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Q: What are the tax benefits to the NRNR deposit account holders ?

A: They enjoy the following tax benefits : Income from the deposits will be free from Indian Income Tax. The deposit will also be exempt from Gift Tax for one-time gifting (in the case of NRIs...

Q: Are any tax concessions available to NRIs on balances/deposits held in NRE/FCNR accounts ?

A: Yes. Income from interest on moneys standing to the credit of NRE/FCNR accounts is exempt from income tax. Gifts from such accounts are also free of Gift-tax. Source : Reserve Bank Of India