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I am working in Kuwait. I have NRE fixed deposit in HDFC and SBI. If I come back permanently to India will the interest on FD be taxable?
Published on: Aug 17, 2012, Last updated on: Aug 17, 2012
Categories: Functional Areas, Taxation, Source: Premium Knowledge Partner
Answered by: Kotak Mahindra Bank
A NRE FD to be prematurely closed on change of customer’s status from NRI to Resident Indian and the premature closure proceeds can either be transferred to resident savings account or to RFC deposit, as per their instructions. However, it would be advisable to check the same with HDFC/SBI as well since, you are holding the deposit with them. We are premium knowledge partner of OIFC and the 4th largest private sector bank in India. We thank you for choosing us and have a host of banking products for NRI's to choose from.
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