All UCO Bank Branches are authorised to accept to receive subscription under Public Provident Fund (PPF) Scheme of Government of India.

Public Provident Fund (Amendment) Scheme, 2014

The Scheme introduced by the National Savings Organization in 1968 to mobilize small savings. The Scheme offers an investment avenue with decent returns coupled with income tax benefits. Salient features of the Scheme are as follows:

1. ELIGIBILTY- Individuals in their own name as well as on behalf of a minor can open the account at any Branch. As per extant instructions, opening of PPF accounts in the name of Hindu Undivided Family is not permitted.
2. INVESTMENT LIMITS- With effect from August, 2014 a minimum of Rs.500.00 subject to a maximum of Rs.1.50 lac per annum may be deposited. The subscriber should not deposit more than Rs.1.50 lac per annum as the excess amount will neither earn any interest nor will be eligible for rebate under Income Tax Act. The amount can be deposited in lump sum or in a maximum of 12 installments per year.
3. DURATION OF SCHEME- Original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.
4. RATE OF INTEREST- The interest is paid as per the rates declared by the Government from time to time. Present rate of interest is 7.6% p.a w.e.f.01.01.2018 to 31.03.2018, for the quarter ended March 2018. Interest will be paid on 31st March every year. Interest is calculated on the minimum balance between 5th day and end of the month.
5. LOANS AND WITHDRAWALS- Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates.
6. TAX BENEFITS- Income Tax benefits are available under Sec 88 of IT Act. Interest income is totally exempt from Income Tax. Amount outstanding to the credit is fully exempted from Wealth Tax also.
7. NOMINATION- Nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber.
8. TRANSFER OF ACCOUNT- The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by the subscriber. The service is free of charges.
Deposit at any Branch of Bank

The PPF account holders can deposit subscription at any branch of the UCO Bank. 

PPF Forms A to H

NOTE:As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.

Sukanya Samriddhi Account has been introduced vide notification no. G.S.R. 863(E) dated 02.12.2014 and amended vide notification No. GSR 323(E) dated 18.03.2016 for welfare of the girl child through provision of finances at the time of important events of her life i.e. education and marriage.
All UCO Bank Branches are authorised to receive subscription under Sukanya Samriddhi Account Scheme of Government of India.

Objective:

To promote the welfare of Girl Child

Who can open the account:

A natural/ legal guardian on behalf of a girl child

Maximum number of accounts:

Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children

Minimum and Maximum Amount of Deposit:

Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year

Tenure of the Deposit:

21 years from the date of opening of the account

Maximum period upto which deposits can be made:

Deposits can be made till the completion of 15 years from the date of opening of account

Interest on Deposit:

The interest (compounded annually) is paid as per the rate declared by Government of lndia from time to time. Present rate of interest is 8.1% p.a w.e.f.01.01.2018 to 31.03.2018

Tax Rebate:

As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.

Premature Closure:

Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government

Irregular Payment/ Revival of account:

By payment of penalty of Rs.50 per year along with the minimum specified amount per year

Mode of Deposit:

Cash/Cheque / Demand Draft/ Transfer

Withdrawal :

50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.

NOTE:As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.

Click here for account opening form

UCO Bank operates SCSS Scheme across its network of select Branches all over India.

Any depositor may open an account at any deposit office by making an application in Form A along with the amount of deposit in multiple of one thousand rupees, along with age proof.
A depositor may operate more than one account subject to the condition that deposits in all accounts taken together shall not exceed the maximum limit of Rs.15 lakhs and provided that deposits by depositors shall be restricted to the retirement benefits or Rupees Fifteen lakhs whichever is lower.
A depositor may open the account in individual capacity or jointly with spouse.

SCSS Form B to D

Eligibility:

• A person who has attained the age of 60 years or above.
• A person who has attained the age of 55 years or more but less than 60 years and retired on superannuation or otherwise.
• Defence personnel who has retired from the service on superannuation and has attained the age of 50 years.

NRI

NRI's are not eligible to open an account under these rules.

HUF

Hindu Undivided Family is also not eligible to open an account under these rules.

Deposits and withdrawals:

There shall be only one deposit in the account in multiple of one thousand rupees not exceeding Rupees Fifteen lakhs.
Permitted after one year of opening the account but with penalty.

Mode of Deposit:

The deposit under these rules may be made:

• cash, if the amount of deposit is less than Rupees One lakh.
• By cheque or demand draft drawn in favour of the depositor and endorsed in favour of the deposit office.

Renewal:

The depositor may extend the account for a further period of three years after the maturity period of five years. An application  should be made within a period of one year after the date of maturity period.

Interest on Deposit:

The deposit made under these rules shall bear interest @ 8.30% p.a. (w.e.f. 01.07.2017 to 30.09.2017). from the date of deposit payable at the end of each calendar quarter e.g. 31st March / 30th June / 30th September / 31st December. Compounding of interest not permissible.

Nomination:

The depositor may nominate a person or more than one person, at the time of opening of the account or at any time after the opening of the account but before its closure, by an application on accompanied by the passbook to the Branch. Nomination made by the depositor can be cancelled or varied.

