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NRI Dilemma: What to Do with PPF Account?

Milind

Milind Vadjikar  |591 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 09, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
RAVINDRA Question by RAVINDRA on Aug 28, 2024Hindi
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I had PPF account opened in 1996, then extended for 5 in 2011, again extended in2016 and then in 2021, As I was not NRI in 2016, so the account was continued. In FY2017 i became NRI. As NRI cannot open account now, Please guide what to do next Thanks

Ans: You are supposed to inform change of residential status as NRI to the bank/PO where you hold PPF account. You can continue PPF account contribution till maturity, after which extension is not allowed. The maturity proceeds may be transferred to your NRO account. Since you turned NRI in 2017 but extended PPF account in 2021 so in this case the concerned bank/PO will decide on applicability of extension and interest payment beyond 2021.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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