Let me answer the second question first to convince you why a returning NRI would like to find out whether he is a resident or a non-ordinarily reside (RNOR)? Well, there is big tax benefit of filing income tax return in India as RNOR i.e. Resident But Not Ordinarily Resident, unlike ROR (Resident and Ordinarily Resident) whose global incomes in taxed in India e.g. interest earned on foreign currency fixed deposit kept abroad or in FCNR account or in RFC account in India, RNOR is asked to pay tax only on income earned in India.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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