to consider the following eligibility criteria:

  • Any Indian resident is eligible to open a PPF account.
  • Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible.
  • Joint accounts are not permitted.
  • Minors can open an account with parental or guardian assistance.

Documents Required to Open UCO Bank PPF Account

To initiate the opening of a UCO PPF account, the necessary documents include

  • Completed account opening form.
  • Identity Proof: Voter’s ID, PAN card, Aadhaar Card, Passport, etc.
  • Address Proof: Ration Card, electricity bill, telephone bill.
  • Pay-in-slip.
  • Passport-size photographs.

Key Features of UCO Bank PPF Account

The key features of the Public Provident Fund Account include:

  • The account provides an appealing interest rate of 7.1%, determined by the Ministry of Finance and compounded annually.
  • It is a low-risk investment backed by the Government, with a 15-year lock-in period.
  • Tax exemptions are offered on interest, withdrawals, and the principal amount under Section 80C of the Income Tax Act.
  • You can deposit a minimum of ₹500 up to a maximum of ₹1.5 lakhs.
  • The account is extendable in 5-year blocks after the initial 15-year maturity period.
  • Transferability to other banks or Post Offices is allowed.
  • The account offers facilities for partial withdrawals and loans.

How to Withdraw UCO Bank PPF Amount

A UCO PPF account usually has a 15-year lock-in period, allowing partial withdrawals after the 7th year with certain restrictions.

Withdrawals are limited to a maximum of 50% of the balance at the end of the 4th year or the previous year with account holders allowed one withdrawal per year.

To initiate a withdrawal from your Indian UCO Bank PPF account, follow these straightforward steps:

  1. Complete Form C: Fill out the necessary details in Form C.
  2. Provide Account Information: Input your account number, withdrawal amount, etc.
  3. Submit Declaration: Confirm that no other withdrawals have occurred in the same financial year.
  4. For Minor Accounts: If you are withdrawing on behalf of a minor, submit a declaration specifying the utilisation of the withdrawn amount for the minor.
  5. Passbook Submission: Submit the completed form along with your passbook.

How to Extend Tenure of UCO Bank PPF

Extend your PPF account with UCO Bank indefinitely in 5-year blocks beyond maturity by submitting Form H a year before the maturity date. The interest rate for the extended account will be based on the prevailing rate during the extension period.

How to Open a PPF Account in UCO Bank

UCO Bank's PPF account offers the flexibility of opening accounts offline or online, making it convenient for customers to start saving.

To open a PPF account through offline mode, you can follow the steps below:

Step 1. Visit your nearest UCO Bank branch and acquire the PPF account opening form.

Step 2. Complete the account opening form by providing all the required information.

Step 3. Submit all necessary documents along with the completed form.

Step 4. Make the initial deposit payment, ensuring it meets the minimum requirement of ₹500.

You can open a PPF account online with UCO Bank via the Banking App or Internet Banking by first opening a savings account and obtaining your customer ID.

How to Deposit Money in UCO Bank PPF Account

Investors can contribute to their PPF account through the following methods:

  1. Automatic deduction from the investor's existing UCO Bank savings or current bank account.
  2. Online transfer from the investor's account in another bank via NEFT/ECS.
  3. Payment at the branch using cash, cheque, or demand draft.

How to Transfer UCO Bank PPF Account

Transferring an UCO PPF account is a straightforward process, whether it's moving from one bank to another or from a bank to a Post Office. Follow these steps:

  1. Visit the current bank or post office where your account is held.
  2. Fill out the transfer application form, including vital details like the new bank or post office address.
  3. After processing your request, complete the transfer by submitting an account opening form and required documents at the new bank or post office.

Ways to Download UCO Bank PPF Account Statement

Accessing your UCO Bank PPF account statement online is convenient through the MBanking App or internet banking. You can simply follow these steps:

  1. Log in to your UCO PPF account using your customer ID and password.
  2. Navigate to the PPF account section.
  3. Download your account statement with ease.

Frequently Asked Questions

A UCO PPF account offers 7.1% guaranteed return for a 15yr lock-in period. You can make flexible contributions of ₹500-₹1.5L and enjoy tax benefits (EEE). You can also conveniently open an account offline or online.

Any Indian resident (excluding HUFs/NRIs) can open a UCO PPF account, regardless of age or occupation.

No, you can not open a joint PPF account.

The minimum amount required to open a PPF account with UCO Bank is ₹500.

Yes, the maximum limit for depositing funds at UCO Bank PPF account is ₹1.5 lakhs.

You can withdraw a PPF account only after the 7th year of account opening. You are allowed to withdraw a maximum of 50% of the amount available at the end of the 4th year or the year preceding the withdrawal.

Yes, the interest earned on a UCO Bank PPF is exempt from taxes.

Yes, you can transfer an existing PPF account from a different bank to UCO Bank.

Yes, the PPF account is extendable in blocks of 5 years after the maturity tenure of 15 years is complete.

A penalty of 1% on the interest will be deducted upon premature closure of the UCO Bank PPF account.

You can open a PPF account offline by visiting the bank branch or online through the UCO Bank Net Banking or Mobile Application.

Minors are not allowed to open an account on their own. Their parents or guardians will have to open a PPF account on their behalf.

No, Non-resident Indians (NRIs) are not eligible to open a PPF account.

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