PPF A/cs - NRIs - Change in rules from 01.OCT.2024

[RAMESH BABU N]

Extension of PPF accounts for NRIs

The new guidelines also address NRIs who hold existing PPF accounts.

These account holders can maintain their accounts until maturity; however, they will only receive POSA interest until September 30, 2024.

After this date, these accounts will not earn any interest if they do not meet specific residency criteria outlined in Form H. This adjustment primarily impacts Indian citizens who became NRIs while their PPF accounts were active.

New PPF rules effective October 1: What you need to know

The new rules aim to streamline the management of PPF accounts, particularly for minors, individuals with multiple accounts, and Non-Resident Indians (NRIs). Here’s a closer look at the changes and what they mean for investors.

www.indiatoday.in

 

[percolate]

One more move to make investors unhappy. Sucking every last drop of common man's blood.

 

[Lobogris]

One more move to make investors unhappy. Sucking every last drop of common man's blood.

Absolutely. The government runs after FDI around the world. In a year we get around 10 to 20 billion $ and the ministers go around trying to convince companies to invest. Look at Tesla. How much begging and changing laws for just 1 to 2 billion investment that never happened.
However, NRIs send over 100 billion $ in remittances to India every single year and what do we get? These kind of schemes to deny a little bit of interest on retirement savings. Imagine a poor labourer or cook goes to the Gulf and works at a salart of 50k Indian Rupees per month for a few years. He can hardly save much and when he comes back and is old and hoped to retire, he finds out that the government paid zero interest on his PPF. Is this fair? Not only India is one of the few countries to deny dual citizenship (even Pakistan and Sri Lanka provide it), we have zero effort to help NRIs. Whether it is with their properties taken over by goons or anything else.