Union Bank PPF Account

Union Bank PPF Account is a secure and tax-efficient savings scheme offered by Union Bank of India. It provides attractive interest rates, tax benefits, and loan and withdrawal facilities, making it a suitable investment option for individuals looking to save for long-term financial goals.

Union Bank PPF Account Interest Rate

The current interest rate offered on Union Bank PPF accounts is 7.1% per annum, compounded annually. The Government of India sets this rate and it is subject to change every quarter.

Here are the highlights of the Union Bank PPF Account:

Union Bank PPF Account Eligibility

The eligibility criteria for opening the Union Bank PPF account are as follows:

• The scheme is open to individuals.
• Accounts can also be opened on behalf of a minor child by their natural or legal guardian.
• Only one account can be opened in one person’s name.
• If two accounts are opened in the same name by mistake, the second account will be considered irregular and will not accrue any interest.

Documents Required to Open Union Bank PPF Account

The following are the documents required to open a Union Bank PPF account.

• Form A or the account opening application form
• Passport size photograph
• Address proof (as per KYC norms)
• Duly filled nomination form
• Copy of the PAN card
• Pay-In Slip

How to Open Union Bank PPF Account Online

• Currently, Union Bank of India does not offer the option to open a Union Bank of India PPF account online. However, you can visit authorized UBI branches to submit an application for a PPF account.
• Existing customers with an active Internet banking service can download the account opening application form and submit the completed form to the relevant branch.

How to Deposit Money in Union Bank PPF Account?

Deposits for a Union Bank account can be made through two methods: online and offline.

• Online deposit: Deposits can be made online if you have a Union Bank savings account with internet banking enabled.
• Offline deposit: You can visit the relevant Union Bank branch and deposit funds through a cheque or pay-in slip available at the counter.

How to Transfer Union Bank PPF Account

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:

1. Write an application stating the reason for the transfer.
2. Provide details such as the Branch Name, Address, and IFSC Code of the current branch, and the branch to which it is supposed to be changed.
3. The application needs to be signed by the account holder.
4. Submit the application to the current bank branch where the account is held.

PPF Account Transfer from Post Office to Bank:

1. Visit the nearest post office where the account is currently held along with the PPF passbook.
2. Write an application regarding the transfer specifying the full address of the post office/bank’s branch where you wish to transfer your PPF account with your signature.
3. Your request is processed, and the necessary documents are shared with the changed branch.
4. Submit a fresh account opening form along with all the necessary documents to open the account at the new branch/post office.
5. The transfer takes about 30 days to complete.

Things to Note While Opening Union Bank PPF Account

Here are some important points to keep in mind when opening a PPF account with Union Bank.These key considerations will help you understand the requirements and benefits associated with the account.

• Premature Closure of Account: The PPF account can be closed early in cases of medical support for serious/life-threatening diseases, higher education, or change of residency status. Valid documents/proof need to be submitted.
• Loans against PPF: You can take a loan of 25% of the credit balance after one year but before 5 years from the end of the year in which you made the initial deposit.
• Withdrawal from the Fund: Partial withdrawals are allowed after 5 years from the end of the financial year in which the account was opened.
• Tax Concessions: Deposits in the account are tax-exempted under section 80C of the Income Tax Act.