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PPF Account Changes: Why Minors & NRIs Should Consider Closing Their PPF Accounts
The Public Provident Fund (PPF) is a popular long-term savings option, but recent changes in rules have created significant challenges for NRIs and minors holding PPF accounts. If you or your child has a PPF account, it’s crucial to understand these changes and decide whether continuing the account is the right financial move.

1. PPF Rules for NRIs: Why Closure is Advisable
NRIs (Non-Resident Indians) face severe restrictions on PPF accounts:

✅ No Fresh Contributions Allowed: If you become an NRI after opening a PPF account as a resident Indian, you cannot make further deposits.
✅ Interest Rate Limitations: After your residential status changes, your PPF balance will only earn the post office savings account interest rate (around 4% instead of the usual 7-8%).
✅ No Extensions Beyond 15 Years: Unlike resident Indians, NRIs cannot extend their PPF accounts after the initial 15-year maturity period.

💡 Impact: The combination of low returns and restricted contributions makes it financially unwise for NRIs to keep their PPF accounts open. Closing the account and shifting funds to better investment options like NRE fixed deposits or global mutual funds is a smarter choice.

2. PPF Accounts for Minors: What Parents Should Know
Many parents open PPF accounts for their minor children to secure their future. However, managing these accounts has become complicated due to regulatory concerns:

✅ Restrictions on Withdrawal: Partial withdrawals from a minor’s PPF account require complex approvals, limiting fund accessibility in emergencies.
✅ Tax Implications: The interest earned in a minor’s PPF account is clubbed with the parent’s income under clubbing provisions, which may impact tax planning.
✅ Future Contribution Issues: If a minor turns NRI before the account matures, it faces the same restrictions as an NRI’s PPF account, earning lower interest.

💡 Impact: If you’re contributing to a minor’s PPF account, it’s worth evaluating whether alternative investments like Sukanya Samriddhi Yojana (for girls) or a diversified mutual fund portfolio would offer better flexibility and returns.

3. Should You Close Your PPF Account? Steps & Alternatives
If you fall into one of these categories, closing the PPF account may be a smart financial decision. Here’s how:

🔹 Check Account Maturity: If your PPF account has completed 15 years, withdraw the amount and invest elsewhere.
🔹 For NRIs: You may close the account after maturity or transfer the amount to an NRE/NRO account for better returns.
🔹 For Minors: Assess if long-term investment goals can be met through other tax-efficient and high-return instruments.

Better Alternatives to PPF:
✔️ NRE/NRO Fixed Deposits – Higher interest rates for NRIs with full repatriability.
✔️ Mutual Funds (Equity & Debt) – Higher returns with flexible liquidity.
✔️ Sukanya Samriddhi Yojana – For girl child investors with better returns than PPF.
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