How to Withdraw from PPF and SSY Accounts as an NRI in SBI Bank
As a Non-Resident Indian (NRI), managing your financial accounts can be a unique challenge. Specifically, the tasks of closing your PPF (Public Provident Fund) and SSY (Sukanya Samriddhi Yojana) accounts become more intricate. This article provides a detailed guide on how to close these accounts and what documents you need for each process.
1. Closing Your PPF Account as an NRI
Eligibility
It's important to understand that as an NRI, you are not allowed to continue or extend your PPF account beyond its maturity period. If you wish to withdraw money from your PPF account before it matures, this can be done after the account has been active for at least 5 years.
Documents Required
Written Request for Account Closure Copy of Passport and Visa to prove NRI status Passport-sized Photograph KYC (Know Your Customer) Documents as required by your bankSteps to Follow
Visit your local SBI branch where your PPF account is held or contact their customer service for guidance.
Submit the closure request along with all the necessary documents.
Ensure that the funds from your PPF account are transferred to your NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account as per applicable rules.
2. Closing Your SSY Account as an NRI
Eligibility
NRIs are not eligible to hold a Sukanya Samriddhi Yojana (SSY) account. You can close the SSY account if you wish to do so at maturity, or if you are planning to withdraw funds, it is best to do so after the account holder turns 21 years old.
Documents Required
Written Request for Account Closure Copy of Passport and Visa KYC Documents Birth Certificate of the Girl Child (if applicable)Steps to Follow
Visit your local SBI branch or the branch where the SSY account was opened.
Submit the closure request along with all the necessary documents.
After processing your request, the bank will close the SSY account and transfer the funds to your NRE or NRO account as per applicable rules.
Additional Tips
Contact SBI Customer Service: Before proceeding, it is advisable to contact SBI customer service or visit their website for any specific instructions or changes in policy related to NRIs.
Review Tax Implications: Be aware of any tax implications associated with the closure of these accounts, especially if a withdrawal is made before maturity.
Keep Updated: Always check with your bank for the most current procedures as policies may change over time.
Following these steps will help you successfully close your PPF and SSY accounts as an NRI, ensuring that your funds are transferred to your NRE/NRO accounts without any complications. Remember, careful planning and adherence to the required documentation will streamline the process and ensure a smooth transition of your financial responsibilities.