Latest FCNR Deposit Interest Rates   What is an FCNR Account? A Foreign Currency Non-Resident (FCNR) Account is a term deposit account in India for an NRI. It can be maintained in foreign currencies such as USD, GBP, EUR, etc. for a fixed tenure ranging from 1 to 5 years. The interest is earned in […]

  Account Opening Grid: Open an NRI Account Documentation Requirements NRE/NRO/FCNR Account opening process for each bank is different. The structure to open an NRI Account is –   1. Get the required documents ready, 2. Attestation and KYC 3. Bank gets the courier pick up done from NRI’s residence or NRI couriers it to […]

The same rules apply for seafarers that apply for other NRIs.   NRIs can’t open a PPF Account. However, if you had a PPF Account before becoming an NRI, then it can be continued till maturity (15 years) but can’t be extended further. Also, for NRIs, the gains from the PPF Account can only be […]

The STCG on debt funds are deducted at 30% TDS but the tax liable is as per your tax slab. Therefore, you are entitled to a refund as per your tax slab.   For LTCG, 20% TDS is deducted and the tax liable on LTCG is also 20% along with indexation benefits. Therefore, in this […]

FATCA Details enables you to share your tax details with respect to your country of residence which includes your Tax Identification Number. The motive of FATCA is to prevent individuals from parking their wealth outside their resident country and avoid taxation from such wealth.   Click on the button below to connect with our expert […]

The NRE FDs doesn’t need to be converted to resident accounts after you return to India. They can remain as-is till maturity.   Post maturity, the NRE FD can be converted to a Resident Foreign Currency (RFC) Account. The interest earned on NRE Deposits that have been converted to RFC Accounts will be exempt from […]

There are 3 types of NRI FDs you can choose from and 2 of them are not taxable. Non-Resident External (NRE) FD: For income generated outside India, maintained in INR. There is no tax in India on the interest earned. Non-Resident Ordinary (NRO) FD: For income generated in India, maintained in INR. The interest earned […]

The tax on Mutual Funds will be deducted on the format for TDS for an NRI. There are no separate rates for TDS. For an NRI investing in Mutual Funds in India, the gains are pre-taxed (TDS) before they are received in the bank account of the NRI.   Is NRI eligible for refund on […]

Yes, you will be an NRI for (2020-21) since you haven’t stayed in India for 365 days or more in the previous 4 years.   Regarding FCNR Deposits, you can continue them till maturity after returning to India. Post maturity, you can convert them into Resident Foreign Currency (RFC) Account. You don’t need to convert […]

Only the interest that you earn from your NRO Account is taxable. Therefore, the interest on the money that your friends or family will deposit will be taxable in India. Also, there are certain limitations and tax implications while accepting and sending gifts as an NRI.   Click on the button below to connect with […]