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August 13th, 2016, 02:31 PM
Super Moderator
 
Join Date: Mar 2012
Re: PPF Application Form Union Bank of India

Hey!!! The Union Bank of India Public Provident Fund account is a government-backed savings deposit scheme that offers a range of benefits including high interest rate and tax benefits.

Eligibility Criteria:

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. Entire amount can be withdrawn after completion of 15 years.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 the second year immediately preceding the year in which the loan is applied may be availed of by the subscriber.

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


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