Q954. OCI holder opening Senior Citizen Savings Scheme account in India

Question: Dear Sir, Thanks very much for the info on nriinformation.com. It is extremely useful!!! I am a US citizen and OCI Cardholder settled in India for over 10 years. I have been filing IT returns in India and US though almost all of my assets and income are in India. I had been working in private sector in India and recently retired after completing 60 years. Can I invest in SCSS (Senior Citizen Savings Scheme)? Thanks once again for the excellent info on the portal!!! Regards,

Answer: NRIs are not eligible to open new Senior Citizen Saving Scheme [SCSS] accounts even though they can continue to maintain any such account they held prior to becoming non-resident. As an OCI living in India for over 10 years there is no way you would be considered to be a non-resident of India. Residents over age 60 can open such accounts and I believe you should be able to. More information on this topic and confusion that results in decoding eligibility of various schemes for NRIs and OCI holders living in India as residents is available on Nri Information, kindly view article titled: Ambiguity in decoding NRI rules for OCI holders who become residents of India >>

Information by Virendar Chand