Union Bank of India PPF Account

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.

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.

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.