PPF account as NRI or Not?

Q & A Forum › Category: Provident Fund (EPF & PPF) › PPF account as NRI or Not?

zaheer3110 asked 9 years ago

Its now been 4 months 26 days (or 149 days) since i left india. it takes 182 days to become an NRI, so i have 33 days left. a) can i open an PPF account from abroad now? b) can PPF account holder transfer his/her account to another person? ex: i'll let my mother (age 65) open PPF account and after 5-10 years (once i'm back to india for good) have her transfer her PPF account to my name. however of course i'll be making all the payments from year 1 to 15.

3 Answers

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Sreekanth Staff answered 9 years ago

Hi, Theoritcally, if a Resident Indian opens PPF, he/she can continue to hold PPF account and make contributions even if he/she becomes an NRI. So, based on this premise, you can open PPF account. Once you become NRI, contributions can be made through your NRO or NRE account and maturity amount is allowed to be repatriated to your country of residence subject to limits.

You may consider opening PPF account with banks like ICICI bank etc., But, I dont think Transfer of Account is allowed.

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zaheer3110 answered 9 years ago

can i open PPF account from abroad ?

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Sreekanth Staff answered 9 years ago

Hi, I believe one needs to personally visit the authorized bank branch to open PPF account. However, you may get in touch with customer care of ICICI bank (example) and check out.