Many NRIs are not aware of income tax laws in India and doesn't know whether they have to file income tax returns in India or not. Sometimes they also wonder, do they have to include income earned in the USA as well or only income earned in India would be taxable? Other doubts which come in minds is whether interest earned on NRE, NRO, and FCNR deposits should be counted as taxable income or not. What about long term equity gains?
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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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