Overseas Citizen of India
OCI is person of Indian origin holding a foreign passport. If you reside in some other country but originally from India and surrendered your Indian passport to obtain a Foreign Passport, then you can get the OCI card from Indian passport office. It should not be mistaken with dual citizenship. An OCI person neither get an Indian Passport nor have any voting rights. But OCI has some advantages when it comes to banking.
Recommended Read : OCI Card Holder requirements (Govt. of India website)
OCI and its benefits
A person with an OCI card may enjoy some benefits like:
- Can have an Indian rupee bank account with lifelong validity.
- Can buy properties, holdings, houses but not agricultural land and plantations (but can inherit them)
- Can lend money to Indian residents
- Can possess a brokerage account
- Can have investments in India
Who all can have this OCI card?
Any citizen of India who works and earns from foreign countries can have an OCI card.The main advantages to be quoted are that these persons get an ease on all transactions when compared to a normal NRI, they get a lifelong visa in India, can have some professions In India (Doctor, Nurse, and Charted Accountant), and only need to pay tax for money earned in India etc.
