522. OCI Bank Accounts in India -

US Citizen living in India . . .

Question: I found your site very informative. I do hope I will get a response from you for the following: I have recently become a US citizen and will get a OCI Card shortly. I have been a resident in India (78 years) and would continue a resident on my return in April. I need to know the following: 1. I have regular Rupee savings accounts in Indian Baanks. If I continue as a resident in India (residing for more than 182 days in a year), can I maintain my old re accounts? Do I need to inform the banks about the change in status? I have no income from abroad. 2. I have UTI Mutual Fund investments. Is something required to be done. I have KYC and also PAN. Krishnan Answer: If you live in India permanently and visit USA for occasional trips then you would be considered resident in India. Residents of India despite their citizenship status can have resident bank accounts in India. (RBI Notification No.5/2000-RB dated May 3, 2000) NRIs making investments in Mutual Funds in India are required to have NRE or NRO bank accounts in India. I am not sure under what circumstances you made your investments in UTI mutual funds (as resident or non-resident). I would suggest you contact UTI and keep them informed of your residential and citizenship status. Notify them of your change of status as that of being a US citizen residing in India with OCI. I believe their email address is uti-nri@uti.co.in. They should be able to guide you on proper procedure in this regard. Note: NRIs who become residents in India are required to get their NRE/NRO bank accounts re- designated as resident accounts. They may also have an option to keep their foreign currency by opening a Resident Foreign Currency Account (RFC)in India.