29 July, 2025 at 7:25 am
If you Send Money From Abroad to a Normal Indian Savings Account, there is no tax on the principal amount, but if an NRI is sending money from abroad to a normal Indian savings account in Indian, then the interest earned on the principal amount will be taxable only.
No, you will not need to pay taxes in India for sending money to a normal Indian savings account from abroad. However, there are some conditions in which you are obliged to pay the taxes on interest on the remaining balance in your Indian savings account.
Here is the process to check the receipt of funds from foreign countries into an Indian savings bank account. It is called the FIRC means Foreign Inward Remittance Certificate. The importance of FIRC is for business persons and freelancers, to serve as proof of evidence of Income from foreign citizens, it also helps to get refunds on the exported goods and services, and it makes sure that the foreign income is in accordance with the guidelines set by the Reserve Bank of India.
The details on how to send the money to the Indian savings account in India. Sender needs to provide all the details like sender's name and address, bank branch information, bank's nationality, Bank account number, and SWIFT code of the bank.
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