Can you provide me the details of the Union Bank of India PPF (Public Provident Fund) Account as I want to check it before opening it, please help me with this?

Union Bank of India PPF (Public Provident Fund) Account is a savings deposit scheme sponsored by the government. It can be opened by individuals for a minimum period of 15 years at selected UBI branches.


PUBLIC PROVIDENT FUND

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


Subscription
Minimum amount Rs.500/- and maximum Rs.1,50,000/- in a financial year


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


Rate of Interest
The present Union Bank PPF interest rate is 8.70% p.a. The interest rate is subject to revision as per time-to-time notifications from the government.
The accrued interest is paid out on 31st March of every year. Interest is calculated on funds in the account till the 5th of every month.


Withdrawal from the Fund
Partial withdrawals are allowed after the expiry of 7 financial years.
For medical emergency or child education, account can be closed after 5 years.


Loans
After the expiry of one year but before the expiry of 6 financial 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 may be availed of by the subscriber.


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


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