I am living in UK for last 2 years. I am a NRI, holding a PPF account in SBI, which was started before I left India.
1- Do I need to close the above account as I am NRI now? Or
2- Can I continue with the A/c?
Ppf - nri
I am living in UK for last 2 years. I am a NRI, holding a PPF account in SBI, which was started before I left India.
1- Do I need to close the above account as I am NRI now? Or
2- Can I continue with the A/c?
As you are NRI, you have to close the PPF account, as per RBI guidelines.Originally Posted by ABCD
In order to get a Loan, you first need to prove that you don't need it.
As per the FAQ in the Forum -
Non-resident Indians earning an income in India and wanting to take advantage of the rebate can also open an account. Subscriptions, however, will have to made from their Non-Resident Ordinary (NRO) account on a non-repatriable basis.
ABCD,
You haven't read the posting you have putin. It says if you have earned an income in India, than only you can open an PPF account.
In order to get a Loan, you first need to prove that you don't need it.
As per the below article NRI cannot open new PPF account, but they can continue with their old PPF account.
Link -
http://www.moneycontrol.com/news/nri...nt_217589.html
* SAFE
Self Appointed Financial Expert
NRI cannot open a fresh PPF account. However if he has opened a PPF a/c before he became an NRI, that PPF account can be continued. And he can use you Non Resident Account for investment purpose.
Thank you guys.
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