As residents of India, NRIs/PIOs/OCIs can open PPF accounts
30-Dec-2016 •Research Desk
I am a British citizen PIO, now a tax resident in India. I have a PPF account which was started as a resident Indian and is due to mature in March 2018. Will I be able to extend my account for the further 5 years?
-Harry
You can extend your PPF account for further 5 years period. Even if you were to become an NRI again during the extension, the PPF rules allow you to operate accounts opened when your status was of a resident Indian. However, please note that as a tax resident, you can no longer hold NRO/NRE accounts; all your bank accounts should be resident Indian savings bank accounts.
We will try to answer all questions sent to us. If the question addresses the concerns of the general audience, we’ll publish it.