New PPF-NSC rules to hit NRIs

You might have to close these accounts if you move abroad for a year or two. Those already abroad will be paid a lower interest rate since the date of turning non-resident

Earlier, if you became a non-resident Indian (NRI), you could not open a Public Provident Fund (PPF) account. However, if you had one at the time of becoming an NRI, you could continue with it and enjoy the same benefits as a resident citizen but not extend the account. From now, goes an October 3 notification, as soon as a person becomes an NRI, his PPF account will be deemed closed. From the day he turns NRI till the time he withdraws the money, the amount in his account will earn the interest rate payable on a post office savings