Dhanesh Chauhan asked on 16/11/2020

Is NRI FD Taxable?

answered on 16/11/2020

There are 3 types of NRI FDs you can choose from and 2 of them are not taxable.

  1. Non-Resident External (NRE) FD: For income generated outside India, maintained in INR. There is no tax in India on the interest earned.
  2. 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)
  3. 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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