NRO, NRE or FCNR term deposit: Which one to pick? | NRI Parents Association,Vadodara, Gujarat
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NRO, NRE or FCNR term deposit: Which one to pick?

Read More on “NRO, NRE or FCNR term deposit: Which one to pick?” as published in the The Economic Times.

  • Interest on the NRE account and FCNR account are tax free in India. However, countries like the US, which levy tax on global income of its residents and citizens will tax this income. So while interest on NRE and FCNR accounts maybe tax free in India, a US resident or citizen would have to add this interest to his total income in the US tax return and pay taxes thereon.
  • (The author is a chartered accountant and a finance writer. She also blogs at http://blogs.economictimes.indiatimes.com/moneyhappyreturns/ )

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