April 20, 2021 12:37 am
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I had an NRE FD worth Rs. 50 lacs with SBI maturing in 4 years, when I returned to India in August 2019. Can I continue this FD even after my return to India till maturity?
9 Answers
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April 20, 2021 12:37 am
Topic starter
Yes. You can continue the Fixed Deposit till maturity but as a regular resident Fixed deposit and not NRE FD
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April 20, 2021 12:37 am
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Am I required to inform the bank ?
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April 20, 2021 12:38 am
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Yes you must inform the bank
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April 20, 2021 12:38 am
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When?
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April 20, 2021 12:38 am
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Immediately on return to India
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April 20, 2021 12:38 am
Topic starter
I have some FCNR deposit of USD 100,000 maturing in 4 years. Can she continue this FCNR FD even after she returns to India till maturity?
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April 20, 2021 12:38 am
Topic starter
Yes, you can continue the FCNR deposit till maturity
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April 20, 2021 12:39 am
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What will be the income tax implications of interest on the FCNR account?
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April 20, 2021 12:39 am
Topic starter
As per section 10 (15)(iv)(fa) of the Income Tax Act, it will continue to be not taxable for FY 2019-20 and FY 2020-21 where you will be RNOR
