Wat R NRE DEPOSIT? and Interest recvd on it are taxable or not? and who can open account for NRE Deposit
plz reply
CA Akshay Joshi (CA) (386 Points)
09 December 2009Wat R NRE DEPOSIT? and Interest recvd on it are taxable or not? and who can open account for NRE Deposit
plz reply
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 09 December 2009
NRE deposits stands for Non Resident External Fixed Deposits.
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 09 December 2009
Details:
1. The NRE Fixed Deposit Account is maintained in Indian Rupees;
2. The minimum amount with which you can open an NRE Fixed Deposit Account is INR 25,000/-& the amount required for Add-on Fixed Deposits is INR 10,000/-;
3. The frequency of interest payment on your NRE Fixed Deposit Account is Quarterly;
4. You will not get a cheque book or an ATM / Debit Card with your NRE Fixed Deposit Account ;
5. As per current guidelines, funds in NRE Fixed Deposit Account are exempted from income tax in India;
6. Only NRI's can open a NRE Fixed Deposit Account,
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 09 December 2009
i think NRE account is not Fixed account. It can be savings too.
The interest received is completely tax free.
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 09 December 2009
You can refer to my dad's website, who r NRI Specialist.
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 10 December 2009
nice explanation Mr Prabeer and Ms Satvir Singh Litt
aditi maheshwari
(CA final - article)
(122 Points)
Replied 14 December 2009
can u pls tell me the difference between nre and nro a/c.
wat abt interest on nro a/c.?
is it taxable?
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