Nre account

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Margaret (Querist)
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04 May 2015 A person was working abroad and had opened a NRE savings account and NRE fixed depoists. Now after some years he has left his job and returned to India. Can he keep the savings account open till his FD's mature? or he is required to close his savings accounts. Is he taxable on interest received in his NRE savings account?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 May 2015 No need to close ,but has to change the NRE S.B account to S.B account upon arrival in India with an intention to permanently reside in India. Interest on S.B account is taxable subject to the deduction under section 80TTA of the Income tax Act,1961.

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