Common Frequently Asked Questions

To apply for PIO to OCI conversion, you need to follow these steps. First, you need to fill out your application form, upload all the essential and attested documents for your conversion application, and submit your application to the or For the offline application submission, get a print of your application form, attach all the documents, and submit it to the offline BLS center.

To check your OCI application status Canada, you need to visit the official website of the OCI services and select the 'Status Enquiry' section, and after filling in the application number and your passport number, you can see the real-time status of your Canada OCI application.

The normal time for an OCI Canada application is around 6-8 weeks to process your OCI card. The processing time also depends on the information and documents that you have uploaded. If all your documents are correct, then you can receive your OCI application quickly.

Application for OCI in Canada can be applied for by foreign nationals who were citizens of India on and after 26 January, 1950, Indian descendants, or belong to the Indian territory that became part after 15 August, 1947, and spouses of Indian citizens or OCI cardholders.

Transferring funds to your NRO account is a straightforward process. You can transfer funds through online banking, the bank app, or by entering the IFSC code and the amount you need to transfer directly into the bank.

Yes, NRIs can open multiple NRO accounts in India with different banks. There is no limitation on opening an NRO account for NRIs.

Yes, you can deposit cash into your NRO account from a legitimate source, such as rent, salary, or any other legal business in India. Foreign currency exchange is not allowed in NRO accounts.

Yes, an NRI can invest in mutual funds in India with an NRO account. An NRI person can invest in various mutual fund schemes through the online NRE account services.

Yes, you can transfer money from the NRO to the NRE account through the online Banking services. However, there are some conditions to be aware of: you can only transfer a limit of USD 1 million per fiscal year.

Yes, you can convert a savings account to an NRO account online from the bank's official website to its mobile app. To proceed, you must fill out an online application form, upload all necessary documents, and complete the KYC process.

Yes, OCI cardholders can open an NRO account and utilize its benefits.

To apply for an NRO account, you must collect all the necessary documents for KYC. Your documents will be sent for verification to your NRO account opening agency. After verification, the Visament agent will register a file to open an NRO account in your preferred bank, such as an HDFC NRO account, an ICICI NRO account, an SBI NRO account, and many more. Your account will be activated within 5-10 days.

To avoid Tax deductions, you can claim a tax deduction on your interest, which is up to 10,000 INR, from your NRO Savings account online, as per section 80TTA of the Income Tax Act.

Here are some key benefits of an NRO account: easy fund transfer from abroad, cash withdrawal from ATMs, bill payments, donations, and earning high interest on NRO savings accounts.

It is an Account that is made for non-resident Indians (NRIs), Overseas Citizens of India (OCI), and PIOs to manage their income earned in India.

An NRE accounts help NRIs to deposit their foreign deposits into Indian banks, and an FCNR accounts allow NRIs to deposit in various currencies.

Here are some of the Indian banks that are best for an NRE account: HDFC Bank, ICICI Bank, Kotak Bank, Yes Bank, Axis Bank, DBS Bank, SBI Bank, Federal Bank, and Bank of Baroda.

No, you cannot deposit your Indian currency funds into your NRE account directly because it allows the transfer of foreign funds generated from outside India.

NRE accounts abroad have several limitations to consider, including limited investments, Withdrawal restrictions, no domestic transactions, and the risk of currency fluctuations when transferring funds. Additionally, you cannot close your NRE savings account before converting it into a Resident Indian account.

To open an NRE account, you need to wait for 5-10 business days for the processing of your NRE account.