Which bank accounts to declare on ITR forms

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J S BHAVSAR

CONSULTING

1015 Points Posted on 14 July 2015

In India we have several types of bank accounts that an individual can open and hold.

a) Current

b) Savings

c) NRO

d) NRE

e) FCNR (Foreign Currency Non-Resident)

f) RFC (Resident Foreign Currency)

For Assessment Year 2015-16, ITR form requires provide bank account details. What type of accounts should be declared from the above list? The ITR form only provides dropdown with CURRENT and SAVINGS options to choose from. So does it mean one should declare only those types of accounts and not declare NRE, NRO, RFC etc?

Please help.

Replies (2)

Z

Tax Consultation (US and India)

2348 Points Posted on 14 July 2015

We have to see the nature of the account which can be narrowed down to saving or current.

While applying for these accounts one must have entered as to which type of account one needs.There should not be much problem in identifying it more so in those cases where such an option is clearly mentioned in application form itself.

What are the different types of accounts which can be maintained by an NRI/PIO in India?

[Source-RBI site]

RFC accounts can be maintained in the form of current or savings or term deposit accounts

NRO accounts may be opened / maintained in the form of current, savings, recurring or fixed deposit accounts.

NRE account may be in the form of savings, current, recurring or fixed deposit accounts

FCNR (B) accounts are only in the form of term deposits of 1 to 5 years

Salary account is also in nature of saving account hence it is also covered.