i am an NRI citizen but didnt declare our status in bank where our ppf account is held, my account maturity is in 2023 so can i still deposit in ppf, and what willbe the rate of interest ? is it mandatory to declare NRI STATUS TO BANK ? WE HAD GOT OUR ACCOUNT EXTENDED IN 2018 BUT THAT TIME MY STATUS HAD CHANGED TO NRI WHICH WE DIDNT DECLARE
SBNRI Team
answered on 11/09/2020
Yes, it is mandatory to declare your NRI Status to the bank so that they can do the needful from their end. (Eg. Convert your Resident Savings Account to NRO Account etc.) As of now, you can still continue to subscribe to your PPF Account till its maturity (2023). But you won’t be able to extend it further. Since it is mandatory to inform the bank about the change in your residential status within a month, the interest rate and other related factors are on the bank’s discretion and PPF Rules for NRI.
To get expert advisory at SBNRI, contact us using the button below.
Related Questions
SBNRI Team
answered on 10/01/2023
Investment in the unlisted private limited companies in India by an NRI comes under Foreign Direct Investment (FDI). Therefore, there’s no need for a PIS Account as it is required for investments in the secondary market. You can use your NRE or NRO Account for such investments. NRIs can invest in unlisted companies either […]
SBNRI Team
answered on 18/09/2023
India’s growing economy is paving the way for various investment avenues. And the good thing is both residents and non-residents can be part of this investing journey. But how would a NRI invest in India and what are the best investment for NRI in India? This is something that’s long debated. Thankfully, we can resolve […]
SBNRI Team
answered on 30/03/2020
Portfolio Management Services (PMS) can be understood as the management of funds of HNIs (High Net-Worth Individuals: A wealthy person, in particular one with investable assets in excess of $1 million) by various wealth management companies or Portfolio Managers (people responsible for handling your account) who invest these funds into a varied range of stocks, […]
SBNRI Team
answered on 11/02/2023
NRIs can buy shares by investing their money into stocks listed on the National Stock Exchange of India Ltd. (NSE). Steps to buy Shares Listed on Stock Exchanges in India NRIs (Non-Resident Indians) can buy shares in India by following a step-by-step process, which is as follows: Open an NRI Trading and Demat Account: The […]
