Union Bank of India PPF Calculator

Union Bank of India PPF Account is a savings deposit scheme sponsored by the government of India. This account can be opened by individuals and has a lock-in period of 15 years at selected UBI branches. 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. A minimum of Rs. 500 to a maximum of Rs. 1,50,000 can be invested in a financial year. Currently, the Union Bank of India does not have the online account opening facility for PPF accounts. However, you can approach the pre-listed branches that accept applications for PPF accounts and complete the formalities to have your own account within a short time.

What is a PPF Scheme and How is the Maturity Value Calculated?

The PPF is a type of savings account by which also doubles up as a tax saving solution to the depositors. With a lock-in period of 15 years, this scheme allows Indian citizens to make contributions towards their PPF account and offers them a rebate on income tax under Section 80C of the Income Tax Act as an incentive. The PPF account interest rate is revised every quarter and by the Finance Ministry. Currently, the interest rate is provided at 7.1%. The interest on PPF has compounded annually.

Union Bank PPF Calculation Formula

PPF returns on a Union Bank PPF account can be calculated with the help of following formula:

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

The above formula represents the following variables –

• F – Maturity of PPF
• P – Annual instalments
• i – Rate of interest
• n – Total number of years

How to Use the UBI PPF Calculator?

You can calculate the maturity value on your PPF account with some very simple steps and in a hassle-free manner:

• Enter the yearly investment amount or move the slider to adjust the amount
• Provide the time period of the PPF investment.
• Once you enter the above details, the PPF calculator of Union Bank will calculate the total investment amount, total interest and the maturity value at the end of the investment period

Benefits of Using Union Bank PPF Calculator

• It helps investors to gain an idea about how much interest can be earned with their investment
• The UBI PPF calculator saves a lot of time as investors don’t have to go through complicated calculations, thus mitigating the scope of any miscalculations.
• It helps to estimate the total investment in a financial year