Can OCI holders open PPF account in India

Question: Can OCI holders open PPF account in India?

Answer(s)

Raju Kanumuri: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on the subject of bank accounts, technically such OCIs cannot continue to hold NRO or NRE accounts. This is because residents cannot have Non-Resident bank accounts. In such cases they are expected to re-designate their NRO accounts to Resident bank account. They can:
1.Open a resident account and move the balances of their NRO account into this account.
2. Open a RFC account (Resident Foreign Currency) and transfer the balances in their NRE account into this account.

Your Answer

Related Questions

Q: How much finance can an NRI avail against the property value?

A: An NRI can borrow up to 75 % of the market value of your property subject to your income eligibility.

Q: For how long period can an NRI get a home loan?

A: NRI's can get home loans from a minimum of three years to maximum of 15 years.

Q: What is the minimum income requirement for an NRI to get loans?

A: * For Middle East countries: 3, 00,000 AED (UAE Dhms) per annum * For USA and other countries: 80,000 USD per annum * For Merchant navy: 50,000 USD per annum

Q: What is the applicable rate of interest on NRI loans?

A: The rate of interest varies depending upon your loan amount, property type, income, etc and this will be communicated to you by our sales representatives.

Ask