Like Resident Indians, NRIs can also claim deductions on income from interest on saving bank account. Since NRIs can only hold NRE or NRO saving account, and given interest earned on NRE saving account is tax-free, this section effectively applies to only interest earned on the NRO saving account. Thus, this tax deduction is only applicable to saving account deposit and not on NRO term deposit which is subject to TDS @ 30.9%.
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