Bond/NCD Interest TDS

Mauritius

Article 11: 7.5% with TRC + Form 41 (formerly Form 10F). The lowest GENERAL interest cap in any India DTAA. (UAE has a 5% sub-rate for interest paid on a loan granted by a bank/financial institution under Article 11(2)(a); Mauritius's 7.5% applies universally on post-31-March-2017 debt-claims.)

Oman

Article 11: 10% cap, unchanged by the 2025 protocol. Better than UAE's 12.5%.

Saudi Arabia

Article 11

Qatar

Article 11(2): 10% cap, the same under the 1999 and 2025 treaties

Germany

Article 11: 10% treaty cap on Indian-source interest

Netherlands

Article 11: 10% treaty cap on Indian-source interest

Kuwait

Article 11

France

Article 12: 10% treaty cap on Indian-source interest

Ireland

Article 11: 10% treaty cap on Indian-source interest

Switzerland

Article 11: 10% treaty cap on Indian-source interest

Malaysia

Article 11: 10% with TRC + Form 10F

Japan

Article 11: 10% with TRC + Form 10F

South Korea

Article 11 of the 2015 revised treaty, 10% with TRC + Form 10F

Hong Kong

Article 11 of the 2018 India-HK CDTA, 10% with TRC + Form 10F

New Zealand

Article 11: 10% with TRC + Form 10F

South Africa

Article 11

Kenya

Article 11

Sweden

Article 11: 10% treaty cap on Indian-source interest

Norway

Article 11: 10% treaty cap on Indian-source interest

Thailand

Article 11: 10% with TRC + Form 10F

Indonesia

Article 11: 10% with TRC + Form 10F

Portugal

Article 11: 10% treaty cap on Indian-source interest

Luxembourg

Article 11: 10% treaty cap on Indian-source interest

Austria

Article 11: 10% treaty cap on Indian-source interest

Poland

Article 12: 10% treaty cap after the 2013 protocol (was 15%)

Finland

Article 11: 10% treaty cap on Indian-source interest

China

Article 11: 10% treaty cap on Indian-source interest

Vietnam

Article 11: 10% treaty cap on Indian-source interest

Israel

Article 11: 10% treaty cap on Indian-source interest

Sri Lanka

Article 11: 10% treaty cap on Indian-source interest

Tanzania

Article 11: 10% treaty cap on Indian-source interest

Uganda

Article 11: 10% treaty cap on Indian-source interest

Nepal

Article 11: 10% treaty cap on Indian-source interest, confirmed on the Income Tax Department's own withholding-rate table

Cyprus

Article 11: 10% treaty cap on Indian-source interest to a Cyprus-resident beneficial owner

Malta

Article 11: 10% treaty cap on Indian-source interest to a Malta-resident beneficial owner, confirmed against the CBDT's MLI-synthesised treaty text

Bangladesh

A flat 10% cap on Indian-source interest paid to a Bangladesh-resident beneficial owner, confirmed against the treaty's own notified text (GSR 758(E)); interest paid to the Government of Bangladesh or Bangladesh Bank is separately exempt outright

Russia

Article 11: flat 10% treaty cap on Indian-source interest to a Russia-resident beneficial owner, confirmed against PwC's own treaty-rate table; interest paid to the Reserve Bank of India or the Russian government is separately exempt outright

Mexico

Article 11: flat 10% treaty cap on Indian-source interest to a Mexico-resident beneficial owner, confirmed directly from the notified treaty text (Notification 86/2010); interest paid to specified government/development-bank entities on either side is separately exempt outright under Article 11(3)

Ukraine

Article 11(2): Indian tax on interest paid to a Ukraine-resident beneficial owner cannot exceed 10% of the gross amount. One flat rate for everyone, individuals included. Covers NRO FDs, NRO savings and Indian bonds. NRE interest is exempt in India but still taxable in Ukraine as foreign income.

Taiwan

Article 11(2): India's tax on interest is capped at 10% of the gross amount where the beneficial owner is a resident of Taiwan. Applies to NRO FDs, NRO savings and Indian bonds. NRE and FCNR interest is already exempt in India.

