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POSTED BY ON September 25, 2010 5:57 pm COMMENTS (4)
We all know NRI cannot invest in PPF but can he invest in name of his wife or son who are not NRI?
If yes do you know some one who have done this?
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Good post, even if NRI can’t invest in PPF, today there are host of other avenues wherein NRIScan invest.
My question was different.
Already opened accounts can be continued. No one is born an NRI, rather people become NRIs when they go abroad for better career prospects. When an Indian Resident goes abroad, more often than not, he leaves a large part of his investments including property behind. These investments may include the abovementioned prohibited investments in terms of PPF, NSC, Post Office instruments etc.
A resident who subsequently becomes NRI during the currency of term of these investments may continue the same till maturity. This means, they cannot open a new account or extend the scheme beyond its maturity. However, an already existing investment may be continued. For those instruments that require periodic investments (PPF), the NRI may use either the NRE or the NRO as per his convenience. Using the NRO account is recommended.
Hemant,
I have replied to someone else on this matter.
Yes nri can invest in residents PPF accounts. There is no rule saying this can not be done. Remember the source of the incoming deposit is not questioned at any point. Now the mode of transfer is entirely nri’s choice. whether direct online transfer or via residents bank account.
Hope it helps.
Siddharth