Public Provident Funds is a type of account using which an individual can save his/her money during the working years for the retirement age.
PPF is a Government of India-backed investment account which is not only a secure account but also offers amazing returns on investment.
You can open a PPF Account in various Government banks in India and some private banks including Union Bank which is a renounced Public sector bank having numerous presences throughout the world.
In this article, we will discuss How to Open a PPF Account in Union Bank? Document Required, Process, etc.
Eligibility Criteria for PPF Account
The following are the eligibility criteria for PPF Account-
- For a fully functioning PPF Account, the applicant must be in between 18 years of age to the age of retirement usually 60 years
- Minors can also open a PPF Account however, it has to be managed by the Parents and Guardians
- One PPF account is allowed per person and no joint account opening is allowed
- NRI can also open a PPF Account however if they accepted the citizenship of other countries then the account would be immediately closed and the amount will be credited to your account
PPF Interest Rates
The following are the interest rates offered by Union Bank for PPF accounts-
| Time | Interest Rate (per annum) |
| Q1 FY 2021-22 | 7.1% |
| Q4 FY 2020-21 | 7.1% |
| Q3 FY 2020-21 | 7.1% |
| Q2 FY 2020-21 | 7.1% |
| Q1 FY 2020-21 | 7.1% |
| Q4 FY 2019-20 | 7.9% |
| Q3 FY 2019-20 | 7.9% |
| Q2 FY 2019-20 | 7.9% |
| Q1 FY 2019-20 | 8.0% |
| Q4 FY 2018-19 | 8.0% |
| Q3 FY 2018-19 | 8.0% |
| Q2 FY 2018-19 | 7.6% |
| Q1 FY 2018-19 | 7.6% |
| Q4 FY 2017-18 | 7.6% |
| Q3 FY 2017-18 | 7.8% |
| Q2 FY 2017-18 | 7.8% |
| Q1 FY 2017-18 | 7.9% |
How to Open a PPF Account in Union Bank?
You can follow these steps to open a PPF Account in Union Bank-
- Visit the official website of Union Bank and login into your account using your login credentials
- After logging in, click on the deposit tab followed by selecting PPF Account
- Now, click on the PPF Account and Remittances button followed by clicking on the PPF Account opening using the omnichannel option
- Now, you’ll have to login again using in the same login credentials
- After logging in, you’ll find a semi-filled application form which you’ll have to fill with details like address, nomination, etc.
- After filling out the form, tick all the terms and conditions followed by clicking on the pay button
- After clicking on the pay button, you can pay the initial deposit into the account using your net banking details
- After successful payment, your account will be created and you can now use PPF Account to deposit funds for retirement
Documents Required for PPF Account in Union Bank
The following are the documents required for PPF Account in Union Bank-
- Passport
- Driving license
- Voter’s ID card
- PAN card
- Job card issued by NREGA signed by the State Government officer
- Letter issued by the National Population Register containing details of name and address)
For minor PPF accounts, the following are the documents required-
- Proof of Date of Birth i.e. Birth Certificate of the Minor
- Details of Guardian (Natural/Legal) along with KYC documents
FAQ
PPF Account is a long-term investment with a lock-in period of 15 years and the interest rate is higher than other savings accounts. Also, the applicant gets a tax benefit as the account has a EEE status which means, Maturity, principle, and interest exemption.
You can check your PPF Account by using net banking, mobile banking, etc. Just navigate to the deposits section and click on the PPF Account and your account details will be displayed.
Yes, you can partially withdraw funds from PPF Account after 6 years of continuous deposits and on maturity, after 15 years you can withdraw funds.
