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NRIs – Benefits of investment in PPF/NSC will no longer available

The Central Government of India has amended the Public Provident Fund (PPF) Scheme, 1968 and National Savings Certificate (NSC) (VIII-Issue) Rules, 1989. The summary of impact of such ammendment is as under:

i) The accounts held under such schemes by Indian residents are deemed to be closed with effect from the date they become non-residents of India (NRI).

ii) The interest shall be paid at the rate applicable to the Post Office Saving Account (POSA) (i.e 4% instead of 7.8% ) from the date of deemed closure/ encashment up to the last day of    the month preceding the month in which the same is actually closed/ encashed.