Fixed deposit accounts have been great investment tools for Non-Resident Indians (NRIs) seeking stability and predictable returns. These accounts offer a secure way to grow your money while keeping it easily accessible. However, before you embark on your investment journey, it's crucial to understand the tax implications and repatriation rules associated with NRI fixed deposits. In this comprehensive guide, we will explore the considerations for NRIs looking to invest in fixed deposits.
The flow of money into Non-Resident Indians (NRIs) deposits witnessed a substantial increase, touching $2.14 billion in the first quarter of this financial year (Q1FY24), compared with $349 million in the same period in FY23.
The outstanding NRI deposits rose by $2.5 billion, standing at $141.28 billion at the end of June 2023, up from $138.77 billion in May 2023, according to Reserve Bank of India (RBI) data.
RBI released the updated data in the bulletin after almost three months.
CHANGING RESIDENTIAL STATUS? A financial checklist before you go abroad financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
NRI landlord? Obtain TAN number to deduct TDS of 31.2% on rent proceeds financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.