Can OCI Cardholders Open a GIFT City Bank Account?

OCI cardholders can open a GIFT City bank account.

This is confirmed by multiple IBUs. ICICI Bank's Global Savings Account page explicitly states: "Only NRIs, OCIs, and PIOs can open this account." Source: ICICI Bank GIFT City Global Savings Account page.

ICICI Bank's GIFT City FAQs further confirm that for OCIs opening a savings or current account, Form 60 can be provided in absence of PAN. Source: ICICI Bank GIFT City FAQs.

But the short answer is only the beginning.

The more useful question is: what does GIFT City banking actually mean for an OCI cardholder, how does the process work, what documents do you need, and where do the nuances sit?

That is what this article covers.

What Is an OCI Cardholder Under Indian Law?

OCI stands for Overseas Citizen of India.

An OCI card is issued to foreign nationals of Indian origin by the Indian government. It allows holders to live and work in India indefinitely, own non-agricultural property, and access most rights available to Indian citizens, except the right to vote and hold public office.

Source: Ministry of Home Affairs, Citizenship Act 1955, Section 7A.

OCI cards were introduced in 2005 as a lifelong visa for persons of Indian origin who have taken foreign citizenship.

In 2015, the PIO (Person of Indian Origin) card scheme was merged with OCI. All PIO cardholders were required to convert to OCI cards. The PIO card validity was extended through December 31, 2025 for holders who had not yet converted.

Source: Ministry of External Affairs; Belong GIFT City questions article.

For banking and investment purposes, OCI cardholders are treated at par with NRIs under FEMA. Source: FEMA regulations; RBI Master Direction on Non-Resident Accounts.

This equivalence is the legal foundation for OCI access to GIFT City bank accounts.

How GIFT City Treats OCI Cardholders

GIFT City's IFSC is treated as foreign territory under FEMA. Transactions between GIFT City IBUs and non-resident individuals, including OCI cardholders, are treated as offshore transactions.

Since OCI cardholders are treated on par with NRIs under FEMA, they enjoy the same GIFT City benefits. Interest income is tax-free in India. Repatriation has no ceiling. No Form 15CA or 15CB is required for outward transfers.

The key distinction to understand: OCI status under FEMA is what matters for GIFT City eligibility. This is separate from residential status under the Income Tax Act.

An OCI cardholder who is currently residing in India is still treated as a non-resident under FEMA if they have taken foreign citizenship. Source: FEMA regulations; GIFT City vs RBI regulations, Belong.

But an OCI cardholder who has returned to India and is a tax resident under the Income Tax Act will have different tax treatment on their GIFT City income than a non-resident OCI. We cover this distinction later in this article.

What OCI Cardholders Can Do in GIFT City

The full GIFT City product menu is accessible to OCI cardholders.

Savings Accounts

OCI cardholders can open USD-denominated savings accounts at IBUs. At ICICI Bank IBU, the Global Savings Account is available to NRIs, OCIs, and PIOs. No minimum average balance is required.

Source: ICICI Bank GIFT City Global Savings Account page.

Currencies available include USD, GBP, EUR, CAD, AED, AUD, HKD, and SGD depending on the bank. Source: ICICI Bank GIFT City FAQs.

Fixed Deposits

FDs starting from USD 1,000 to USD 1,100 depending on the bank. Tenures from 7 days to 5 years. Interest is fully tax-free in India.

Use our NRI FD rates tool to compare current rates across banks.

For more on how GIFT City FDs compare to traditional NRE and FCNR options, see our GIFT City FDs vs regular bank FDs guide.

Mutual Funds

USD-denominated mutual funds investing in India and globally. Explore options including the DSP Global Equity Fund, the Tata India Dynamic Equity Fund, the Edelweiss Greater China Equity Fund, and the Sundaram India Mid Cap Fund through our GIFT City Mutual Funds tool.

Alternative Investment Funds

Category III AIFs with capital gains tax exemption on specified securities. Minimum investment is USD 75,000 after the February 2025 reduction. Source: IFSCA Fund Management Regulations 2022, amended 2025. Browse options on our GIFT City AIF explorer.

IPOs

OCI cardholders can participate in GIFT City IPOs denominated in USD. Browse available IPO products on Belong.

