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Union Bank PPF (Public Provident Fund) Calculator

The Union Bank PPF Account is a deposit scheme backed by the Government of India. This account can be opened at any Union Bank of India branch and has a minimum lock-in period of 15 years. Account holders can leverage the advantages of high-interest rates and potential tax benefits. Interested individuals can use the Union Bank PPF Calculator to determine the maturity value of the PPF account and select an investment amount accordingly. You can invest a minimum of Rs. 500 and a maximum of Rs. 150,000 in a fiscal year. As it stands, the Union Bank of India does not currently offer an online account opening facility for PPF accounts. However, you can physically visit a branch and complete the process to open your own account in just a few minutes.

What is the Public Provident Fund (PPF)?

The PPF is a deposit savings scheme which offers the dual benefits of high-interest rates and a tax-saving solution. Along with a 15-year lock-in period, this scheme enables the Indian taxpayer to get a rebate on their tax liability in accordance with the laws stated in Section 80C of the Income Tax Act. The Finance Ministry revises the PPF interest rates every quarter, and the current interest rate is 7.1% per annum. 

What is the Union Bank PPF Calculator?

Manually calculating your PPF investment amount can be a very tedious task. Using the online Union Bank PPF Calculator is a far better option. This gives you the option to mix and match combinations so that you can choose an option that is best for you. You can easily calculate the investment amount and maturity value by providing a few details like:

  • Age
  • Interest Rate
  • Investment amount
  • Tenure
  • Subscription frequency 

How to Use the Union Bank PPF Calculator?

You can know the maturity value in a hassle-free manner by just following a set of simple steps given below:

Step 1: Enter the annual amount you want to invest, or just use the slider to choose the desired amount.

Step 2: Select the investment tenure for your PPF account.

Step 3: Once you have entered all the required information, the calculator will automatically calculate the total amount you need to invest, interest, and maturity value at the end of the investment period.

Union Bank of India Maturity Value Calculation

Given below is the formula that you can use to manually calculate your Union Bank of India PPF maturity value amount:

F = P [({(1+i) ^n}-1)/i]

In this formula,

  • F is the final maturity value of the investment 
  • P is the annual instalment payments you need to make
  • i is the applicable interest rate
  • n is the total number of years

Union Bank PPF Investment Schedule

Union Bank PPF calculator also provides a detailed investment schedule which is an ideal way to keep a check on your progress and see how your investment is performing. This aids you in staying on track and making an informed decision about your investment strategy. In the table below, we assume that the individual makes a monthly investment of Rs. 1,500 for a tenure of 15 years at the applicable interest rate of 7.1%.

Investment year Annual Contribution Year End Balance Interest Accrued
1 Rs. 18,000 Rs. 18,692 Rs. 692
2 Rs. 36,000 Rs. 38,711 Rs. 2,712
3 Rs. 54,000 Rs. 60,152 Rs. 6,152
4 Rs. 72,000 Rs. 83,115 Rs. 11,115
5 Rs. 90,000 Rs. 1,07,708 Rs. 17,709
6 Rs. 1,08,000 Rs. 1,34,048 Rs. 26,048
7 Rs. 1,26,000 Rs. 1,62,258 Rs. 36,258
8 Rs. 1,44,000 Rs. 1,92,471 Rs. 48,471
9 Rs. 1,62,000 Rs. 2,24,829 Rs. 62,828
10 Rs. 1,80,000 Rs. 2,59,484 Rs. 79,483
11 Rs. 1,98,000 Rs. 2,96,600 Rs. 98,599
12 Rs. 2,16,000 Rs. 3,36,351 Rs. 1,20,350
13 Rs. 2,34,000 Rs. 3,78,294 Rs. 1,44,923
14 Rs. 2,52,000 Rs. 4,24,520 Rs. 1,75,519
15 Rs. 2,70,000 Rs. 4,73,353 Rs. 2,03,352

Union Bank PPF Rates

The Ministry of Finance decides the interest rates for the Union Bank PPF on a quarterly basis. The table given below shows the interest rates for the financial year 2022-23:

Month Rate of Interest
January 7.1% p.a.
February 7.1% p.a.
March 7.1% p.a.
April 7.1% p.a.
May 7.1% p.a.
June 7.1% p.a.
July 7.1% p.a.
August 7.1% p.a.
September 7.1% p.a.
October 7.1% p.a.
November 7.1% p.a.
December 7.1% p.a.

How to Open a PPF Account with Union Bank?

At present, the Union Bank of India does not provide an online account opening facility for PPF accounts. You can approach a pre-listed bank branch which accepts PPF account applications to complete the formalities to open your own account in a short period of time. Although, if you have a savings account with Union Bank, you can access the net banking account to download the application and submit the filled version at the nearest branch.

Documents Required for a Union Bank PPF Account

Given below are some of the details and documents required to open a PPF account with Union Bank:

  • Applicant’s name
  • Address
  • PAN Card Details
  • Name of Branch
  • Initial investment amount
  • Details of the account the investment will be debited from

Frequently Asked Questions (FAQs)

Is a PPF account available in Union Bank?

Yes, Union Bank allows the facility of opening a PPF savings account. You can start your own account by visiting the nearest branch and submitting all the relevant details.

What is the Union Bank PPF interest rate?

Union Bank offers PPF accounts with interest rates applicable at 7.1% p.a.

Can I open a Union Bank PPF account online?

Presently, Union Bank does not provide the facility to open a PPF account online. You can open an account by visiting the nearest pre-decide branch.

Is Union Bank safe for PPF investments?

Yes, any investments made in Union Bank PPF are safe since this is a savings deposit scheme backed by the Central Government.

How much will I get if I invest Rs. 1500 monthly in PPF for 15 years?

If you invest a monthly Rs. 1500 at the current interest rate of 7.1% per annum, your final maturity value will be Rs. 4,73,353.