Glance through the below mentioned table to check which Income Tax Slab you fall in. You can later opt for a Tax Refund while filing your taxes as per your tax slab. Although, the interest that you earn on the funds is taxable in India at 30% along with surcharge and cess. You can earn upto a 7.30%* interest rate on these accounts. It can come from any property that you have in India in the form of rent or maybe your pension etc. Non Resident Ordinary (NRO) Fixed Deposit: The NRO Fixed Deposit is used to maintain the income for an NRI that is generated in India.