Track GIFT Nifty movements in real time using our GIFT Nifty live tracker.

👉 Tip: If you are an OCI cardholder and have been treating GIFT City as only relevant for NRIs holding Indian passports, check again. Your OCI card is explicitly recognised as a qualifying document for GIFT City account opening at multiple banks. You have full access to the ecosystem.

Documents OCI Cardholders Need to Open a GIFT City Account

Standard Documents Required

The core document set for OCI cardholders is slightly different from Indian passport-holding NRIs. Here is what most IBUs require.

Identity Proof (any one): Foreign passport (all pages or first and last pages) combined with OCI card. Source: ICICI Bank GIFT City FAQs; Kalviro Ventures GIFT City guide.

Overseas Address Proof (any one): Utility bill (electricity or gas) dated within the last three months, or a foreign bank statement. Mobile phone bills are commonly rejected. Source: Kalviro Ventures GIFT City guide.

PAN Card (or Form 60): PAN is mandatory for NRIs opening a savings or current account at ICICI IBU. For OCIs, Form 60 can be provided in the absence of PAN. Source: ICICI Bank GIFT City FAQs.

At other IBUs, PAN requirements vary. Some Category I and II AIF investments may not require PAN if the fund has already deducted applicable taxes. Source: Belong GIFT City mutual fund types guide.

Tax Residency Certificate (TRC) for select countries: For US-based OCI cardholders, a TRC (IRS Form 6166) may be required at some IBUs. Source: Kalviro Ventures GIFT City guide. Confirm with your chosen bank before starting the application.

Recent photograph: Most IBUs require a recent passport-sized photograph as part of the account opening form.

OCI-Specific Document Note

ICICI Bank's NRI account documentation page explicitly states that OCI cardholders should submit their overseas passport combined with their OCI card as identity proof. Source: ICICI Bank NRI account documents page.

This is a consistent requirement across all GIFT City IBUs we checked. The OCI card alone is not sufficient. You need your foreign passport alongside it.

Document Checklist for OCI Cardholders

Source: ICICI Bank GIFT City FAQs and Global Savings Account page; ICICI Bank NRI account documents page; Kalviro Ventures GIFT City guide. Verified May 2026.

The Onboarding Process for OCI Cardholders

The account opening process for OCI cardholders follows the same path as for NRIs.

Video KYC (V-CIP)

IFSCA introduced Video KYC (V-CIP) in July 2025. This allows OCI cardholders based in supported countries to complete onboarding entirely remotely without visiting India.

Supported countries currently include UAE, US, UK, Canada, Singapore, Germany, France, Japan, and South Korea. Source: IFSCA V-CIP guidelines, July 2025.

The V-CIP session itself takes 15 to 30 minutes. Account activation typically takes 3 to 7 business days at ICICI, 5 to 10 business days at HDFC, and up to 14 business days at SBI. Source: Individual bank GIFT City FAQs.

For OCI cardholders in countries not on this list, onboarding requires either a visit to India or a documentation-heavy postal process. The V-CIP country list is expected to expand. Check with your IBU for the latest supported country list before starting.

If You Have an Existing Bank Relationship

OCI cardholders who already hold NRE or NRO accounts at ICICI, HDFC, or Axis will find IBU onboarding faster. Your KYC documents are already on file. The IBU account opening piggybacks on your existing relationship.

This does not mean the IBU account opens automatically. You still need to apply separately and provide IBU-specific documentation. But the process is typically faster and involves less back-and-forth with the bank. Source: GIFT City account opening guide, Belong.

👉 Tip: If you are an OCI cardholder outside the V-CIP supported country list, consider opening your GIFT City account during your next visit to India. Most IBU branches can complete the process in person with the same document set. Plan it into your India trip rather than navigating the postal documentation route.

The PAN vs Form 60 Question for OCI Cardholders

This is a practical nuance that trips up many OCI cardholders.

Indian-passport-holding NRIs are required to have a PAN card for most financial transactions in India including GIFT City account opening. OCIs, who hold foreign passports, are not always issued PAN automatically.

ICICI Bank IBU explicitly provides for this. OCIs can submit Form 60 in place of PAN for savings and current account opening at ICICI IBU. Source: ICICI Bank GIFT City FAQs.

