How to close a PPF Account on becoming an NRI

POSTED BY hellosibba ON September 25, 2013 7:58 am ONE COMMENT

I have opened an PPF account (in SBI) in beginning of 2008. now i am in verge of immigrating to another country forever. Can I close the account ? is there a way out. I have closed almost accounts here in india. Now it will become pain to maintain. Also i have quite some amount in this account. What is the best way to get it closed, even if i have to pay any penalty to government.

One reply on this article “How to close a PPF Account on becoming an NRI”

  1. ashalanshu says:
    September 25, 2013 at 10:49 pm

    Dear Hellosibba, if the idea is to close the account, please wait for completion of intial 15Y. Only after that You can close it. At the same time, please do maintain a NRO account with SBI just for sake of receiving maturity amount from this PPF account. Through the NRO account of SBI, you only need to deposit 500 Rs. yly to keep your PPF account alive. As you ‘ll be NRI/PIO at the maturity time, you can not avail extention of 5Y block period. So in any case, SBI w’d need to close your account at that time.

    thanks

    Ashal

    Reply

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