Section 80TTA for NRI: Claim Rs. 10,000 on NRI Savings Account

 Did you know that you can claim a deduction on the interest earned on your NRI Savings Bank Account up to a maximum of Rs.10,000 just like Resident Indians under section 80TTA? The bank accounts for Resident Indians and NRIs are different. We have already understood the concept of Non-Residents and their bank Accounts and know that an NRI can only have a Non-Resident External (NRE) or a Non-Resident Ordinary (NRO) Savings Account in India. The third type, Foreign Currency Non-Resident Bank Account [FCNR(B)] is a deposit only account. The interest that you earn on an NRE Savings Account is tax-free in India. So, the only savings account we are left with is the NRO Savings Account.

SBNRI Team

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G Sec: NRI Investment in Government Securities in 2022

 The times are uncertain. From countries to currencies, everything is shaken. NRIs under such circumstances are taking out their money inaugurating an exit mode that is affecting the Indian Debt Market. With foreign investments taking a dip, the Indian rupee has been under pressure. To counter that, recent notifications by the RBI allow NRIs to invest without limit in specified Government of India (GOI) Securities, commonly referred as G Sec.

SBNRI Team

· 17,828 views

NRI Deposits bring in more dollars during lockdown: Coronavirus India 2020

 Recently, we established that in spite of the ongoing pandemic, NRI Fixed Deposits in Kerala crossed Rs. 2 Trillion mark. This is just one of the many states in coronavirus inflicted India. Scaling the figures on a national scale reveal that the total NRI Deposits touched $135.36 billion as of July 2020. The same figure was $130.58 billion for March 2020, $133.12 billion in 2019 and $124.44 billion in 2018 as per the latest data from Reserve Bank of India (RBI).

SBNRI Team

· 11,006 views

State Wise Quarantine Rules for NRI: COVID-19

 With the huge influx of NRIs returning to India as an effect of the ongoing pandemic, it becomes necessary to understand about the rules and regulations and have knowledge of the protocol associated with the state wise quarantine rules for NRIs. Already under its sixth phase, the Vande Bharat Mission has done a splendid job in reaching out to and bringing back every stranded & distressed Indian citizen around the world. What becomes essential here is understanding the next step and preparing to stay safe. In this article, let’s explore the state wise quarantine rules for NRIs as well as Resident Indians returning to India during this period.

SBNRI Team

· 17,138 views

RFC Account: Taxation, Interest Rates and more

 RFC or Resident Foreign Currency Account is a type of bank account maintained by Resident Indians in foreign currency. It is specifically essential for NRIs who have returned to settle in India. As we have discussed under NRIs and their Bank Accounts that any income generated abroad for an NRI must be maintained in an Non-Resident External (NRE) Account. Once, the NRI has returned to India, these NRE Accounts need to be converted into RFC Accounts post maturity. The FCNR Deposits can also be converted into RFC Accounts post maturity. In this article, we will discuss this RFC Account and understand the associated aspects.

SBNRI Team

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