Latest news with #OCIs
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Business Standard
6 days ago
- Business
- Business Standard
PNB cuts education loan rates by 20 bps under PM Vidyalaxmi Scheme
PNB has cut interest rates on its Vidyalaxmi education loans by 20 basis points, bringing down rates from 7.7% to 7.5% New Delhi Punjab National Bank (PNB) on Tuesday lowered interest rates on education loans provided through its Vidyalaxmi Scheme by 20 basis points (bps), from 7.7% to 7.5%. "This will make higher education more accessible for Indian students," PNB said in a press release. What is the Vidyalaxmi Scheme? The Vidyalaxmi Scheme is a special education loan product available to Indian nationals, including non-resident Indians (NRIs) and overseas citizens of India (OCIs). It provides collateral-free and guarantor-free loans to students who have secured admission on merit to 860 Quality Higher Education Institutions (QHEIs) across India. PNB has divided these institutions into three groups: Group II (AA): 152 institutes Group III (A): 623 institutes Revised rates The bank's education loan offering is need-based and requires parents or guardians to be joint borrowers. The revised interest rates start at 7.5%, depending on the institute group. The margin remains nil for loans up to Rs 4 lakh for all categories, while for Group III institutions, a 5% margin applies for amounts above that. For students from families with annual incomes up to Rs 4.5 lakh, the scheme includes a 100% interest subvention for technical and professional courses under the PM-USP CSIS, while other courses receive a 3% subvention under PM-Vidyalaxmi. Families with incomes between Rs 4.5 lakh and Rs 8 lakh can access a 3% interest subvention for all courses under PM-Vidyalaxmi. Eligibility and documents To be eligible for this loan, students must be Indian nationals, including NRIs and OCIs. Required documents include: KYC details: Aadhaar, PAN ID and address proof Previous qualifying self-attested mark sheets Entrance exam results Offer letter from the institution and fee structure Passport-size photographs Details of previous or existing loans, if any Proof of family income from a designated public authority Repayment period Parents or guardians must join as co-borrowers. The future income of the student is to be assigned to the bank for loan repayment. The repayment period for these loans is 15 years, excluding the moratorium period, which covers the course duration plus one year.
Mint
03-06-2025
- Business
- Mint
PNB cuts interest rates on education loan by 20 bps under the Vidyalaxmi Scheme
Punjab National Bank (PNB) has reduced interest rates on its education loan offering under the Vidyalaxmi Scheme by 20 bps. This initiative further strengthens the bank's commitment to enhance education accessibility. The Vidyalaxmi Scheme is meant to offer comprehensive financial support i.e., education loan to students towards quality-driven higher education. This initiative is available to candidates who secure admission on merit to 860 identified Quality Higher Education Institutions (QHEIs) across India. • Eligibility: It is applicable to Indian nationals which also includes NRIs, and OCIs who are pursuing their undergraduation/post-graduation degree or diploma courses in QHEIs. • Quantum of finance: They have a need-based financing. • Margin: For AAA and AA Institutes there is no requirement of margin and for other Institutes, there is no margin requirement up to Rs. 4 lakh whereas it is 5 percent for amounts above ₹ 4 lakh. • Revised interest rate: The interest rate is institute-specific, and it starts from 7.50 per cent. • Security: There is no collateral required; however, the rules require parents and guardians to be joint borrowers Additionally, there are subsidy benefits which are offered. When the annual income is upto ₹ 4.5 lakh, there is 100 percent interest subvention for technical & professional courses, whereas for other courses, there is 3 percent interest subvention. On the other hand, when the annual income is between ₹ 4.5 lakh to ₹ 8 lakh, there is 3 percent interest subvention (PM-Vidyalaxmi) for technical/professional courses and 3 percent subvention for other courses. these are the documents required for education loan: A. KYC Details (student): These include Aadhaar, PAN ID and Address Proof. B. Previous Qualifying self-attested copy of mark sheets. D. Offer letter from institution along with fee structure. E. Passport-size photographs F. Previous / existing loan from banks/lenders, banks may obtain suitable documentary evidence. G. Proof of family Income from designated public authority of the state. For all personal finance updates, visit here
Time of India
30-05-2025
- Business
- Time of India
Received your OCI card and want to open an NPS account? Here's what you must know
Overseas Citizens of India (OCI) cardholders, aged 18-70, can invest in the National Pension Scheme (NPS) on either a repatriation or non-repatriation basis. Contributions must be made through NRE/NRO accounts, with NRE accounts recommended for those wanting to remit funds back to their country of residence. But if an NPS subscriber has given up on their Indian citizenship and hasn't yet received or applied for an OCI card, they are not eligible to hold an NPS account. Tired of too many ads? Remove Ads Can OCI cardholders open and hold NPS accounts? Tired of too many ads? Remove Ads Popular in Wealth 1. I am 55 years old and have Rs 50 lakh lump sum. How can I invest it to build wealth in 5 years? Which account can OCIs use for contributing to NPS? Can I hold an NPS account if I don't have an OCI card? Tired of too many ads? Remove Ads Did you know that Overseas Citizens of India (OCI) cardholders, who are individuals of Indian heritage presently holding foreign citizenship, are allowed to hold an NPS ( National Pension Scheme ) account in India? OCI card holders can stay for indefinite periods in India without having to apply for a visa every single time, since having an OCI card grants them a multiple-entry lifelong visa for visiting India. In case they wish to stay here for extended periods, or for as long as they want, OCI cardholders can voluntarily open an NPS account 'applicable to resident Indians,' according to NSDL. However, note that OCIs are not permitted to open NPS Tier-II on to know what documents you need to open an NPS account as an OCI cardholder and steps to close it in case you have acquired foreign citizenship and have not received their OCI all OCI cardholders aged between 18 and 70 years are eligible to open an NPS account on either a repatriation or non-repatriation CA Ashish Niraj, Partner, ASN & Company Chartered Accountants, 'For