Quick Answer: What Is Difference Between OCI And NRI?

Can OCI have NRI account?

Non-resident accounts are only available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).

There are 3 types of bank account you can open as an NRI, PIO or OCI: a Non-Resident External Account (NRE) a Non-Resident Ordinary Account (NRO).

What are the benefits of OCI card?

Following benefits will accrue to an OCI:Multiple entry, multi-purpose lifelong visa to visit India;Exemption from reporting to Police authorities for any length of stay in India; and.Parity with NRIs in financial, economic and educational fields except in the acquisition of agricultural or plantation properties.More items…

Which is better OCI or Visa?

If you require an OCI card for staying in India for under five years, opting for an India visa is an ideal choice. … Thus, it saves you both time and money unlike applying for an OCI card. Moreover, in the case of your stay exceeding the 5-year mark, you can always apply for a new visa.

How long can I live in India with OCI card?

Overseas Citizenship of India (OCI) is a form of permanent residency available to people of Indian origin and their spouses which allows them to live and work in India indefinitely.

How long can a US citizen stay in India with OCI card?

OCI card holder is entitled to life-long visa free travel to India while in the case of PIO card holders it is for 15 years only.

Is Passport proof of citizenship in India?

NEW DELHI: Top government officials on Friday clarified that Aadhaar, voter ID card and passport are not citizenship documents. … The MHA spokesperson said, “Citizenship of India may be proved by giving any document relating to the date of birth or place of birth or both.

Can OCI have a PAN card?

People who hold Indian citizenship and settled abroad should use the Form 49A available for Indian citizens. Whereas NRIs who hold foreign citizenship, such as OCI holders or people of Indian origin who possess foreign citizenship or foreigners who are not of Indian origin are required to fill Form 49AA.

Can I cancel my OCI card?

Whenever a valid OCI card holder decides to cancel/renounce his /her OCI registration can do so by following steps. Applicant shall apply in person to the Indian Mission/Post where OCI registration was granted. Go to the respective office. … This application will be processed further to cancel or renounce OCI.

What are the disadvantages of OCI card?

It is not a travel document and should not be considered a DUAL CITIZENSHIP. The negative is no voting rights and holding of agricultural land is prohibited. As an OCI is not dual. citizenship the holder is not elgible for any grants subsidies which are available to Indian citizen.

Can I own property in India with OCI?

Can an Overseas Citizen of India (OCI) card holder or NRI buy/sell real estate in India? A. 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 OCI have bank account in India?

Non-resident accounts are only available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). … There are 3 types of bank account you can open as an NRI, PIO or OCI: a Non-Resident External Account (NRE) a Non-Resident Ordinary Account (NRO)

Do OCI holders need to pay tax in India?

In case of NRIs/PIO/OCI, who have lived for less than 182 days (in any financial year in India), will have to pay tax and file income tax return only on the income earned in India. CBDT has prescribed TDS for NRIs for various asset classes and the TDS rate for NRIs is higher than that for Resident Indians.

What is the new OCI rule?

Under a new rule, foreign nationals of Indian origin must have six months of continuous stay in India or their country of residence (if different than their country of citizenship) before they submit an OCI application.

Is NRI and OCI same?

Individuals living overseas can be classified into three major categories — Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and Overseas Citizen of India (OCI). Non-Resident Indians (NRIs): … NRIs are eligible to vote, and most importantly, only the income that they have earned in India is taxable in India.

Is OCI considered Indian citizen?

Can a person registered as an OCI be granted Indian citizenship? Yes. As per the provisions of section 5(1) (g) of the Citizenship Act, 1955, a person who is registered as an OCI for 5 years and is residing in India for 1 year out of the above 5 years, is eligible to apply for Indian Citizenship.

Is OCI good or bad?

OCI isn’t a substitute for dual citizenship and doesn’t offer all the benefits other citizens of India have. However, with this, you can get life long visa free entry to India and exemption from having to report your stay and movements to police when you’re in the country.

Is OCI card valid for life?

OCI card holders are required to get their OCI cards reissued whenever passport is renewed for persons under twenty years of age, and OCI card needs to be renewed after crossing 50 years of age only once, that too when the US passport is renewed.

Who qualifies for NRI status?

The positive aspect is that in most cases, NRIs can continue to visit India for up to 181 days in the financial year and even in other cases where the period of stay in India is 120 days (and also for 365 days or more in preceding 4 years) or more or in case of Indian citizens who are not tax residents of any other …