Being US Citizen and holding OCI, if I ever want to stay in India for good can I open Savings Fund Account / Fixed Deposit Account just like a normal Indian. I am not talking about NRE,NRO, FCNR account etc. Please advice.
Being US Citizen and holding OCI, if I ever want to stay in India for good can I open Savings Fund Account / Fixed Deposit Account just like a normal Indian. I am not talking about NRE,NRO, FCNR account etc. Please advice.
No! Per RBI guidelines foreign nationals (even with OCI) are not allowed to open regular bank accounts even if they relocate to India. You will have to go with the NRE/NRO accounts unless you renounce your US citizenship and take Indian citizenship.
Can u pls point to these guidelines?
http://www.rbi.org.in/scripts/FAQView.aspx?Id=30
FAQs on Accounts opened by Foreign Nationals and Foreign Tourists
2. Can foreign nationals resident in India open resident account ?
Yes. Foreign nationals resident in India can open and maintain resident Rupee account in India.
I saw your post after I posted my previous message. Based on your link it looks like even foreign citizens of Non-Indian origin residing in India can open regular accounts (so obviously NRI/PIO/OCI will be allowed to). I will check with my sister and get back on why she had that confusion then. Thanks for clearing this up.
Thanks for you response. Now I am replying to my own question. I think I have to declare TR (Transfer) while passing customs in India. With that I can go to banks and convert NRI/NRO accounts to Savings Fund account, fixed deposit etc.
http://www.indusladies.com/forums/money-matters/76478-us-citizens-moving-to-india.html
I saw your post after I posted my previous message. Based on your link it looks like even foreign citizens of Non-Indian origin residing in India can open regular accounts (so obviously NRI/PIO/OCI will be allowed to). I will check with my sister and get back on why she had that confusion then. Thanks for clearing this up.