Is the rate of interest on PPF account to NRI's same as for resident citizens, i.e. 8%? This is for those who become NRI's sebsequently after opening a PPF account when they are resident's
Thanks
Ashwin (AFP) (93 Points)
04 March 2011Is the rate of interest on PPF account to NRI's same as for resident citizens, i.e. 8%? This is for those who become NRI's sebsequently after opening a PPF account when they are resident's
Thanks
thejaswini
(Articled Assistant and Student :))
(145 Points)
Replied 11 March 2011
Dear Ashwin,
I guess the rate of interest does not change once you become an NRI. However, as compared to Residents, who have the option to extend their accounts post-maturity, NRIs cannot extend their accounts.
Also, acording to a master circular, the existing residential status of a recently converted non-resident will be changed as NRO(non-resident-ordinary) account..
Hope this clears ur doubt.
I appreciate if ppl can post comment on such an interesting topic 
A.K.Agrawal
(Investments & Finance)
(132 Points)
Replied 12 March 2011
AS FAR AS I KNOW, NRI CAN NOT OPEN A NEW PPF A/C. BUT I, NO WHERE FOUND THAT IT CAN NOT BE CONTINUED OR EXTENDED. RATE OF INTEREST IS ALSO THE SAME AS FOR RESIDENT.
Ashwin
(AFP)
(93 Points)
Replied 13 March 2011
Thanks for the replies. After seeing no response to the question, I had reposted the same in a different section of the forum. The question has recieved some replies there from other boarders.
Here's the link:
/forum/what-is-the-rate-of-interest-offered-on-ppf-to-nri-s--132868.asp
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