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OCI and Savings Fund/Fixed Deposit Account in India
- Thread starter laddoorao
- Start date
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.
Yes, you can. You will have to watch for tax issues though.
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
http://www.indusladies.com/forums/money-matters/76478-us-citizens-moving-to-india.html
richmondva
Registered Users (C)
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.
sanjoseaug20
Registered Users (C)
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?
I don't think such guidelines exist. However there are guidelines (please see the attached links) that suggest how to open Savings/Fixed Deposit account if a foreign national is a resident of India. The is something called QA 22
http://www.rbi.org.in/scripts/ECMUserChapterDetail.aspx?Id=382&CatID=13
http://www.rbi.org.in/scripts/FAQView.aspx?Id=30
http://www.rbi.org.in/scripts/ECMUserChapterDetail.aspx?Id=382&CatID=13
http://www.rbi.org.in/scripts/FAQView.aspx?Id=30
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.
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.
richmondva
Registered Users (C)
Can u pls point to these guidelines?
I know it because my USC sister moved to India around a year ago and she has done substantial research on bank accounts, cell phones, PAN cards, drivers license etc. I will check if she has any pointers and post if available. Apparently returning NRI's/PIO's should open an account known as RFC (Resident Foreign Currency) Account.
Of course this is all if you go by the books. I have a few friends who have been in the US for a number of years but still have and operate Indian bank accounts.
A site that my sister recommended that could be helpful to NRI's returning to India is:
http://www.nriinformation.com/
Not sure if it has any information directly about your question or not but on a cursory glance it seemed pretty useful at least at a summary level.
richmondva
Registered Users (C)
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.
I doubt why India would have such restriction? Say, for ex: A person coming to US on H1 can open a regular bank a/cs.
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
As in the link posted I dont think OCI can get Ration Card in India.
( I know that by giving"chai Pani" one can get anything in India)
sanjoseaug20
Registered Users (C)
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.
This is a good thread. Need to bookmark. Done.
The reason I asked is because I have heard 100 different stories from bankers about what I can do (a lot), but none wanted to give that in writing.
Again, even these guidelines are no consolation against a banker who does not know the rules or does not want to know the rules.
agree very good thread. I think in India personal experience matters most than any rules and regulations. If you go to the bank different people will tell different things. However in US things are very standardized. richmondva did u get a chance to check with your sister?