Do you know non resident Indians (NRI's) and Canadian PR holders are not allowed to make fresh deposits in PPF accounts in India?
Yes, but it's true. RBI rules says that NRIs must convert all their resident savings and deposit accounts to non-resident accounts upon their departure from India
If you are planning to move to Canada or any other country where you are going to settle than take note regarding your money / investments.
- As per RBI regulations NRIs before leaving for their new country of residence must convert all their resident savings and deposit accounts to non-resident accounts if they plan to settle abroad.
- NRIs cannot make fresh deposits to their PPF accounts however, they can continue to hold their pre-existing PPF accounts, which were opened while they were resident, until maturity period, which is 15 years. Accretions to PPF accounts are not taxable in India, however, once you become a tax resident of Canada (or country where you settled), you will have to check your local laws to find out how these incomes will be taxed in your country or not.
- You may continue to hold your mutual funds too but can't make fresh investments without knowledge of SEBI.
Disclaimer: Above facts / data is not the view of blogger, it is based on the study / actual discussion with concerned persons.
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