Yes, unlike interest earned on NRE saving account and NRE fixed deposits which are totally tax-free in India, interest earned on NRO saving account or NRO fixed deposit are taxable in India. In fact, as per the current regulation, tax is deducted at source @normal rate of 30.9%, which is calculated by @30% + surcharge + cess 2%, surcharge can be up to @10% if taxable income is more than 10 lakhs INR. Which means, funds lying in NRO account can be taxed at the rate of almost 40.9% in India.
Saturday, September 26, 2015
Friday, September 18, 2015
Yes, you can open a joint NRE or NRO savings, current or fixed deposit and FCNR fixed deposit account, but who you can use as joining partner depends on upon what type of account you are opening and citizenship of other account holders. For example, if you are opening an NRO (Non Resident Ordinary) savings, fixed deposit or current account then you can open it jointly with any resident Indian or NRI. It means you can open NRO account jointly with your parents, spouse or your siblings, of course, if they are staying in India or any NRI e.g. your wife and children which are staying abroad with you.
Thursday, September 10, 2015
You can open Sukanya Samriddhi account with both post office and banks. Initially when the scheme was launched it was only available to Post office but Reserve bank of India has instructed a list of authorized banks to open SSY account, which includes popular banks like SBI, Axis Bank, and ICICI bank. Actually, the list includes many banks from both private and public sector. Unfortunately, you cannot open Sukanya Samriddhi Yojna account online, you must visit banks if you pass the eligibility criterion discussed in my last post. Anyway, here is the updated list of authorized banks which are allowed to open SSY account
Friday, September 4, 2015
Ever since Sukanya Samriddhi Yojna account has launched parents are very enthusiastic to open SSY account in the name of their daughter. Many of my friends have asked about whether they can open Sukanya Samriddhi account or not? Do it has some income criterion? I am currently outside India can I open Sukanya Samriddhi account? Can NRI open Sukanya Samriddhi account if daughter is Indian citizen etc. In this post, I will give you overview of who can open SSY account and who cannot by explaining eligibility criterion of Sukanya Samriddhi account.