Can NRIs invest in PPF in 2019?

Published: May 14, 2019 at 8:59 pm

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Yes, NRIs can invest in PPF accounts that were opened when they were resident  Indians in 2019. 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 14th May 2019, 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 2019. They, however, cannot open a new PPF account after becoming an NRI

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2 Comments

  1. Things are not clear at various branches of SBI. My current understanding is:

    One can deposit amount upto 1.5 Lakhs into existing PPF account, however those who have declared themselves to be NRI, get only 4% interest on whole balance.

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