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I OPENED PPF A/C IN 2001 AND TILL DEC 2011 IT WAS RUNNING SMOOTH . I WAS INVESTING ON YEARLY BASIS BY CHEQUE FROM MY NRE A/C..BUT BEFORE ONE MONTH I OPT FOR DEPOSIT , BANK OFFICIAL TOLD ME THAT NRI CAN NOT RUN A PPF A/C.

 

MY QUARIES ARE   

1.   IS IT TRUE THAT NRI CAN NOT RUN PPF A/C.

2. WHAT WILL HAPPEN TO MY PREVIOUSLY  DEPOSIT AMOUNT.
asked in PPF by (120 points)

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1 Answer

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Non Resident Indians are not eligible to open an account under the Public Provident Fund Scheme:- Provided that if a resident who subsequently becomes Non Resident Indian during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation Basis.

[MOF (DEA) Notification No GSR 585 (E) dated 25.7.2003]

So, you can continue your existing PPF account but you can extend it after 15 years.

Admin

answered by (48.8k points)

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