PPF Account is government-backed savings account for the retirement of an individual. In this account, an individual will save some percentage of his/her salary every year and earn interest.
On maturity, the individual will get the return of the savings in form of a pension each month. You can open a PPF Account in various Government banks in India and some private banks in India.
In this article, we will discuss how to open a PPF account in union bank? documents required, process, etc.
Table of Contents
PPF Interest Rates 2023
The following are the interest rates offered by PPF Account-
| Time | Interest Rate (per annum) |
| Q1 FY 2021-22 | 7.1% |
| Q4 FY 2020-21 | 7.1% |
| Q3 FY 2020-21 | 7.1% |
| Q2 FY 2020-21 | 7.1% |
| Q1 FY 2020-21 | 7.1% |
| Q4 FY 2019-20 | 7.9% |
| Q3 FY 2019-20 | 7.9% |
| Q2 FY 2019-20 | 7.9% |
| Q1 FY 2019-20 | 8.0% |
| Q4 FY 2018-19 | 8.0% |
| Q3 FY 2018-19 | 8.0% |
| Q2 FY 2018-19 | 7.6% |
| Q1 FY 2018-19 | 7.6% |
| Q4 FY 2017-18 | 7.6% |
| Q3 FY 2017-18 | 7.8% |
| Q2 FY 2017-18 | 7.8% |
| Q1 FY 2017-18 | 7.9% |
How to Open a PPF Account in Union Bank?
You can follow these steps to open a PPF Account in Union Bank-
- Visit the official net banking portal of Union bank and login to your account using your login credentials
- After logging in, navigate to the deposit tab followed by clicking on the Open PPF Account button
- Now, a form will appear which you’ll have to fill with details like contact number, address, nomination details, etc.
- Now, click on the proceed button followed by entering the amount you want to deposit as an initial deposit
- After entering the amount, you’ll have to enter the transaction password and click on the submit button
- After successful payment, your account has been created and you can now use your PPF Account using your Net banking and mobile banking portal.
Documents Required for PPF Account in Union Bank
The following are the documents required for PPF Account in Union Bank-
- Passport
- Driving license
- Voter’s ID card
- PAN card
- Job card issued by NREGA signed by the State Government officer
- Letter issued by the National Population Register containing details of name and address)
For minor PPF accounts, the following are the documents required-
- Proof of Date of Birth i.e. Birth Certificate of the Minor
- Details of Guardian (Natural/Legal) along with KYC documents
FAQ
Any Indian citizen is allowed to open the PPF Account however, children below 18 years of age must have the supervision of parents/guardians. NRIs can also invest in PPF Accounts given they remain Indian National.
You can find your PPF Account Balance using your net banking, mobile banking, etc. Navigate to the PPF deposit section followed by the Deposit section and find the bank balance displayed on the screen.
Yes, PPF Account is a tax-free account with Exempt, Exempt, and Exempt status meaning the interest earned, maturity amount and principle amount all are exempt from any Income Tax also, you’ll get tax benefits for investing in PPF Account up to Rs.1.5 lakhs.
Yes, once the account attains the maturity i.e. 15 years after opening the account, you can extend your account in a block of 5 years until retirement.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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