What is the difference between water potential and osmotic potential?

Hint: The difference between water potential and osmotic potential depends upon the terms osmotic pressure, turgor pressure and diffusion pressure deficit. Osmotic pressure is the maximum turgor pressure that can develop in a cell. Turgor pressure is the actual pressure developed in a cell at a given time. The difference between osmotic pressure and turgor pressure is the diffusion pressure deficit.

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Note:
Water potential is represented by Greek letter Psi (Ψ) and is always less than zero or has negative values. It is equal but opposite in sign to the diffusion pressure deficit (D.P.D.). If a difference in water potential exists between two regions, the spontaneous downhill movement of water will take place, i.e., from the region of higher water potential to the region of lower water potential. Osmotic potential develops in both confined as well as in unconfined systems. The value is negative, though it is numerically equal to osmotic pressure.