Hi i am moving abroad permanently, I have a ppf which was opened in Jan 2012, can I foreclose it? As per sbi they say that it is required to be kept till 15 years, now my question is that if i wont be present in India then who will maintain this ppf account. Kindly suggest.
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182329 Points)
Replied 24 March 2018
In case Public Provident Fund (PPF) account holders change their residency status to that of a Non-Resident Indian (NRI), his/her account will be deemed closed with effect from October 3, 2017, said State Bank of India (SBI). This is according to government rules, SBI, the country's largest bank, said further. Post the said date, the account holder will get a rate of interest equivalent to that of a post office saving bank account, said SBI via its official Twitter handle, @ TheOfficialSBI.
Refer: state-bank-of-india-sbi-s-nri-ppf-accounts-how-to-close
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