Can resident Indian Open bank account outside India?

12 min read. A resident of India can open, hold and maintain foreign currency accounts in and outside India. The Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 regulates the foreign currency accounts opened in India.

Can OCI holders have bank account in India?

OCI cardholders are permitted for opening NRO (Non-Residents Ordinary Accounts), NRE (Non-Residents External accounts), and FCNR (B) (Foreign Currency Non-Resident Bank) bank accounts. They are also permitted for opening domestic accounts in some instances.

Can US citizen have Indian bank account?

NRIs in USA can open an NRI account online or by visiting any of the bank branches. NRIs in USA can open ICICI NRE, NRO, FCNR, RFC accounts. NRIs can park their US income in an ICICI NRE account. Interest earned is not taxable in India.

How long can I stay in India with OCI?

cardholders? (i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.

Can an NRI hold a resident account?

No, NRIs can’t continue with a resident savings account. Once your resident status changes to NRI, you can’t operate a resident account. As per the RBI, it’s mandatory for NRIs to open an NRI bank account to conduct financial transactions in India.

Can OCI open a PPF account?

No. You can’t open a PPF Account in India as the guidelines for PPF are the same for NRIs and OCIs.

Can OCI holder buy property in India?

As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. The guidelines also state that one can buy any number of residential or commercial properties. But, they can inherit the agricultural land/plantation property/ farmland.

Can OCI buy land India?

As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. However, they are not permitted to invest in farmland, plantation land, and agriculture land.

Can I keep my NRE account after returning to India?

You cannot maintain your NRE account and NRE FDs when you are an RNOR. You need to convert your NRE account to resident account immediately upon returning to India. You need to convert these accounts to resident accounts within a reasonable period of time. The reasonable period can be assumed as 3 months.

Can a non-resident Indian Open a bank account in India?

Once you get USC you are no longer an Indian, let alone a Non Resident Indian. Once you apply for the OCI, thats a different story. Now switching to bank accounts. Legally, once you reside outside India as NRI or OCI you need to open an NRO or NRE account.

Do I have to change my bank account when changing citizenship?

So, you needed to convert all your bank accounts that you had as an Indian resident to NRO back when you changed your status to NRI. Putting it differently, changing citizenship or getting OCI doesn’t mean that you have to change your bank accounts to NRE or NRO.

Can a green card holder change the status of his bank account?

In fact even as a green card holder you need to change the status of your bank account. As a GC holder you were a Non Resident Indian (NRI). Once you get USC you are no longer an Indian, let alone a Non Resident Indian. Once you apply for the OCI, thats a different story. Now switching to bank accounts.

How do I transfer money from us to India?

If you are still afraid you may want to simply close the account and open and NRE/NRO with one of the private banks (Citibank,ICICI etc.) You can open those accounts from right here in the US. Once the accounts are opened you have free money transfers, online money transfers, bill payment facilities in india etc.