Financial benefits of NRE accounts when moving to India with OCI Status

[Ranjsingh]

I am a British Citizen living in the UK with OCI status. Currently i have NRE accounts in india which i am exempt from paying tax on. I am now planning to spend a few years in india with a possibility to remain there for longer under my oci status. I am curious as to whether i would still beable to have the NRE benefits (non taxable) as i planned to take all my savings to india and utilise them in FD's in the NRE accounts.

Just to make it clear i would maintain my british citizenship while living abroad. I would not have a registered address in the uk.

Would really appreciate if some one could give me some advice before i make the move.

Thanks in advance

[sathyauk]

Please see the link below, which may help you

https://www.axisbank.com/progress-with- ... 20vs%20OCI,)%20Accounts%20FCNR(B).

[jojo001]

Your passport or citizenship doesn't have anything to do with maintaining the NRE status

Whether an Indian passport holder with NRI status or a foriegn citizen , you lose your NRE status if you spend too long in India

The safe period averages out at at around 90 days per year over a 5 year period if you plan to spend some time in india every year .. you have to be careful as you can even lose it in 60 days if you spend too long in previous years..

Income Tax Act's NRI Definition: An individual is an NRI if they've been in India for less than 182 days in the preceding financial year or if they've been in India for less than 60 days during the previous year and 365 days or less during the past four years