Latest FCNR Deposit Interest Rates (USD) August 2023     What is an FCNR Account?   A Foreign Currency Non-Resident or 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 […]

The benefits of opening an NRI Account are as follows:   An NRI (Non-Resident Indian) account is a bank account designed specifically for Indians living abroad. There are several benefits of an NRI account, including:   1. Easy repatriation of funds:   NRI accounts allow easy transfer of funds to and from India. This makes […]

There are no direct provisions to change citizenship in a Pan Card as the PAN Card doesn’t display your citizenship. It is a document required to file taxes, carry out investments and do transactions in India whether you are a citizen, NRI or OCI.   To change the citizenship in a PAN card, you need […]

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 […]

No. There are no taxes on money transferred from India to UK in India.   Avoid Double Taxes on money transferred from India to UK However, In order to avoid tax implications in the UK, you need to declare the source of income in the UK. NRIs in the UK must consult their CPA (Certified […]

Yes. Indian Residents can open a joint account with an NRI on “either or survivor” basis according to the Reserve Bank of India (RBI) guidelines. The term “either or survivor” refers to the condition where both of the account holders can operate the account independently in the absence of the other account holder.     […]

NRI as per Income Tax NRI as per Income tax isn’t defined directly which means that there is no definition for Non Resident Indians (NRIs) under the IT Act, but it lays down certain criteria to certify citizens as residents of India.       New Rules for NRI Taxation According to New Rules for […]

An NRO account is a rupee-denominated bank account opened by Non-Resident Indians to save and manage their earnings in India, such as rental income, dividends, pension, etc. Many Indian banks allow NRIs to open an NRO account, including SBI, HDFC Bank, ICICI Bank, Axis Bank, etc. Permissible credits in an NRO account include remittance from […]

Yes, Non-Resident Indians (NRIs) are required to have a PAN (Permanent Account Number) card to open an NRO (Non-Resident Ordinary) current account in India. The PAN card is a unique ten-digit alphanumeric identification number that is issued by the Income Tax Department of India to track the tax-related transactions of individuals and entities. The PAN […]

There is no limit to repatriate funds from FCNR accounts as it is fully and freely repatriable FD account. As this account is opened in a foreign currency, there is no risk for fluctuations in currency conversion, which makes it safer than other NRI fixed deposits.     https://youtu.be/ntX1UqlQhUk   What is an FCNR Account? […]