5 Responses to Bank Accounts for NRI:NRO,NRE,FCNR

  1. aisha sharma says:

    There has been existence of NRI banking in the last decade. It provides large exchange foreign currency compare to the Indian INR currency. It leaves Indian economy with huge amounts of returns which help in the welfare development

  2. naveen says:

    how mutch I have pay tax on interest earned of Rs. 87000/- on nro a/c and I don,t have any other income?

    • Kirti says:

      Hello Naveen
      Tax at a rate of 30.90% will be deducted at source on interest earned in the NRO accounts irrespective of the amount of interest which is approximately 26,883 Rs
      Check it in Form 26AS.
      As your total income in India is less than basic exemption limit of 2 lakh you don’t need to pay any tax.
      You can claim TDS cut by filing for refund.

  3. Yogesh Tiwari says:

    Hi Team,

    I have a question around NRE/NRO accounts. Recently, I moved out of India for a job outside of India. Now, I send money home into my normal savings account through remittance.
    I want to know, do I still need to open a NRE/NRO account? or is it fine to use my existing savings account for money transfers?

    Does it involve additional tax compliance?

    I have another question, since, I ll not be in India for a long time. Do I still need to pay tax(file ITR), as my I dont have any other income than interests that I get from savings account?

    Regards
    Yogi

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