Form 60 is a declaration that the applicant does not hold a PAN and does not have taxable income in India above the basic exemption limit. Source: Income Tax Rule 114B.

However, having a PAN simplifies many downstream processes. For investing in GIFT City mutual funds, AIFs, and for certain tax treaty claims, PAN or its equivalent is often required or strongly recommended. Source: Belong GIFT City mutual fund types guide.

Our recommendation: If you are an OCI cardholder who regularly invests in India or plans to, apply for a PAN card. It is a one-time process and makes all future Indian financial transactions significantly smoother.

For more on the broader investment options available to OCI cardholders in India, see our guide on how OCI cardholders can invest in India.

Tax Treatment for OCI Cardholders: The Key Distinction

OCI cardholders are not a homogeneous group for tax purposes. Where you actually live determines how GIFT City income is taxed.

OCI Cardholder Living Outside India

If you are living outside India and qualify as a non-resident under both FEMA and the Income Tax Act, your GIFT City treatment matches that of any NRI.

Interest on GIFT City deposits is fully tax-free in India. No TDS is deducted. Your returns are free of Indian tax liability. Source: CBDT Circular No. 26/2016.

In your country of residence, tax obligations apply as they would for any foreign-source income.

UAE-based OCI cardholders benefit the most currently, as the UAE has no personal income tax. UK-based OCI cardholders must report this income under Self Assessment.

US-based OCI cardholders must declare it and may face PFIC complications for GIFT City mutual funds. Source: IRS PFIC guidelines; UK HMRC.

OCI Cardholder Living in India

This is where it gets more nuanced and where we see the most confusion.

If you are an OCI cardholder who has returned to India and become a tax resident under the Income Tax Act, your GIFT City income is part of your global income. It is taxable in India under normal slab rates.

The India tax-free treatment is linked to non-resident status, not to OCI card status per se. Source: Income Tax Act; IDFC FIRST Bank GIFT City NRI accounts article.

Your FEMA classification as a non-resident (for account eligibility) and your Income Tax residency (for tax treatment) are determined by different rules and can diverge.

An OCI cardholder who has spent over 182 days in India in a financial year may still be eligible to hold a GIFT City account under FEMA but will be taxed as a resident under the Income Tax Act.

Always verify both your FEMA status and your Income Tax residency status with a qualified advisor before making decisions based on the tax-free treatment. Source: NRI status guide, Belong.

👉 Tip: If you are an OCI cardholder who spends significant time in India each year, track your day count carefully. Crossing 182 days makes you an income tax resident. Your GIFT City interest income then becomes taxable in India even though your GIFT City account remains valid. Check your status using our NRI status guide before your next investment decision.

OCI vs NRI: Is There Any Practical Difference for GIFT City?

For the purposes of opening and operating a GIFT City bank account, the practical difference between NRIs and OCI cardholders is minimal.

The account types available are the same. The tax treatment is the same (for non-resident OCIs). The repatriation rules are the same. The SWIFT transfer process is the same.

The differences that do exist are:

Document set: OCI cardholders submit a foreign passport plus OCI card rather than an Indian passport. Form 60 is available as a PAN substitute at ICICI IBU.

PAN requirement: OCI cardholders who do not have Indian PAN can use Form 60 at some banks. NRIs with Indian passports are typically required to have PAN.

Residency monitoring: OCI cardholders living in India need to be more careful about monitoring their residential status under the Income Tax Act, since their FEMA status (non-resident) and tax residency can diverge based on day counts.

What Happens if a PIO Cardholder Wants to Open a GIFT City Account

PIO cards were merged into OCI in 2015. The PIO card scheme was extended through December 31, 2025 for holders who had not yet converted. Source: Ministry of External Affairs.

As of 2026, PIO cardholders who have not converted to OCI should prioritise doing so before attempting to open a GIFT City account. The OCI card is the current valid document for this category of investors. PIO card eligibility at IBUs may vary and is not uniformly confirmed post-2025.

If you are a PIO cardholder who has not yet converted, contact the Indian Mission or Embassy in your country to initiate the OCI conversion process. Source: Ministry of External Affairs, passport.gov.in.

For OCI Cardholders Considering GIFT City: The Investment Case

If you are an OCI cardholder living outside India and your savings are split between local bank accounts and NRE deposits back home, GIFT City adds a third layer worth considering.

