NRI Senior Citizens- Tax and Interest

  1. Are NRI Sr Citizens (over 60 yrs of age & Overseas Citizens of India ie OCI) eligible for benefits of resident Sr Citizens income tax rules/standard deductions/rebates/concessions etc or not?

  2. Are NRI Sr Citizens eligible for interest rates on Fixed Deposits similar to resident senior citizens which is higher then standard rate?.

I have tried and been unsuccessful to get answers from Reserve Bank, commercial banks, Income Tax Department, NRI Ministry and even PM's Secretariat and few other channels

Thanks a lot in advance for taking up these questions.

RAkesh Bansal

asked Jun 20 '12 at 09:46 by Rakesh Bansal 1111

  1. Tax exemption limits for resident senior citizen won't apply to NRIs. So tax rules applicable to a normal non-senior citizen would apply.
  2. Normal bank fixed deposit rates are not applicable to NRIs. They have different rates under NRO, NRE and FCNR accounts.

answered Jul 01 '12 at 19:41 by Pankaj Batra 5.2k320


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Asked: Jun 20 '12 at 09:46

Seen: 3,432 times

Last updated: Jul 01 '12 at 19:41