Nri ppf
Arpan Bhanshali (Partner) (33 Points)
20 March 2015
Hi, NRI can extend his PPF account on expiry of PPF ACCOUNT after 15 years.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 21 March 2015
An amendment was made to Rule 3 of PPF Scheme 1968 vide MOF Notification No. GSR 585(E) dated 25.7.2003; Non Resident Indians are not eligible to extend/continue PPF account after maturity.
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It has been clarified by the Ministry of Finance that accounts opened under such category cannot continue beyond maturity; therefore any subscriptttion made by the depositor is irregular and not entitled for interest. Amount deposited after maturity, shall be refunded to the account holder without interest.
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- MOF Letter F.No.3/4/2012-NS-II, dated 16.07.2012
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[Information Courtesy: National Savings Institute]
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