Student interning abroad taxation

Dear Team, I started my masters in Finland from August 2015, Before it (June 2012-August 2015) I was working in Reliance Industries and paying my regular taxes, I have some savings from this job which is parked as FDs in my Indian saving bank account, interest of which is less than 2.5 lacs per annum. I left India in August 2015 and started my masters in Finland. Now, I am doing internship in Finland and have some savings from internship, to which i am thinking to send back to india (I have paid taxes on this income in Finland) and make FDs in my Indian saving bank account. My questions are
1) Is it allowed for me to transfer my savings in Finland to my saving bank account in India without converting it to NRO account
2) If it is necessary to convert my saving bank account to NRO account, What happens to my previous FDs which i made using money which i earned in my last job which was done in India during year 2012-2015

I am bit scared of 30% taxation of NRO account hence want to skip that complexity

Shubham,

Responses as follows:

On leaving for Finland for your masters in August 2015, you qualified as "Person Resident Outside India" as per FEMA.
As per FEMA Deposit Regulations, PROI cannot continue resident accounts and need to re-designate accounts to NRO. If you are still continuing resident saving accounts, know that you are violating FEMA. .
You should also open a separate NRE account.
Remittance of income to India per-se is not taxable - try crediting it to NRE account and not NRO.
Under Income Tax Act, there is a flat TDS @ 30.90% on NRO account. You can file tax return in India and claim a refund for the TDS. You can also claim a reduced withholding rate from the bank if India and Finland have a DTAA and it is permitted.
If the amount in FDs is big, it is better to transfer from NRO to NRE account - you will need to file Form 15CA to the bank - bank may also ask for a CA certificate in Form 15CB

Thanks!