Sales
+91 78800
09153
2nd Floor, Imperial Amity, NH
Bypass, Chalikkavattom, Vyttila, Kochi, Ernakulam, Kerala 682019
NRE / NRO Fixed Deposit
I renewed my NRE/NRO fixed deposit
Renewing an NRE/NRO fixed deposit means extending the tenure of a tax-saving investment that offers specific benefits for Non-Resident Indians.
Get expert adviceWhat are the taxation aspects you need to be aware of?
If the total Fixed Deposits made / renewed is more than INR 10 lakhs in a financial year (01 April to 31 March), the banks report the details of all your matured, renewed and newly booked Fixed Deposits to the Income Tax Department and such reporting by the Bank is likely to result in e- campaign queries in the future.
What is an E-campaign query?
E-campaign is a mechanism adopted by the Income Tax Department whereby certain high value financial information received about you from various third-party sources is displayed in your Income Tax portal for seeking your feedback – whether its correct or incorrect. Queries are also received regarding non-filing of tax returns and seeking reasons for the same.
Will I receive an E-campaign Query even if all my Fixed Deposits are NRE Deposits?
Reporting by the Banks are done for all time deposits, irrespective of whether the deposits are NRO or NRE. So yes, e-campaign queries will be received even if all your fixed deposits are NRE deposits.
What do you need to do?
- Maintain proper documentation to prove the source of funds for making / renewing the Fixed Deposits
Sorry !
Your Transaction has failed. Please go back and try again.
Success
Your booking has been confirmed.
Are you sure?
if you proceed, you will lose all your personal data.
Are you sure?
if you proceed, you will lose all your personal data.