NRI Central
Treatment of PPF Account of NRIs
Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) cannot open new Public Provident Fund (PPF) accounts. However, they can continue contributing to existing PPF accounts or close them if the account has been active for at least five years.
Upon maturity, the PPF funds must be transferred to a Non-Resident Ordinary (NRO) account. It is essential to inform the bank or post office managing the account of any change in residential status and to ensure that a minimum annual deposit of ₹500 is maintained to keep the account active.
DID YOU KNOW?
A Public Provident Fund (PPF) is a long-term savings and investment scheme offered by the Government of India. The minimum annual contribution is ₹500, while the maximum contribution permitted in a financial year (April to March) is ₹1.5 lakh.
DISCLAIMER
This article is for informational purposes only. It provides general information and should not be considered a substitute for professional or legal advice on any specific issue. The information is subject to change, may not be complete, and should be independently verified. Applicable laws, rules, and regulations are subject to periodic revisions.