Can I open a regular savings or checking account in an Indian bank if I am a Canadian citizen with an OCI card in India?

As a Canadian citizen with an Overseas Citizen of India (OCI) card, you have specific privileges when it comes to opening bank accounts in India, but there are some limitations and distinctions to consider.

Opening Resident Accounts

While OCIs can enjoy many benefits similar to those of Indian residents, they can indeed open resident bank accounts in India under certain conditions. However, if you intend to stay in India for an indefinite period and stay more than 182 days, you would need to convert your NRI/NRO/NRE accounts to resident accounts or other appropriate types like RFC (Resident Foreign Currency) accounts4.

Non-Resident Accounts

OCIs are eligible to open the following types of non-resident accounts in India:

• Non-Resident External (NRE) Accounts: These accounts are used for income earned outside India, are tax-free, and allow for free repatriation of funds25.
• Non-Resident Ordinary (NRO) Accounts: These accounts are used for managing income earned in India and have certain repatriation restrictions25.
• Foreign Currency Non-Resident (FCNR) Accounts: These are term deposit accounts that can be held in various foreign currencies acceptable by the RBI2.

Specific Requirements

To open any of these accounts, you typically need to provide identification proof such as your OCI card, a valid passport, and proof of overseas and Indian address5.

In summary, while you can open various types of accounts as an OCI holder, opening a regular savings or checking account as if you were a resident Indian might require you to meet specific residency criteria or convert your account type if you stay in India for more than 182 days. However, you have the flexibility to open NRE, NRO, or FCNR accounts which cater to the financial needs of OCIs.