Last Updated on January 22, 2020 at 7:30 am
Yes, NRIs can invest in PPF accounts that were opened when they were resident Indians in 2020. They will get the same interest rate as everyone else. The confusion arose when the ministry of finance announced in October 2017 that subscribers should close their PPF accounts when they become non-residents.
However, in a circular dated 23rd February 2018, the government has made it clear that the above notification has been kept in abeyance until further orders. As on 22nd Jan 2020, there have been no further orders in this regard in the fin min PPF page.
Therefore, non-resident Indians can continue to invest Rs. 1.5 lakh in PPF accounts opened when they were resident Indians in 2020. They, however, cannot open a new PPF account after becoming an NRI
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