Can NRIs continue to maintain EPF accounts?

,Vinayak Kamathi

As per the latest Employees’ Provident Fund (EPF) norms, an EPF account becomes ‘inoperative’ if the employee does not apply for withdrawal of accumulated EPF balance even if the member completes 36 months from the time of retirement after receiving Be gone At the age of 55 years, or by reason of permanent stay abroad, or on account of death of the member or after the member has withdrawn all retirement funds. The balance in your EPF account earns interest till you reach the age of 58 years.

I am an NRI and the proceeds of my matured Public Provident Fund (PPF) account are in a Non-Resident Ordinary (NRO) account, to which I wish to book a fixed deposit for a longer period. But interest on NRO fixed deposits will attract 30% Tax Deducted at Source (TDS). I want to return these funds to my country of residence and then repatriate them to Non-Residential Outstation (NRE) and then book a fixed deposit to provide a source for my child education investments year after year I want Please tell me which document is required?

, Rahul Joshi

You are allowed to repatriate the money held in your NRO account after you have duly paid taxes on any income earned in India and credited to your NRO account. You are allowed to remit up to $1 million in a financial year. However, you can also choose to transfer directly from your NRO account to your NRE account. The same limit of $1 million applies for transfers from NRO to NRE account. Check with your bank about the documents that will be needed to transfer them. Usually, this requires you to submit a Form 15CA and 15CB through a Chartered Accountant, as specified.

Archit Gupta is the founder and CEO of Clear.in.