My son is an NRI who is working overseas . We had opened a PPF a/c in his name 18 years back and have been regularly investing every year. The account was opened when he was a resident. Funds for this annual investment have come from his NRO a/c. Can you please clarify whether we have to close this account after the extended period of 5 years? Can we continue to invest ₹1,50,000 in this account for the remaining period? He has investments in India which generate income sufficient for the PPF contribution.
- G Subramaniam
Since your son's account was opened when he was Resident in India and before his NRI status, he can continue with his existing PPF account. Since you have stated that this account has completed 18 years, it seems that the account has already been extended once after the 15 year tenure. In that case, you can continue the account for 2 more years.
This article was originally published on June 03, 2016.
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