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Yes, only if you are a Non-Resident individual of Indian nationality or of Indian origin.
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Upon change of status from NRI to RI the responsibility of informing the bank remains with the customer.
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In case of change of status from Resident to Non-Resident, your existing Resident Fixed Deposit has to be designated as an NRO Fixed Deposit.
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Interest earned on NRO Savings Account / NRO Fixed Deposit is subject to Tax deduction at source*.
W.e.f Aug 09, applicable TDS rates are
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Tax rate |
Surcharge |
Education cess |
Total |
| NRO |
30% |
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3% |
30.90% |
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As per section 206AA introduced by Finance (No. 2) Act, 2009 w.e.f 01.04.2010, every person who receives income on which TDS is deductible shall furnish his PAN Number to the deductor, failing which TDS shall be deducted at the maximum marginal rate or 20% whichever is higher.
The interest on NRO Accounts / Deposits and PIS transactions would be covered by the said rule.
If you are desirous of availing the rate of deduction of tax as per the DTAA, the same will be applicable only on your submitting the relevant documents along with your PAN Number with us by March 15, 2010. If PANo is not updated then the DTAA rate or 20% whichever is higher will apply
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* TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act, 1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s).
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