Hello,
I have a query, of which I am not getting any answer in various forums. My Wife and me are NRIs.
We both have PPF accounts, opened before we became NRIs. I have stopped giving subscripttion to my PPF account, as it has reached 15 years. On the other hand, my wife is continuing to give subscripttion as it has not reached 15 years,
Recently we have twin babies, who are staying in India and therefore have not become NRIs.
Are we allowed to open minor PPF accounts for them?
Regards
Bhaskar
As per the change in the amendment of public provident fund, a person cannot open a PPF account once his status changes to NRI. Be it for self or on behalf of minor.
You can only continue your PPF account till its maturity, but you cannot extend it after 15 yrs.
It may be possible to open a PPF account for NRI because of some inefficiencies in the system, but before doing that you must be aware that legal actions can be taken by the authority in such cases. You will not get any interest on your PPF account if they find out.
CAclubindia
