For those who are Indian residents for tax purposes, interest income earned from FCNR deposits attracts tax
If I make a deposit under the premium rupee plan (PRP) in a bank, they usually debit money from our NRE (non-resident external) accounts and buy equivalent amount of forex, and make FCNR (foreign currency non-resident) deposit for, say, five years. The interest earned this way is around 3.5%. How will taxation apply if I become a resident after 1-2 years, and given this instrument will mature five years from now?
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