OpenVZ will reflect the host server’s time by default, You can configure your VPS with custom time zone. To set your server time-zone,
You need to login as the root user via SSH, then run the following commands:

# find /usr/share/zoneinfo/  

It will list all the time-zones, then you can use the grep command to refine the search:

# find /usr/share/zoneinfo/ | grep -I Asia/Kolkata (you can select which location server time zone you want to add on VPS)

Once you have selected a timezone, create a symbolic link to /etc/localtime:

# ln -f -s /usr/share/zoneinfo/Asia/Kolkata /etc/localtime

To verify the timezone change, use date:

# date

Your VPS is updated with preferred time-zone.