text: The Public Provident Fund (PPF) is a voluntary savings-cum-tax-reduction social security instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns combined with income tax benefits. The scheme is offered by the Central Government. Balance in the PPF account is not subject to attachment under any order or decree of court under the Government Savings Banks Act, 1873. However, Income Tax & other Government authorities can attach the account for recovering tax dues.
  The 2019 Public Provident Fund Scheme, introduced by the Government on 12 December 2019, resulted in the rescinding of the earlier 1968 Public Provident Fund Scheme.
  Eligibility
  Individuals who are residents of India are eligible to open their account under the Public Provident Fund and are entitled to tax-free returns.
  Non resident Indians
  As of August 2018, according to the Indian Ministry of Finance (Department of Economic Affairs), NRIs ( Non-resident Indians) are not allowed to open new PPF accounts. However, they can continue their existing PPF accounts until their 15-year maturity period. An amendment to earlier rules allowing NRIs to invest in PPF was proposed in the 2018 Finance Bill, but has not yet been approved.
  In October 2017, a notification was passed by the Ministry of Finance regarding an amendment to the PPF scheme of 1968, which would deem a PPF account closed from the day a person became a non-resident. This led to much confusion. Subsequently, the ministry issued an office memorandum in February 2018 keeping the above notification in abeyance until any further order on this matter. Thus, the situation remained unchanged.