Is Union Bank good for PPF account?
Is Union Bank good for PPF account?
The holders of these accounts enjoy high interest and tax benefits as well. One can use the Union Bank PPF Calculator to calculate the maturity value of their Union Bank PPF account and choose the investment amount accordingly.
Is PPF in private banks safe?
Since the funds in PPF are backed by the central government, the investment does not get any safer than this because the government will not default in its payment. Moreover, the amount in a PPF account cannot be attached under any court order with respect to any debt or liability of the account holder.
What is interest rate of PPF account in Union Bank?
7.1 Annually
Rate of Interest on Government Deposit
| Instruments | Rate of Interest from 01.04.2020 to 30.06.2020 | Compounding frequency* |
|---|---|---|
| Monthly Income Account | 6.6 | Quarterly and Paid |
| National Saving Certificate | 6.8 | Annually |
| Public Provident Fund Scheme | 7.1 | Annually |
| Kisan Vikas Patra | 6.9 (will mature in 124 months) | Annually |
What is SBI PPF interest rate?
7.10\% per annum
The rate of interest is determined by Central Govt. on quarterly basis. At present it is 7.10\% per annum with effect from 01.04.2020.
What is the benefit of SBI PPF account?
Here are the benefits you can expect from a PPF account. Risk-free returns as the returns are not dependent on the market volatility. Compounded interest rate. Income tax deduction u/s 80C of the Income Tax Act, 1961.
How can I open PPF account in Union Bank?
Alternatively, you can simply visit a branch of City Union Bank to fill out the new account opening form in person. You will just have to submit this duly filled out form along with the required documents. You can deposit a minimum of Rs. 1000 or multiples of it.