Is NRI FD Taxable?
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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 is taxed at 30% along with surcharge and cess (in form of TDS)
- Foreign Currency Non-Resident (FCNR) Deposit: Foreign Currency investment in India, maintained in foreign currency. Interest earned is not taxable in India.
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