Lithuania

Article 11(2): India's tax on interest beneficially owned by a Lithuanian resident cannot exceed 10% of the gross amount. There is no separate rate for individuals, so it covers NRO FDs, NRO savings and Indian bonds. NRE interest is exempt in India and is worldwide income in Lithuania, with no Indian tax to credit. Qualifying deposit interest, foreign banks included, gets Lithuania's EUR 500 a year exemption.

Czech Republic

Article 11(2): 10% cap on Indian-source interest where the beneficial owner is a Czech resident. Applies to NRO FDs, NRO savings and Indian bonds. Article 11(3) fully exempts interest paid to the Czech government, the Czech National Bank and named export-credit bodies, not individuals. NRE interest is exempt in India but still reportable in Czechia, with no Indian tax to credit.

Romania

Article 11(2): India may tax interest paid to a Romanian-resident beneficial owner at no more than 10% of the gross amount. Applies to NRO FDs, NRO savings and Indian bonds held by individuals. NRE FD interest is exempt in India but is still foreign interest for a Romanian resident, taxed at 10% in Romania with no Indian tax to credit.

Hungary

Article 11(2): India's tax on interest paid to a Hungarian-resident beneficial owner, individuals included, may not exceed 10% of the gross amount. Covers NRO FDs, NRO savings and Indian bonds. On the Hungarian side interest carries 15% PIT plus, where it applies, an uncapped 13% social contribution tax (szocho), self-assessed on foreign interest. NRE interest is exempt in India but still taxable in Hungary, with no credit because India levied no tax.

Kazakhstan

Article 11(2): India's tax on interest paid to a Kazakhstan-resident beneficial owner cannot exceed 10% of the gross amount. Applies to individuals and companies alike, covering NRO FDs, NRO savings and Indian bonds. Interest to the Kazakh government or central bank is exempt outright under Article 11(3)

Georgia

Article 11(2): India's tax on interest paid to a Georgia-resident beneficial owner cannot exceed 10% of the gross amount. The cap applies to individuals and companies alike, so it covers NRO FDs, NRO savings and Indian bonds. Interest to the Georgian government, its central bank and similar bodies is exempt under Article 11(3)

Estonia

Article 11(2): India's tax on interest beneficially owned by an Estonian resident cannot exceed 10% of the gross amount. There is no separate rate for individuals, so it covers NRO FDs, NRO savings and Indian bonds. EMTA credits Indian tax only up to that 10%, and the balance up to Estonia's 22% is payable in Estonia once deductions and the basic exemption (EUR 8,400 for 2026) are used. NRE interest is exempt in India but taxable in Estonia at 22% after deductions and the basic exemption, with no Indian tax to credit.

Uzbekistan

Article 11(2), as amended by Article 2 of the 2012 Protocol (15% cut to 10%, effective in India from FY 2013-14): India's tax on interest paid to an Uzbekistan-resident beneficial owner cannot exceed 10% of the gross amount. Applies to individuals and companies alike, covering NRO fixed deposits, NRO savings and Indian bonds. Interest to the Uzbek government, its local authorities or central bank is exempt under Article 11(3)(a)

Belarus

Article 11(2): India's tax on interest paid to a Belarus-resident beneficial owner cannot exceed 10% of the gross amount. Applies to individuals and companies alike, covering NRO FDs, NRO savings and Indian bonds. Interest to the Belarusian government or central bank is exempt outright under Article 11(3)

Albania

Article 11(2): Indian tax on interest is capped at 10% of the gross amount where the beneficial owner is resident in Albania. Covers NRO fixed deposits (FDs), NRO savings and Indian bonds. NRE interest is exempt in India but is still 15% investment income in Albania, with no Indian tax to credit.

Serbia

Article 11(2): India may tax interest paid to a beneficial owner resident in Serbia at no more than 10% of the gross amount. Applies to individuals: there is no nationality condition in Article 4. Article 11(3) fully exempts only interest paid to the Serbian government, a political subdivision or local authority, or the central bank.

