Name of the Organaisation : Union Bank of India (unionbankofindia.co.in)
Type of Facility : Public Provident Fund Scheme
Location : Mumbai
Website : http://www.unionbankofindia.co.in
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Public Provident Fund :
Eligiblity For Opening Account :
The scheme is open to Individuals and account can also be opened on behalf of minor child as a natural / legal guardian, on behalf of HUF , on behalf of an association of persons or a body of individuals.
Subscription :
Minimum amount Rs.500/- and maximum Rs. 100,000/- per annum. The number of installments in a financial year should not exceed 12.
Period :
Minimum period is 15 years and can be extended in a block of 5 years.
Rate Of Interest :
Presently, 8.6% 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 Entire amount can be withdrawn after completion of 15 years.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.
Nomination :
Nominations of one or more persons are allowed except in the account opened on behalf of the minors.
Premature Withdrawal :
No withdrawal is permitted before the expiry of 5 years.
Tax Concessions :
Interest on PPF / withdrawal from the fund is exempted from Income tax
Balance held in PPF account is totally exempt from wealth tax.
Deposits in the name of wife/minor children will also qualify for deduction of section 88 of Income Tax Act, 1961
The balances under PPF are not subject to court attachment.
In case of difficulty,contact :
Tel.No 022-22721217,22723611.
Email Address : govtbusiness@unionbankofindia.com
PPF accounts can be opened at any of the following branches : http://www.unionbankofindia.co.in/pe…vt_ppfund.aspx
Contact Postal Address :
Union Bank of India
Union Bank Bhavan,
239, Vidhan Bhavan Marg,
Nariman Point,
Mumbai – 400 021,
Maharashtra, India