Q664. PPF Account after British Citizenship . . .
Question: Hi,
I do have a specific question.
If a person as PPF account opened when was in India, later on moves to UK and get British Citizenship and then OCI card. Is the
person allowed to continue the PPF account investment in same account (if not made dormant)?
If not allowed, can person close the account and withdraw all accumulated funds in account?
Thank you very much in advance.
Kind Regards,
Pankaj
Answer: If a person opened a Public Provident Fund Account (PPF) in India and then became an NRI, there would be no problem in doing so. Of course I am assuming that when this person was in India, he/she was an Indian citizen and was not a foreign citizen visiting India. This is because as per PPF account rules, only Indian citizens can open a PPF account. If a Indian citizen already has a PPF account and then moves abroad, they can continue to maintain their PPF account and there is no need to close the account until maturity. Once the account matures, I believe NRIs are not allowed to extend their PPF account. On maturity, NRIs should withdraw the proceeds.Repatriate money held in PPF account
Although PPF account money is not repatriate under the original rules, it is now possible to do so using the 1 million dollars limit allowed per financial year from NRO accounts subject to payment of any applicable taxes and certificate from a Chartered Accountant.How to Fund PPF account held in India prior to becoming NRI
My understanding is that NRIs can continue to fund their PPF account held in India prior to their becoming NRI from their NRO or NRE accounts. Remember, NRIs legally cannot hold resident bank accounts in India. It is their responsibility to notify their banks in India of changes in their status from resident to non-resident.
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Q664. PPF Account after British
Citizenship . . .
Question: Hi, I do have a specific question. If a person as PPF account opened when was in India, later on moves to UK and get British Citizenship and then OCI card. Is the person allowed to continue the PPF account investment in same account (if not made dormant)? If not allowed, can person close the account and withdraw all accumulated funds in account? Thank you very much in advance. Kind Regards, Pankaj Answer: If a person opened a Public Provident Fund Account (PPF) in India and then became an NRI, there would be no problem in doing so. Of course I am assuming that when this person was in India, he/she was an Indian citizen and was not a foreign citizen visiting India. This is because as per PPF account rules, only Indian citizens can open a PPF account. If a Indian citizen already has a PPF account and then moves abroad, they can continue to maintain their PPF account and there is no need to close the account until maturity. Once the account matures, I believe NRIs are not allowed to extend their PPF account. On maturity, NRIs should withdraw the proceeds.Repatriate money held in PPF account
Although PPF account money is not repatriate under the original rules, it is now possible to do so using the 1 million dollars limit allowed per financial year from NRO accounts subject to payment of any applicable taxes and certificate from a Chartered Accountant.How to Fund PPF account held in India prior to
becoming NRI
My understanding is that NRIs can continue to fund their PPF account held in India prior to their becoming NRI from their NRO or NRE accounts. Remember, NRIs legally cannot hold resident bank accounts in India. It is their responsibility to notify their banks in India of changes in their status from resident to non-resident. • What exactly is FERA ? What is FEMA? A brief explanation for NRIs >> • Foreigners Regional Registration Office Guide >> • Loss of Indian Citizenship - How you can lose your Indian Citizenship >>
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