PPF Investments still allowed?

[abdallah20]

I am an NRI and heard that 80c exemption is no longer there. I don’t need it as I don’t have income in India but I would still like to save the INR 1.5 lacs in PPF every year as it is a safe and decent investment option. Am I allowed to do that or have PPF Accounts stopped accepting any investments in 2020?

 

[elijah1933]

@abdallah20 PPF is still an option. You can continue to deposit in the same. There has been a recent revision in the interest rates, though : they've been revised downwards from 7.9% to 7.1%.

A downward revision in all small savings schemes' rates.

P.S. : Exemptions have been made optional, not been removed.

 

[abdallah20]

@elijah1933 Thank you.

 

[abdallah20]

@elijah1933 Thank you.

 

[vaden30]

@abdallah20 NRIs are only allowed to continue their PPF investments until the maturity date of their already-active accounts. After that the entire amount should be withdrawn and the account will be closed.

 

[johnfish]

@abdallah20 Your PPF account needs to be closed as per Indian rule.

 

[catamoras]

@johnfish That's not correct. NRI cannot open new account, only continue to deposit in existing account. They cannot extend after 15 yrs as well.

 

[reyduhad]

@abdallah20 80C is not removed, only made optional. You can still use an ELSS MF scheme for availing that