To receive tax exemptions on their savings people should invest in the Public Provident Fund (PPF) through a UCO Bank PPF account. The money that you deposit in this account will directly go to the PPF. The maturity period of this scheme is 15 years.
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. There are currently close to 130 branches of UCO Bank that accept PPF applications.
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.
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.
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:
The filled-in and duly signed application form has to be submitted at the branch for further processing.
The PPF interest rate is decided by the central government and is currently 7.1% p.a.
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:
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.
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.
The rules and guidelines governing PPF accounts in UCO Bank include:
The features and benefits of UCO Bank PPF account are:
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:
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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