OCIs, both repatriation and non-repatriation basis options are available in NPS. Repatriation basis means that the proceeds can be taken back to the investor's home country. Non-repatriation basis means that proceeds should remain in India and cannot be taken back by the means that OCIs have the choice to either remit or send their lump-sum withdrawal from NPS or their monthly pension received from India to the country of which they now hold citizenship, or not do so, i.e., not transfer back these funds to that NPS, subscribers can partially withdraw from tier-1 accounts for specific purposes, and such partial withdrawal is tax-free. For lump-sum withdrawal, a maximum of 60% of total corpus is allowed, which will also be tax-freeTo open an NPS account with NSDL using an Aadhaar or PAN card, OCIs will have to provide a scanned copy of their OCI card, proof of their foreign address, and their scanned signatures, according to the NSDL are also required to provide the details of NRE/NRO accounts only, along with a cancelled check/copy of bank passbook/bank statement/bank certificate/letter from the bank containing the applicant's name, bank name, bank account number, and IFS/SWIFT code, per the NSDL that NPS contributions can only be made through an OCI cardholder's NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. However, in case the OCI NPS subscriber wishes to repatriate, or send back, their funds, they should take care to make their NPS contributions only via their NRE a/c. This is because only NRE, and not NRO a/cs allow individuals to remit back funds to their country of residence at any time, without any for annuities, according to the NDSL website, 'Annuity payable by ASPs (annuity service provider) to NRIs and OCIs will be taxed at source, at rates applicable as per the DTAA (Double Taxation Avoidance Agreements) of the country where the annuitant resides',Niraj adds, saying that while TDS will be applicable on pension received from annuity, subscribers can take advantage of DTAA in their country if there is a DTAA with that country. 'Since in NPS, the minimum rate of return is higher compared to normal saving instruments, OCIs, for whom this avenue was opened in 2019, should explore investing in it,' he an NPS subscriber has renounced their Indian citizenship and hasn't received or applied for an OCI card, they are not eligible to hold an NPS account.A recent circular mandated that all NPS subscribers who have validly renounced their Indian citizenship and do not hold an OCI card will have their PRAN/NPS account closed, and 'the entire accumulated pension wealth may be transferred to a Non-Resident Ordinary (NRO) account.'Explains Rajesh Khandagale, SVP-NPS, KFin Technologies , 'The subscriber will have to submit an application for closure of his/her NPS account along with an undertaking stating that he/she has renounced his/her Indian citizenship and does not hold an OCI card. They should also attach a valid certificate of renunciation of Indian citizenship/surrender certificate/cancelled Indian passport issued by a competent authority.'Note that the total accumulated pension wealth of the subscriber in the PRAN shall be transferred only to the NRO account of the subscriber, in accordance with the FEMA guidelines issued by the to RBI guidelines, balances in an NRO account of NRIs (which includes OCIs) are remittable up to $1 million per financial year (April-March) along with their other eligible assets, as per Foreign Exchange Management (Remittance of Assets) Regulations, 2016. Fund transfers from NRO to NRE accounts also need to be within this limit.
Time of India
19-05-2025
- Business
- Time of India
Revamped portal launched for OCIs
Home minister Monday launched the revamped portal for overseas citizens of India , which will offer the existing five million OCI cardholders as well as fresh applicants a user-friendly experience in accessing services and facilitating their stay in India. Tired of too many ads? go ad free now PM Modi on X hailed the initiative, saying that "with enhanced features and improved functionality, the new OCI portal marks a step forward in boosting citizen-friendly digital governance ". Speaking at the launch event in Delhi, Shah said India is continuously striving to provide world-class immigration facilities to its OCI cardholders. The revamped portal will have an updated user interface to simplify the registration process for OCIs, Shah said.
The Hindu
19-05-2025
- Politics
- The Hindu
British academic Nitasha Kaul says her OCI registration cancelled
British academic Nitasha Kaul said on Monday (May 19, 2025) that the Indian government has cancelled her Overseas Citizen of India (OCI) registration for indulging in 'anti-India activities' through 'writing, speeches and journalistic activities at various international forums and social media platforms'. She said that she will pursue legal remedies and will challenge the cancellation in court. Ms. Kaul, a British Kashmiri professor of Politics and International Relations at London's University of Westminster, was denied entry into India on February 25, 2024 when she was invited by the Karnataka government to participate in an event. A few months after she was deported to the U.K., in May 2024 she received a show-cause notice as to why her OCI registration should not be cancelled. 'I responded to the show-cause notice within 15-days with a 20,000 word letter. The show-cause notice made broad-based wide-ranging allegations, the same as the cancellation notice. It did not point to anything specific,' Ms. Kaul told The Hindu. She said she was being targeted to intimidate others like her into silence. 'India is not China. This kind of action is devoid of any rationalisation. My mother is in India, I am not anti-India, I have always condemned violent action... be it by Lashkar-e-Taiba [LeT] or the Hamas,' she said. The notice cancelling Ms. Kaul's OCI registration said, 'It has been brought to the notice of the Government of India that you have been found indulging in anti-India activities, motivated by malice and complete disregard for facts or history. Through your numerous inimical writings, speeches and journalistic activities at various international forums and on social media platforms, you regularly target India and its institutions on the matters of India's sovereignty...' Ms. Kaul said that she was informed through the notice that her reply sent last year was not found satisfactory. OCIs are of Indian origin but hold foreign passports. India does not allow dual citizenship but provides certain benefits under Section 7B(I) of the Citizenship Act, 1955 to the OCIs. As on January 31, 2022, 40.68 lakh OCI registration cards had been issued.
