Nro Fixed Deposits
Taxation
Nro Fixed Deposits
NRO Fixed Deposits
Non Residents usually hold Non Resident Ordinary account (NRO) bank account and are looking for term deposits to earn good rate of returns and can park their funds in India. They can link the NRO bank accounts to Fixed Deposits offered by NBFCs (Non Banking Finance Companies) to earn a steady rate of return on the investments.
Taxation
The interest earned on NRO Fixed Deposit will be subject to tax as per the Income Tax Act of 1961 as per the applicable slab rates of income for the investor subject to surcharge (if applicable).
Taxes would be deducted at 30% as per section 195 of the Income Tax Act.
Taxation