Maturity

The deposit made at the time of opening of account shall be paid by the concerned deposit office after the expiry of five years from the date of opening of the account on production of the passbook accompanied by a written application

In case a depositor does not close the account on maturity and also does not extend the account, the account will be treated as matured and the depositor will be entitled to close the account at any time subject to the condition that the post maturity interest at the rate as applicable to the deposits under the Post office Savings Accounts from time to time will be payable on such matured deposits upto the end of the month preceding the month of the closure of the account.

Death of the depositor

In case of death of the depositor before maturity the account shall be closed and deposit refunded on application along with interest to the nominee or legal heirs in case the nominee has also expired or nomination was not made as per rules.
If the total amount including interest payable is upto Rupees one lakh it may be paid to the legal heirs on production of (i) letter of indemnity (ii) an affidavit (iii) a letter of disclaimer on affidavit (iv) a certificate of death of the depositor on stamped paper in the form as in Annexure to Form F.

Premature closure of Account

On an application the depositor may be permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of opening of the account subject to the following conditions:-

• In case the account is closed after the expiry of one year but before the expiry of two years from the date of opening of the account, an amount equal to one and half percent of the deposit shall be deducted and the balance paid to the depositor.
• In case the account is closed on or after the expiry of two years from the date of opening of the account, an amount equal to one percent of the deposit shall be deducted and balance paid to the depositor.

NOTE:As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme..

All Branches of our bank are authorised to receive applications under SGB Scheme.

S.No.	Headings	Details
1.	Product name	Sovereign Gold Bonds (SGB) 2017-18 : (09.10.2017 to 27.12.2017)
2.	Issuance	To be issued by Reserve Bank of India on behalf of the Government of India.
3.	Eligibility	The Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable institutions.
4.	Denomination	The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
5.	Tenor	The tenor of the Bond will be for a period of 8 years with exit option from 5th year onwards to be exercised on the interest payment dates.
6.	Minimum size	Minimum permissible investment will be 1 grams of gold.
7.	Maximum limit	Maximum limit of subscription shall be 4 KG for individuals/Hindu Undivided Family (HUF) and 20 KG for Trusts and similar entities per Fiscal year (April-March) provided that Annual ceiling will include bonds subscribed under different tranches during initial issuance by Government and those purchased from the secondary market; and The ceiling on investment will be not include the holding as collateral by banks and other Financial Institutions
8.	Joint holder	In case of joint holding, the investment limit of 4 KG will be applies to the first applicant only.
9.	Frequency	The Bonds will be issued in tranches. Each tranche will be kept open for a period to be notified. The issuance date will also be specified in the notification.
10.	Issue price	Price of the Bonds shall be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Limited for the last three business days of the week preceding the subscription period. The issue price of the Gold Bonds will be Rs. 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode.
11.	Payment option	Payment for the Bonds will be through electronic funds transfer/cash payment (upto a maximum of Rs. 20,000)/ cheque/ demand draft.
12.	Issuance form	Government of India Stock under GS Act, 2006. The investors will be issued a Stock/Holding Certificate. The Bonds are eligible for conversion into de-mat form.
13.	Redemption	The redemption price will be in Indian Rupees based on simple average of closing price of gold of 999 purity of previous three (3) business days published by IBJA.
14.	Sales channel	Bonds will be sold through banks and designated Post Offices, as may be notified, either directly or through agents.
15.	Interest rate	The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value.
16.	Collateral	Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
17.	KYC Documentation	Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required.
18.	Transferability	The Bonds shall be transferable by execution of an Instrument of transfer as in Form‘F’, in accordance with the provisions of the Government Securities Act, 2006 (38 of2006) and the Government Securities Regulations, 2007, published in part III, Section 4of theGazette of India dated December 1, 2007.
19.	Tax treatment	The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961) .The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond.
20.	Tradability	Bonds will be tradable on stock exchanges within a fortnight of the issuance on a date as notified by the RBI.
21.	Receiving Offices	All Branches of our bank are authorised to receive applications for the Bonds.
22.	Date of Issue	The Bonds will be open for subscription during normal banking hours from Monday to Wednesday of every week starting from 09/10/2017 to 27/12/2017   Sr. No. Period of subscription Date of Issuance 1 October 09-11, 2017 October 16, 2017 2 October 16-18, 2017 October 23, 2017 3 October 23-25, 2017 October 30, 2017 4 October 30- November 01, 2017 November 06, 2017 5 November 06-08, 2017 November 13, 2017 6 November 13-15, 2017 November 20, 2017 7 November 20-22, 2017 November 27, 2017 8 November 27-29, 2017 December 04, 2017 9 December 04-06, 2017 December 11, 2017 10 December 11-13, 2017 December 18, 2017 11 December 18-20, 2017 December 26, 2017 12 December 26-27, 2017 January 01, 2018

• FORM A - AOF_Tranche_IX
• FORM B - Ack Receipt
• FORM C - Draft copy of SGB
• FORM D, E - Nomination, Cancellation of Nomination
• FORM F -Transfer of Stock Certificate
• Sovereign Gold Bond Scheme (SGB)- 2017-18 – Series V -Rate per Gram of Gold

Frequently Asked Questions (FAQs)