TDS ON FIXED DEPOSIT FOR NRI

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  1. VIJAY D.KINI

    VIJAY D.KINI New Member

    hi. I am interested to know whether TDS is applicable on fixed deposit for an NRI status person. Is there any limit on amount to be kept in fixed deposits?
     
    Last edited: Aug 1, 2016
  2. Karan Batra

    Karan Batra Well-Known Member

    It depends on the kind of account which you have.

    nterest earned on Non Resident External (NRE) accounts and Foreign Currency Non Resident (FCNR) accounts are tax free in India. Hence, there would be no TDS.

    However, interest earned on the Non Resident Ordinary Account (NRO) is taxable and will be subject to a TDS of 30 per cent.
     
    VIJAY D.KINI likes this.
  3. VIJAY D.KINI

    VIJAY D.KINI New Member

    Karan thanks for your reply. My account is a joint NRI account and maintained in indian rupees. please advise.Regards
     
  4. Karan Batra

    Karan Batra Well-Known Member

    Is it NRE or NRO Account?
     
  5. VIJAY D.KINI

    VIJAY D.KINI New Member

    NRE
     
  6. Karan Batra

    Karan Batra Well-Known Member

    No Tax is levied on NRE Fixed Deposits by an NRI
     
    VIJAY D.KINI likes this.
  7. Arvind_56

    Arvind_56 New Member

    If taxable income before deductions is expected to be below the basic IT exemption limit, then can a NRI submit Form 15G to the bank or a property builder so as to avoid TDS?
     
  8. Karan Batra

    Karan Batra Well-Known Member

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