Organization :Union Bank of India
Facility :Public Provident Fund Scheme
Home Page :http://www.unionbankofindia.co.in/personal_govt_ppfund.aspx
Public Provident Fund :
Eligiblity For Opening Account :
The scheme is open to individual and account can also be opened on behalf minor child as a natural / legal guardian.
Subscription :
Minimum amount Rs100/- and maximum Rs150000/-
Period :
Minimum period is 15 years and can be extended in a block of 5 years.
Rate Of Interest :
Presently, 8.7% 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 Entire amount can be withdrawn after completion of 15 years.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 :
Deposits in the account are exempted under section 80-C of Income Tax Act