Being a ICICI bank official, I can help you find your answer on can NRI close PPF account before maturity. There are certain rules associated with it but yes, an NRI can close their PPF account before maturity.
Can NRI Close PPF Account?
Yes, NRIs can prematurely close their PPF account but only after 5 years from when the account was opened. This rule is based as per the Public Provident Fund Scheme, 2019 issued by the Government of India. Once a person changes his or her residency status to NRI and submits a copy of the passport, visa or income tax return to the bank or post office where the PPF account is held, the account can be closed prematurely.
However, do remember that for the PPF closure for NRI, the interest credited will be 1% less than the rate at which the interest has been credited in the account from the account opening date.
This rule is valid for account openers in ICICI. If you have a PPF account at some other bank, I suggest you consult with the bank officials or visit their website for more details.
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Can NRI Close PPF Account Before Maturity?
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2024-06-25T10:13:18+00:00 2024-06-25T10:13:18+00:00Comment
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