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Is Interest Earned Taxable
As per the current regulations, interest earned on Non-Resident External (both IDFC Bank NRI Account as well as Term Deposits) and Foreign Currency Non-Resident Deposits are not subject to tax in India. Based on your country of residence, interest earned on Non-Resident External IDFC Bank Account, Non-Resident External and Foreign Currency Non-Resident deposits may be subject to tax in your country of residence. Please speak with your tax consultant to understand the tax obligations in your country of residence.
Interest earned on Non-Resident Ordinary IDFC Bank NRI Account and Deposits are taxable in India. The current rate of taxes applicable on interest earned on Non-Resident Ordinary Accounts is 30% + CESS.
For Non-Resident Ordinary IDFC Bank NRI accounts, taxes are deducted at source (TDS) when interest is paid into your account (quarterly). For Non-Resident Ordinary Deposits, taxes are deducted when interest is paid or accrued on your deposit account. If you have chosen a simple interest mandate, interest is paid quarterly/ monthly and taxes are also deducted quarterly/ monthly. The interest paid and taxes deducted will reflect in your account statement. If you have chosen a compound interest mandate, interest is accrued quarterly but paid upon maturity. Correspondingly, taxes are deducted quarterly on accrual and this will reduce the maturity amount accordingly.
If you have provided a Permanent Account Number at the time of account opening for your Non-Resident Ordinary IDFC Bank NRI Account or Deposit, we will issue a Tax Deduction at Source (TDS) Certificate in Form 16 A to assist you with filing of your tax returns in India. Form 16 A is issued on a calendar quarter basis for the taxes deducted during that quarter (April-June, July-September, October – December and January – March).
Interest earned on Non-Resident Ordinary IDFC Bank NRI Accounts and Deposits may also be subject to taxes in your country of residence. Please speak to your tax consultant to understand the tax obligations in your country of residence.