Best NRI accounts that can be opened without hassle
NRIs are allowed to hold three types of bank accounts and deposits in India. These accounts carry different features and, accordingly, may be suitable for different transactions. IMPACT FEATURE April 22, 2021 | Updated 17:44 IST
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Non-Resident Indians are allowed to hold three types of bank accounts and deposits in India - NRE accounts, NRO accounts, and FCNR (B) deposits. These accounts carry different features and, accordingly, may be suitable for different transactions. Here is a summary of the features of each type of accounts:
1. NRO Account: This stands for Non-Resident (Ordinary) Account and is denominated in Indian currency. When any remittance is received in such accounts in foreign currency, such amount is converted into Indian Rupees at the prevailing exchange rates and credited to the account. Such accounts can receive remittances in foreign currency from outside India and transfer from an
Interest from NRE account is exempt from tax
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Any interest income from the savings account is likely to be clubbed along with your total income. If your total income taxable in India exceeds ₹2.5 lakh, you must file an income tax return in India and include the income mentioned above
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I live in the UK and hold a British passport. I have NRE accounts with savings of ₹50 lakh, on which I get interest. Do I have to pay tax in the UK or India? Name withheld on request
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