NRI Tax Return Plans Bank Interest Income

Bank Interest Income

Interest income earned in India by an NRI is taxable in India. Banks deduct tax (TDS) at 30% on interest paid to NRIs without any threshold limit. Where TDS has been so deducted on the interest income, NRIs can submit their tax returns in India to claim the excess tax deducted as refund.

Who Should Buy

• NRIs earning interest from bank accounts (excluding NRE and FCNR accounts) in India.