PPF Account is a retirement account in which you can save funds and can withdraw them after retirement.
PPF Account can also be used as a tax savings fund account which will provide you tax benefits under the Income Tax Act.
The interest rate offered by the PPF Account is very attractive which marks this account as an amazing option for young individuals who just started their jobs or business.
A PPF Account can be opened via various Bank vendors including the Public Sector banks in India like UCO Bank.
You can open the PPF Account in UCO Bank. In this article, we will discuss How to Open a PPF Account in UCO Bank, Documents Required, Interest rate offered, etc.
Table of Contents
PPF Account Interest Rates 2017-2022
| Period | Interest Rate |
| April 2017 – June 2017 | 7.9% |
| July 2017 – December 2017 | 7.8% |
| January 2018 – March 2018 | 7.6% |
| April 2018 – September 2018 | 7.6% |
| October 2018 – March 2019 | 8.0% |
| April 2019 – June 2019 | 8.0% |
| July 2019 – March 2020 | 7.9% |
| April 2020 – March 2021 | 7.1% |
| April 2021 – March 2022 | 7.1% |
| April 2022 – Sep 2022 | 7.1% |
How to Open a PPF Account in UCO Bank?
The following are the step-by-step instructions on how to open a PPF Account in the UCO Bank-
- Visit the UCO Bank premises and ask the bank executive for the PPF account opening form
- Now, fill out the application form with details like name, address, employment details, account details, etc.
- Now, attach the below-mentioned documents along with the initial deposit amount to the bank executive
- The bank executive will review your application and forward it to the relevant department
- After successfully processing your request, you’ll receive an SMS confirming the PPF Account opening along with the PRAN number which is the PPF Account number
- You can use the PPF Account number to manage your PPF Account
Documents Required for opening the PPF Account in UCO Bank
The following are the documents required for opening the PPF Account in UCO Bank-
- KYC documents of the parent/guardian
- Identity proof: Aadhaar card, PAN card, Voter ID card, passport, or driving license
- Proof of residence: Aadhaar card, Ration card, telephone bill, or electricity bill
- Age proof of the minor, such as a birth certificate or Aadhaar card
- A cheque for an initial deposit into the account
FAQ
There are no minimum or maximum ages prescribed under this scheme however, minors who are smaller than 18 years of age will have to provide consent of their parents or guardians for handing the PPF Account on their behalf to the bank.
The minimum lock-in period for a PPF Account is 15 years
No, Public Provident Fund is not a market-linked scheme, the interest rates offered under this account are fixed and are decided by the Ministry of Finance for every quarter.
In case of sudden death, the account holder’s nominee which was declared will receive the funds in the PPF Account accumulated till the date of death.
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.
Our main goal is to empower individuals through financial education. We believe that everyone should have the opportunity to build a strong financial foundation. Whether you’re a seasoned investor or just getting started, we provide articles, guides, and resources to help you navigate the financial landscape.
I invite you to join our community of financially savvy individuals. Feel free to ask questions, engage with our content, and explore the topics that matter to you. Together, let’s take control of our financial futures.
