Closure of PPF account after becoming NRI

Q & A Forum › Category: Banking › Closure of PPF account after becoming NRI

arijit1001 asked 8 years ago

Dear Friend, Recently, I have become NRI. (Living abroad since March 2017). I am planning to settle abroad. I have a PPF account with SBl less than 15 years old. I have read articles saying ppf accounts for NRIs will be deemed to be closed. Please advise me how should I close the said account and get my money back to my savings account and then to a nre/nro account. Regards, Arijit

5 Answers

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Sreekanth Staff answered 8 years ago

Hi, I have given the account closure procedure in the below article, you may kindly go through it ; https://www.relakhs.com/latest-amendments-nsc-ppf-rules-nris/

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arijit1001 answered 8 years ago

Thanks Sreekanth. I have one question. The article says to submit ppf withdrawal form (form c). Can I use this form for ppf account closure too?

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Sreekanth Staff answered 8 years ago

Hi, You may check with your banker about the type of Form..also, I have noticed that most of the banks/PO have not yet received the PPF a/c closure procedures from the Govt. So, suggest you to first kindly check with your banker if they can close your PPF account or not.

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arijit1001 answered 8 years ago

Hi Sreekanth, My father went to SBI to confirm the details and I am utterly confused after what they told my father. Here is what SBI manager told him:

PPF tenure is 18 years and not 15 years.
NRI's cannot and does not need to close PPF before maturity which is 18 years

Please advise what should be my next step. How can I convince them? Shall I raise a complain against the bank in consumer forum or Banking Ombudsman?

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Sreekanth Staff answered 8 years ago

Hi, Either the concerned SBI manager is ignorant about the PPF scheme features or is mis-leading your father. You may kindly show him the latest notification. Also, suggest you to submit an email to their customer care asking information about the procedure, this can be used as a documentary evidence.

Harleen replied 8 years ago

Sreekanth; I’ve the same concern. I send email to SBI customer care 2 weeks ago. No response as of now.

Sreekanth Staff replied 8 years ago

Hi.. I have been informed by many blog readers that most of the banks/PO have not yet received any official guidelines on how to close the NRI PPF accounts . May be we have to wait for few more days/weeks.

vasantlad replied 8 years ago

I could close my account in Dec. 2017 when was in Mumbai. Bank Paid me interest @4% from the date I became NRI (May-2011). But Now I realized from the forum that it is suopse to be effective from the date of issue of the amendment and not the date of NRI status change, I . wonder if I can claim excess deduction based on the recent amendment dated 1-8-2018.
Vasant