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.
1 Replies
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.
.
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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