What about seafarers? Can they open PPF Account? We have an Indian passport but still are considered as an NRI?
SBNRI Team
answered on 16/11/2020
The same rules apply for seafarers that apply for other NRIs.
NRIs can’t open a PPF Account. However, if you had a PPF Account before becoming an NRI, then it can be continued till maturity (15 years) but can’t be extended further. Also, for NRIs, the gains from the PPF Account can only be withdrawn post maturity.
Click on the button below to connect with our expert for other queries around NRI Investment in India.
Related Questions
SBNRI Team
answered on 15/02/2023
The Portfolio Investment Scheme (PIS) account holds the investment amount of the NRI. The purchases are directly debited from this account, and the earnings are credited to the account. The PIS permission letter is required for opening a demat (for holding stocks in electronic form) and trading account (account with a registered broker for trading […]
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 11/09/2020
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 […]
SBNRI Team
answered on 11/09/2020
Yes! An NRI can continue to subscribe to his/her existing PPF Account till maturity (15 years). However, the option of extending the subscription isn’t available for NRIs.There are other investment opportunities as well that can ensure similar benefits to the NRIs such as NPS (National Pension Scheme). To get expert advisory at SBNRI, contact […]
