Forum: 0 Subject: Re: Re: Indian tax Sender: NRO Date: 2017-03-28 14:19:12

If you are NRI for tax purpose and your savings account is NRO then you are good, if your savings account is not NRO but Resident Savings account, then you are legally not allowed to hold the account, you either convert it to NRO or Close it. The reason being, any interest earned in NRO account is taxed at 30.9% flat rate irrespective of interest amount. You can check RBI website for more details around this rule, if you tell your bank that you are non resident they will ask you to fill FATCA form and convert your account to NRO. Also if you hold more than 10K USD equivalent in Indian account, you are suppose to declare those account in US Taxation as well as pay tax in US on any interest you earned in India. You may avail DTAA - Dual Tax Avoidance Agreement to reduce the tax payment on this.. I would suggest consult your tax consultant in both the countries.

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