I am an NRI. Can I continue my PPF account?

I have a Public Provident Fund (PPF) account and have extended it twice. I recently got a Green Card from the United States. Can I continue with my PPF account? - Anonymous

Yes. If a person opened a Public Provident Fund (PPF) account while they were residents of India and later attained the status of an NRI (Non-Resident Indian), they can continue it until maturity.

A PPF account can be extended in blocks of five years. Therefore, in this case, you may continue the PPF account till the end of this extended five-year period. However, you won't be allowed to extend it any further.

That said, it's necessary to inform the bank about a change in residency status and open an NRO (Non-Resident Ordinary) account, to which the PPF proceeds will be transferred upon maturity.

Additionally, it is also worth noting that an NRI cannot open a new Public Provident Fund (PPF) account.

Also read: An NRI dilemma

This article was originally published on March 25, 2024.