Union Bank of India PF Code

Can you tell me about the Eligibility Requirement and Rate of Interest to open Public Provident Fund or PPF Account in Union Bank of India (UBI)?

[pawan]

The Eligibility Requirement and Rate of Interest to open Public Provident Fund or PPF Account in Union Bank of India (UBI) are as follows:

Eligibility for Opening Account
The scheme is open to individual and account can also be opened on behalf minor child as a natural / legal guardian.

Subscription
Minimum amount Rs100/- and maximum Rs150000/-

Period
Minimum period is 15 years and can be extended in a block of 5 years.

Rate of Interest
Presently, 8.7% p.a. however, subject to change as per Govt. Notification from time to time.

Withdrawal from the Fund
Partial withdrawals are allowed after the expiry of 5 financial years.
Whole amount can be withdrawn after completion of 15 years.

Loans
After the expiry of one year but before the expiry of 5 years from the end of the year in which initial subscription was made, a loan of 25% of the credit balance at the end of 2nd year immediately preceding the year in which the loan is applied is availed of by the subscriber.

Nomination
Nominations of one or more persons are allowed except in the account opened on behalf of the minors.

Premature Withdrawal
No withdrawal is permitted before the expiry of 5 years.

Tax Concessions
Deposits in the account are exempted under section 80-C of Income Tax Act