Fixed deposit

NRE is tax-free. In one country.

Your bank is right that NRE interest is exempt under §10(4)(ii) — and that exemption is Indian. A US person is taxed on worldwide income, so the same interest is ordinary income on a 1040 whatever India does with it. Here are all three accounts after both.

Deposit amount₹Interest rate% p.a.TermyearsIndian FDs compound quarterly — that is what this uses.Your US taxable income$Before this gain — it decides which bracket applies.Filing status

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Run this against what you actually hold

Connect or upload your Indian and US accounts and the same engine runs across every lot you own — with the real purchase dates and the real exchange rate on each of them.

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