How can foreigner open an bank account in india?

Now I am a OCI residing i UK i have a bank account in India while I was in India?

  • now I am a OCI residing i UK i have a bank account in India while I was in India as Indian citizen can I operate that account. will I have to apy income tax on the interest earned

  • Answer:

    If the interest earned on that account is more than Rs. 1,60,000 in a financial year (for men) Rs. 1,90,000 (for women) and Rs. 2,40,000 (for a senior Citizen aged more than 65 years), then, yes, you have to pay tax on such interest earned beyond the basic exemption limits mentioned above.

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