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Yes, PIO cardholders can hold a bank account in India either solely in their name or jointly with another PIO. They can open several types of bank accounts, and generally, the taxation for PIOs on the income generated from these accounts is the same as how it is for an NRI.
Yes, a Person of Indian Origin (PIO) can open a bank account in India, and the process is quite straightforward, especially if you have all the necessary documentation, such as your PIO card, address proof, a passport-sized photograph, and a PAN card.
As per the Reserve Bank of India (RBI), a PIO cardholder can open three types of bank accounts in India: NRO account, NRE account, and FCNR account. The cardholder can choose to open any of these accounts as per their needs regarding their financial transactions and investments in India.
A PIO cardholder can definitely open a bank account in India without any issues. I am also a PIO cardholder, and we have the option to open various types of bank accounts in India. We are allowed to open both NRE and other types of accounts, but we will have to meet the specific criteria set by the bank.
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Definitely, a PIO can open a bank account in India. You will get the option to open the same type of bank accounts as an NRI. Although I am not entirely sure, some banks do allow you to open a bank account online. Additionally, it is worth noting that if you are a PIO cardholder, you must convert it to an OCI before December 31, 2025, as the PIO scheme will be discontinued after this date.