Q.1275 Opening savings account at a post office in India

Question: Can an OCI open a Savings Account at á Post Office? I am told by the post office No he cannot. Why? Regards Answer: Post office savings accounts are only for Indians. Accounts such as a basic savings account can be opened by Indans with just Rupees 20 deposit. The maximum deposit being one lakh. Post office accounts are generally helpful for elederly people who can go the their nearby post office for banking purposes. Similar to bank account opening KYC guidelines are followed even for post office account opening but the process is fairly simpler when it comes to opening an account. The reason OCI holder cannot open account at post office is because OCI holders are not Indian citizens but foreigners. OCI is a lifetime visa for India but the OCI holder continues to be a foreiger. OCI holders must have a valid foreign passport to be in India.
Information by Virendar Chand
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Q.1275 Opening savings account

at a post office in India

Question: Can an OCI open a Savings Account at á Post Office? I am told by the post office No he cannot. Why? Regards Answer: Post office savings accounts are only for Indians. Accounts such as a basic savings account can be opened by Indans with just Rupees 20 deposit. The maximum deposit being one lakh. Post office accounts are generally helpful for elederly people who can go the their nearby post office for banking purposes. Similar to bank account opening KYC guidelines are followed even for post office account opening but the process is fairly simpler when it comes to opening an account. The reason OCI holder cannot open account at post office is because OCI holders are not Indian citizens but foreigners. OCI is a lifetime visa for India but the OCI holder continues to be a foreiger. OCI holders must have a valid foreign passport to be in India.
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