I have been living in US for 2 years and working on H1B visa. I might continue staying here for few more years. Before coming to US, I had opened a PPF account with State Bank of India. My question is, can I continue depositing money every year to PPF account? or is there a law that prohibits me from depositing money in PPF while living abroad as an NRI?
I had opened a PPF account with State Bank of India.
If you had opened the account before you became NRI its fine. NRI cannot Open a new PPF Account.
can I continue depositing money every year to PPF account?
If you already have an PPF account, you can deposit funds into this. Best via transfers from NRE/NRO account.
living in US for 2 years
Incase you have not deposited into PPF for a given year, you need to pay a penalty of Rs 50 every year and a Minimum of Rs 500 every year. So for 2 years your would need to pay Rs 1100/- to regularize the account. Normal contributions can begin after you regularize.
continue staying here for few more years
The PPF account cannot be closed, you can make deposits as above. On Maturity [15 years] you are expected to close the account and can transfer funds outside of India via the NRO account.