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Yes, having an OCI card allows OCI cardholders to get a permanent residency, but let me clarify that most people get confused between the permanent residency and citizenship. OCI card allows you to only stay in India, not provide you with citizenship in India.
If you have a valid OCI card, then you can live in India as long as you can because, according to the Government of India, OCI cardholders are allowed to stay in indian for an indefinite time. With that, you can also take advantage of the benefits of having an OCI similar to the rights of Indian citizens, getting equal fares in local flights, allowed to visit wildlife sanctuaries, national parks.
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Yes, OCI cardholders can have permanent residency in India for an indefinite time, but ensure that you have an updated passport with an OCI card.