US-IndiaNRI TaxFCNR / GIFT City
That "13% Risk-Free" FCNR Deposit Going Viral: Who It Actually Works For, and Who It Will Hurt
The math in the pitch is real. The tax-free part is only half true, and if you live in the US, the other half changes everything. We ran the full numbers on the leveraged GIFT City FCNR trade from both sides of the border: the itemizers who net 6.5% to 7.8% after tax, and the standard-deduction households who would lose 30% to 40% of their money in year one.
Siddharth Pruthi, CPA (WA) · CA (India) · August 2026 · 8 min read