Is NRI FD Taxable?
SBNRI Team
answered on 16/11/2020
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.
SBNRI can help you in seamlessly opening an NRI FD at the comfort of your home. Click on the button below to book an NRI FD now. Think of India. Think SBNRI.
Related Questions
SBNRI Team
answered on 10/09/2020
No, you won’t get any notice from ITR but you will have to declare this amount under “exempted income” while filing your taxes. To book your NRE FD effortlessly at the comfort of your homes, click on the button below.
SBNRI Team
answered on 23/03/2020
The Minimum tenure of an FCNR Deposit is 1 year. What is an FCNR Deposit? A Foreign Currency (Non-Resident) Account which is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, […]
Manoj Negi
answered on 23/08/2022
Latest NRE Savings Account & FD Interest Rates June 2022 Fixed deposits are one of the most common NRI investment options in India as they offer assured and safe returns on investment. Non-Resident Indians (NRIs) open NRE (Non-Resident External) fixed deposits to save their foreign earnings and earn attractive returns […]
SBNRI Team
answered on 24/03/2020
There is no tax on FCNR Deposit in India. What is an FCNR Deposit? A Foreign Currency (Non-Resident) Account which is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, […]
