#1
August 13th, 2016, 02:31 PM
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PPF Application Form Union Bank of India
Hello sir I am here as I want to know the eligibility criteria required for applying Public Provident Fund Application Form of Union Bank of India so will you please tell me the eligibility criteria??
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#2
August 13th, 2016, 02:31 PM
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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 Entire amount can be withdrawn after completion of 15 years.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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