Can OCI have an NRI account?
SBNRI Team
answered on 10/03/2023
Can OCI have an NRI account?
Yes, OCI can open NRE/NRO/FCNR accounts in India as they are entitled to similar benefits as NRIs. Here is an overview of the accounts for you to choose the best account as per your needs:
Factors to consider | Non Resident External (NRE) Account | Non Resident Ordinary (NRO) Account | Foreign Currency Non Resident (FCNR) Account | |
Purpose | For income earned outside India | For income earned from India (pension, rent etc.) | Foreign Currency Investment in India | |
Currency | INR | INR | USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF | |
Tenure of Deposits | 1 year to 10 years | 7 days to 10 years | 1 year to 5 years | |
Interest | Up to 7.95%* | Up to 7.30%* | Up to 3.05%* | |
Repatriation (transfer of money from Indian bank account to foreign bank account) | Both Principal (money invested initially) and Interest completely repatriable | Up to a maximum of 1 million USD per financial year | Both Principal and Interest completely repatriable | |
Tax Deductions | No tax | Tax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in India | No tax | |
If you have more queries like “Can OCI have an NRI Account”, You can get in touch with experts at SBNRI to get specialized advisory on NRI Account Opening in India. Click on the button below to contact us. NRI Bank Accounts provide an opportunity to park your funds both generated abroad and in India and save taxes wherever applicable. You can also get in touch with us to sort your taxation in India along with getting specialized advisory on finances including planning your investments in India and much more. Think of India, Think SBNRI.
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