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.
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