The UCO Bank is a public sector bank with branches spread throughout the country. The bank offers PPF accounts to its existing customers who hold a deposit account with the bank. The PPF account offers a range of benefits such as tax exemptions, high interest rate, easy processing, and flexibility in choosing amount and tenure extensions. A PPF account is backed by the government and is a safe long-term investment for customers. There are currently close to 130 branches of UCO Bank that accept PPF applications.
How to open UCO Bank PPF account online?
UCO bank currently does not provide information on online PPF account opening. However, you may still be able to access your PPF account through netbanking if the bank so allows.
Documentation required to open UCO Bank PPF account
You need to submit very few documents while applying for a PPF account in UCO Bank. The bank offers PPF accounts only to existing deposit account holders, and as such already has most of the information with it. However, you may be required to submit some documents such as:
- Identity proof document such as driving license, PAN card, voter’s ID, passport etc.
- Address proof document such as telephone/electricity bill, ration card etc.
- Filled-in and signed application form.
- Pay-in slip with the amount of deposit.
UCO Bank PPF account opening form
The account opening form is available at PPF-accepting branches. In general, a PPF account opening form asks for the following information from prospective customers:
- Date of birth
- PAN card number
- Permanent address
- Nominee details
- Branch location etc.
The filled-in and duly signed application form has to be submitted at the branch for further processing.
UCO Bank PPF rules and guidelines
The rules and guidelines governing PPF accounts in UCO Bank include:
- Duration of UCO Bank PPF scheme: The account is available for a tenure of 15 years. The bank considers extensions in blocks of 5 years on maturity of the product. During the extension of the PPF account only one partial withdrawal is allowed per year, subject to a cap of 60% of amount in the account at the start of the period.
- Eligibility: Individuals can open this account on their behalf or on behalf of a minor. Hindu Unified families (HUF) and NRIs are not allowed to have this account with UCO Bank. Any person who becomes an NRI during the tenure of the PPF account may continue with the account till its maturity on a non-repatriation basis. Joint accounts are not available. Applicants should have a deposit account in UCO Bank to open a PPF account.
- Withdrawal: The number of withdrawals is capped at 1 withdrawal from the completion of 5th year onwards. No withdrawal is possible till the end of 5th year since subscription. 50% of the amount in the account can be withdrawn as per balance in the account on the 4th year immediately preceding the application for withdrawal, or the balance at the end of last year, whichever is lower.
- Investment limit: Investments can be made from Rs.500 to Rs.1 lakh per year in multiples of Rs.5, and in lump sum or in less than 13 instalments per year. At least Rs.500 has to be invested every year to ensure that the account does not get discontinued.
- Loan repayment: The principal amount of the loan can be repaid in lump sum or in instalments not exceeding 36. The interest on the loan has to be repaid in 2 monthly instalments once the principal has been repaid. 2%.p.a. interest is charged on the loan if it is repaid within 36 months. If the loan repayment exceeds 36 months, interest will be charged at 6% p.a. The penal interest on unpaid loans will be deducted directly from the customer’s account.
- Closure of account: The account can be closed on completion of 15 years since inception.
- Tax benefits: Investments in PPF up to Rs.1.5 lakhs per year qualifies for tax rebate under Section 80C of the Income Tax Act, 1961. Interest earned from the account are also exempt from taxes under Section 10(11) of the Income Tax Act. Moreover, amounts in the PPF do not attract Wealth Tax.
- Loans: Loans can be availed after completion of 3rd year of the account opening and before completion of 5th year of the account. The maximum amount that can be loaned is 25% of the amount in the account as per balance in the 2nd year immediately preceding the loan application year.
- Nomination Facility: Customers can nominate one or more persons as nominees. Minor accounts cannot have nominees. The nomination can be cancelled or changed through a fresh nomination.
- Interest rate
- Subscription type, i.e. monthly, quarterly, half-yearly or yearly.
UCO Bank PPF account feature and benefitsThe features and benefits of UCO Bank PPF account are:
UCO Bank PPF interest rate
The PPF interest rate is decided by the central government and is currently 8.70% p.a.
UCO Bank PPF calculator
A PPF calculator is a tool that helps you in calculations regarding the maturity amount of your PPF account. Calculating the maturity figures for different combinations of deposit amount and tenure on your own can seem like a redundant process. A PPF calculator does this in a matter of seconds. A typical PPF calculator has the following fields:
How to deposit money in your UCO Bank PPF account?
The bank allows offline deposit in different branches that are marked for PPF collections. You can find this list in the bank’s official website. You can simply go to the relevant branch and pay the PPF deposit amount through cheque or in cash via the pay-in slip available at the cash counter. Alternatively, some banks also allow you to pay the amount online. This is done through the net banking platform of the respective bank, wherein a section for PPF payments will be there. The amount can be directly debited from your base deposit account. However, information on this from UCO Bank is not available.
How to transfer your PPF account from post office to UCO Bank?
You can transfer your PPF account from the post office to UCO Bank by following a few simple steps. You need to submit a written application for the same along with a filled-in transfer form to the post office. The authorities will then process the application and when approved will transfer the account to the relevant branch. The post office will typically send a cheque denoting the credit in your PPF account as well as some policy documents. The bank will then process these and activate your PPF account in their branch.
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