Your local bank account handles daily transactions. Your NRE account handles rupee savings and India-linked needs.

A GIFT City account gives you USD-denominated savings with tax-free interest in India, full repatriation without paperwork, and access to a growing investment ecosystem.

The rupee has depreciated from approximately Rs 43 to over Rs 85 against the dollar over the past two decades, roughly 3 to 4% annually. Source: RBI exchange rate data.

An NRE FD earning 7% in rupees delivers around 3 to 3.5% in real USD terms after accounting for this. A GIFT City FD at 4.5 to 5.5% stays in USD throughout. No conversion. No erosion.

For UAE-based OCI cardholders in particular, the combination of no UAE personal income tax and no Indian TDS makes GIFT City one of the most tax-efficient savings options available.

Explore the GIFT City banking explained guide for the full picture. For a comparison of GIFT City against traditional NRI banking, see our GIFT City banking vs traditional NRI banking article.

For a balanced view of where GIFT City works and where it does not, see our GIFT City pros and cons guide.

Explore Indian and global mutual fund options through Belong's mutual funds platform.

FAQs

Can OCI cardholders open all types of GIFT City accounts?

Yes. OCI cardholders can open savings accounts, current accounts, and place fixed deposits at GIFT City IBUs. They can also invest in GIFT City mutual funds, AIFs, and participate in GIFT City IPOs. Source: ICICI Bank GIFT City Global Savings Account page; IFSCA regulations.

Do OCI cardholders need a PAN to open a GIFT City account?

At ICICI Bank IBU, OCI cardholders can submit Form 60 in place of PAN for savings and current account opening. For mutual fund and AIF investments, PAN is generally required or strongly recommended. Having a PAN simplifies all downstream processes. Source: ICICI Bank GIFT City FAQs.

Can an OCI cardholder living in India open a GIFT City account?

For account eligibility under FEMA, OCI cardholders are treated as non-residents regardless of current location. A GIFT City account can therefore be opened. However, if you are an Indian tax resident (having spent 182 or more days in India in a financial year), your GIFT City interest income is taxable in India at normal slab rates. The account is valid; the tax treatment changes. Source: FEMA regulations; Income Tax Act.

Is the PIO card still valid for GIFT City account opening?

The PIO card scheme was merged into OCI in 2015 and the PIO card validity was extended through December 31, 2025. As of 2026, OCI conversion is the correct route for former PIO cardholders. Confirm current PIO card acceptance directly with your chosen IBU. Source: Ministry of External Affairs.

What is the difference between OCI and NRI for GIFT City purposes?

Under FEMA, OCI cardholders are treated at par with NRIs for banking and investment purposes. The practical differences at GIFT City are limited to the document set (foreign passport plus OCI card instead of Indian passport) and the PAN or Form 60 option available to OCIs at ICICI IBU. Tax treatment is the same for non-resident OCIs. Source: FEMA regulations; ICICI Bank GIFT City FAQs.

Which GIFT City bank is best for OCI cardholders?

The same comparison framework applies as for NRIs. ICICI IBU is best for digital ease and multi-currency access. Axis IBU is best for competitive FD rates. HDFC IBU is best for wealth management integration. IDFC FIRST IBU is best for zero-fee entry. See our full GIFT City banks guide for a detailed breakdown.

Can an OCI cardholder transfer from their NRE account to their GIFT City account?

This route is not recommended. NRE accounts hold rupees converted from foreign currency. Routing INR from an NRE account to a GIFT City USD account involves an INR-to-USD conversion, adds forex markup costs, and can create tax complications around the foreign currency classification of your GIFT City investment. Fund directly from your overseas bank account instead. Source: GIFT City account opening guide, Belong.

Disclaimer: This article is for informational purposes only. It does not constitute personalised investment or tax advice. Please consult a SEBI-registered advisor and, where relevant, a tax advisor in your country of residence before making investment decisions. Sources: IFSCA regulations, ICICI Bank GIFT City Global Savings Account page and FAQs, Ministry of Home Affairs Citizenship Act 1955, RBI Master Direction on Non-Resident Accounts, FEMA regulations, CBDT Circular No. 26/2016, Ministry of External Affairs, Income Tax Act, Kalviro Ventures GIFT City guide, Belong GIFT City guides.