Can I open a PPF account online with Union Bank of India?

No, online opening of PPF accounts is not currently available.

What is the minimum and maximum deposit amount for a UBI PPF account?Â

The minimum deposit is Rs. 500, and the maximum is Rs. 1,50,000 in a financial year.

Can NRIs open a PPF account with Union Bank of India?Â

No, NRIs are not allowed to open a PPF account.

How many transactions can I make in a year for my PPF account?Â

PPF deposits can be made in a maximum of 12 transactions.

When can I avail a loan against my PPF deposit?Â

A loan can be availed between the 3rd and 6th financial year.

Union Bank of India PPF Account

The Union Bank of India (UBI) Public Provident Fund (PPF) account is a government-sponsored, tax-efficient savings avenue designed to encourage long-term financial planning. PPF is a popular saving scheme in India because the maturity amount and earned interest are tax-exempt. This guide provides details on the Union Bank PPF interest rate, how to open a PPF account in Union Bank of India, and other important information regarding PPF Union Bank.

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How to Open a PPF Account in Union Bank of India

Currently, Union Bank of India does not offer the facility to open a Union Bank PPF account online. To open a PPF account in Union Bank of India, you can visit an authorized UBI branch that accepts PPF account applications and complete the required formalities. However, existing customers with a savings account and active internet banking can download the account opening form and submit the filled form to the branch.

Union Bank PPF Calculator

Monthly
Yearly

Monthly Investment

₹500 ₹12.5K

Enter Monthly Investment

PPF Rate of Interest (Yearly)

Rate of Interest (Yearly)

Time Period

15 Years 50 Years

Enter Time Period

Total Investment

Interest Earned

Maturity Amount

Key Features of a Union Bank PPF Account

Attractive Interest Rate: The current Union Bank PPF interest rate is 7.1% (as of Q3 of FY 2024-2025), and this interest is fully exempt from income tax under Section 80C.
Long-Term Investment: The 15-year investment period helps develop a saving habit.
Deposit Flexibility: Deposits start from as low as Rs. 500 and can go up to a maximum of Rs. 1,50,000 in one financial year.
Transaction Limit: PPF deposits can be made in a maximum of 12 transactions per financial year.
Loan Facility: A loan can be availed between the 3rd and 6th financial years against the PPF deposit.
Partial Withdrawal: Partial withdrawals are available from the 5th financial year onwards.
Extension Option: The PPF account can be extended in blocks of 5 years after the maturity period.

Documents Required for Union Bank of India PPF Account

The following documents are required to open a PPF account in the Union Bank of India:

PPF account opening form (Form A)
Passport-size photograph
Address proof as per KYC norms
Nomination form
Copy of PAN (Permanent Account Number)

Important Points to Remember

Only one PPF account is allowed per individual.
The minimum deposit is Rs. 500, and the maximum is Rs. 1.5 Lakhs.
PPF accounts for minors cannot be opened online; you must visit a UBI Bank branch.
NRIs are not allowed to open a PPF account.
For nomination updates or changes, visit the nearest UBI Bank branch.
Joint account holders cannot open a PPF account.
To obtain a PPF account passbook, customers must visit the branch.

Modes of Deposit to Open Union Bank of India PPF Account

Deposits to a PPF Union Bank account can be made through online and offline methods:

Online: If you have a savings bank account with Union Bank and internet banking, you can make deposits online.
Offline: Visit any UBI branch and deposit funds through a cheque or pay-in-slip.

Invest & Save upto ₹46,800 per annum in tax

How to Transfer a Union Bank PPF Account?

A PPF account can be transferred either within the same bank or post office or from a post office to a bank (or vice versa).

PPF Account Transfer to Another Bank or Post Office

Write an application stating the reason for the transfer.
Include the branch name, address, and IFSC Code of both the current and intended branch.
Sign the application and submit it to the current bank branch.

PPF Account Transfer from Post Office to Bank

Visit the post office where the account is held, along with the PPF passbook.
Write an application specifying the full address of the bank branch where you want to transfer the account, along with your signature.
Submit a fresh account opening form with all necessary documents to the new branch.
The transfer process takes approximately 30 days.

Conclusion

The Union Bank PPF account is a reliable and tax-efficient investment option for individuals looking to build long-term savings. With its attractive Union Bank PPF interest rate, flexible deposit options, and the possibility of availing a loan, it is a popular choice for those planning for their retirement and financial future.

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FAQs

Can I open a PPF account online with Union Bank of India?

No, online opening of PPF accounts is not currently available.
What is the minimum and maximum deposit amount for a UBI PPF account?

The minimum deposit is Rs. 500, and the maximum is Rs. 1,50,000 in a financial year.
Can NRIs open a PPF account with Union Bank of India?

No, NRIs are not allowed to open a PPF account.
How many transactions can I make in a year for my PPF account?

PPF deposits can be made in a maximum of 12 transactions.
When can I avail a loan against my PPF deposit?

A loan can be availed between the 3rd and 6th financial year.

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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).

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