Post office savings schemes like PPF (Public Provident Fund) and NSC (National Savings Certificates) will now get closed prior to maturity if the holder of such accounts changes his status from ‘resident’ to ‘NRI’ (Non-Resident Indian), the government has announced. Also, “such holders will earn only post office savings account rate of 4 per cent and not the higher rate on those instruments when the status was one of resident. In the case of public provident fund, the account is deemed to be closed the day the status of the account holder changes to NRI,” said a PTI report.

Post office savings schemes like PPF (Public Provident Fund) and NSC (National Savings Certificates) will now get closed prior to maturity if the holder of such accounts changes his status from ‘resident’ to ‘NRI’ (Non-Resident Indian), the government has announced. Also, “such holders will earn only post office savings account rate of 4 per cent and not the higher rate on those instruments when the status was one of resident. In the case of public provident fund, the account is deemed to be closed the day the status of the account holder changes to NRI,” said a PTI report.