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Old September 21st, 2017, 03:38 PM
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Join Date: May 2011
Default Re: Union Bank of India PPF Deposit Slip

Yes, offline deposit can be done by going to the relevant branch of Union Bank of India and depositing the funds through cheque or pay-in slip available at the counter.
If one has a savings bank account with Bank with internet banking enabled, one may be able to make deposits online from account.

PPF Features and Benefits

• Loans:

Loans are available after completion of first year of account but before completion of 5th year of the account.
Loans in this case will be provided up to 25% of the balance at the end of 2nd year that precedes the application year for the loan.

• Tax benefits:
Tax exemptions are available under Section 80C of the Income Tax Act, 1961. Interest earned from the account is tax-free.

• Nomination facility:
One can nominate one or more persons for the account, however minor accounts cannot avail this facility.

Major rules and guidelines for Union Bank PPF accounts are:

• Duration of Union Bank PPF scheme:

The account can be opened for a minimum tenure of 15 years, which can be stretched in segments of 5 years.

• Eligibility:
Individuals can open it, however should ensure that this is the only PPF account in their name.
Joint accounts are not permitted.
Minors can have this account if natural or legal guardian backs them for it.

• Withdrawals:
No withdrawal is allowed till the completion of 5th year of account inception. After the 5th year, partial withdrawals are allowed.
Full withdrawal can only be made after completion of the 15th year.

• Investment limit:
The minimum amount to open the account is Rs.100, however Rs.500 has to be maintained in a year to earn interests and not accumulate penalties.
The maximum investment limit is Rs.1.5 lakhs.
Answered By StudyChaCha Member
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Old March 30th, 2021, 01:06 PM
Default Re: Union Bank of India PPF Deposit Slip

ppf deposit slip required of ubi
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