ICICI Pru investing allowed for non-citizens?

[m3110w]

I am a USA citizen living in India. I was born in USA. I only have a USA passport. I am not of Indian origin. I have a PAN card and I pay Indian taxes each year.

Am I eligible to enroll in the ICICI Prudential Elite Life II investment plan?

Or are the ICICI Prudential investment plans only for Indian citizens?

I'm getting different answers on this from different people. The ICICI rep says its OK. A CA says I can invest. An SBI bank manager says India tax rules says this is only for Indian citizens.

Which is correct?

Thanks,

 

[Vikas Rawat]

If you are Person of Indian Origin (PIO) then yes. Otherwise No. Below is what ICICI website say:

Note: With effect 08 Dec 2008 “U S Persons and Persons of Canada” will not be allowed to make any fresh purchase/additional purchase/switches in any scheme of ICICI Prudential Mutual Fund (Please refer addendum dated 04-December 2008 for more details).