Bank Deposits are free from wealth tax in India.
Interest earned on NRE, FCNB and NRNR accounts is exempt from Indian income tax. Gifts made out of NRE, FCNB and NRNR accounts are free from gift tax in India. If a person who had been non-resident for a minimum period of two financial years, returns to India permanently, he would have the status of RNOR for the next nine financial years. NRO and NRSR Interest will continue to be taxable as before. The sections mentioned above refer to Income Tax Act 1961.