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How To Withdraw PPF Account For NRIs?
Under the new rules issued by the government, PPF investments will be deemed to be closed on the day the investor becomes a non-resident.
The PPF Scheme is a favorite investment scheme for many Indians. It has very strict and specific rules to withdraw an amount from the account as it is a government-backed scheme. The PPF account holder can withdraw the full amount only after the maturity period of 15 years. If there are specified needs, the subscriber can withdraw some amount from the 7th financial year onwards to till 15th year.
The maturity period of PPF account is 15 years. If you prefer to continue your PPF account after then, you can extend the maturity period with a block of 5 years.
New PPF rules for NRIs
Under the new rules issued by the government, PPF investments will be deemed to be closed on the day the investor becomes a non-resident. The government said that public provident fund (PPF) accounts would be closed before their maturity if a holder becomes a Non-Resident Indian (NRI). According to the amendment to the Public Provident Fund Act, 1968, "... if a resident who opened an account under this scheme subsequently becomes a non-resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident..." How To Open PPF Account In SBI? Few Things To Know
PPF withdrawal by NRI
If you are an NRI and you want to withdraw your PPF, note that the PSU bank can only process your PPF withdrawal request if your signature are attested by an authority. This authority can be the PSU bank itself or some other authority.
Steps to follow
If you are an NRI and you have an NRE/NRO account in a bank, then you can follow this process.
Step 1
Courier the documents to India to your relatives, parents, or siblings in the city where you have the NRE/NRO account. Provide an authority letter in which mention that you are allowing the person to follow the withdrawal process on your behalf.
Step 2
The person on your behalf has to go to the bank where the NRI have NRE/NRO account. They have to attest these documents. After attestation is done, then the person has to visit the PSU bank for PPF withdrawal. The bank will accept the documents which are attested by your bank.
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