Bhutan

Article 11(2): India's tax on interest paid to a Bhutan-resident beneficial owner cannot exceed 10% of the gross amount. Applies to individuals and companies alike, covering NRO FDs, NRO savings and Indian bonds. Article 11(3) exempts interest to the Bhutanese government, the Royal Monetary Authority and Bhutan Development Bank

Kyrgyzstan

Article 11(2): India's tax on interest paid to a Kyrgyz-resident beneficial owner cannot exceed 10% of the gross amount. Applies to individuals and companies alike, covering NRO FDs, NRO savings and Indian bonds. Interest to the Kyrgyz government or central bank is exempt under Article 11(3). You must be a treaty resident under Article 4(1), which in practice means holding a Kyrgyz residence permit

Iceland

Article 11(2): India's tax on interest paid to an Iceland-resident beneficial owner, individuals included, may not exceed 10% of the gross amount. Covers NRO FDs, NRO savings and Indian bonds. Iceland taxes the interest at 22% and credits the Indian 10% under Article 23(2)(a). NRE interest is exempt in India but taxable in Iceland, with no credit because India levied no tax.

Latvia

Article 11(2): India's tax on interest beneficially owned by a Latvian resident cannot exceed 10% of the gross amount. There is no separate rate for individuals, so it covers NRO FDs, NRO savings and Indian bonds. Latvia taxes interest at 25.5% and, under Article 23(2)(b), credits Indian tax only up to that 10%. NRE interest is exempt in India but taxable in Latvia at 25.5%, with no Indian tax to credit.

Slovenia

Article 11(2): India's tax on interest whose beneficial owner is a Slovenian resident may not exceed 10% of the gross amount. Covers NRO FDs, NRO savings and Indian bonds. Article 11(3) exempts only interest owned by the two Governments, their central banks, the Slovene Export Company and the Export-Import Bank of India, so ordinary deposits stay at 10%. Slovenia taxes the interest at a flat 25% and credits Indian tax at the treaty's 10%. NRE interest is exempt in India but taxable in Slovenia at 25%, with no credit because India withheld nothing.

Croatia

Article 11(2): India's tax on interest whose beneficial owner is a Croatian resident may not exceed 10% of the gross amount. Covers NRO FDs, NRO savings and Indian bonds. Article 11(3) exempts only interest owned by the Croatian Government, its subdivisions and local authorities, or the Central Bank and agreed public institutions. Croatia taxes deposit interest at 12% and credits Indian tax charged within the treaty's 10%, so you pay Croatia 2 points on top. Bond interest is not taxable in Croatia, whatever the issuer. NRE interest is exempt in India but taxable in Croatia at 12%, with no credit because India withheld nothing.

Armenia

Article 11(2): India's tax on interest paid to an Armenia-resident beneficial owner cannot exceed 10% of the gross amount. The cap applies to individuals and companies alike, so it covers NRO FDs, NRO savings and Indian bonds. Interest to the Armenian government and the Central Bank of Armenia is exempt under Article 11(3)

North Macedonia

Article 11(2): India may tax interest paid to a beneficial owner resident in North Macedonia at no more than 10% of the gross amount. Applies to individuals: Article 4 has no nationality condition. Article 11(3) fully exempts only interest owned by the government, a political sub-division or local authority, the National Bank, or an institution agreed by letter.

Montenegro

Article 11(2): India may tax interest paid to a beneficial owner resident in Montenegro at no more than 10% of the gross amount. Applies to individuals: Article 4 has no nationality condition. Article 11(3) fully exempts only interest paid to the Montenegrin government, a political sub-division or local authority, or the central bank.

Myanmar

Article 11(2): India's tax on interest paid to a Myanmar-resident beneficial owner cannot exceed 10% of the gross amount. It applies to individuals and companies alike, so it covers NRO (Non-Resident Ordinary) FDs, NRO savings and Indian bonds. Article 11(3) exempts interest to the Myanmar government and named state banks, including the Central Bank of Myanmar

Fiji

Article 11(2): India's tax on interest paid to a Fiji-resident beneficial owner, individuals included, may not exceed 10% of the gross amount. Covers Non-Resident Ordinary (NRO) FDs, NRO savings and Indian bonds. Fiji adds the interest to chargeable income and credits the Indian 10% under Article 23(2)(a). NRE interest is exempt in India but taxable in Fiji, with no credit because India levied no tax.

Tajikistan

Article 11(2): India's tax on interest paid to a Tajik-resident beneficial owner cannot exceed 10% of the gross amount. The cap is the same for individuals and companies, and covers NRO FDs, NRO savings and Indian bonds. Interest paid to the Tajik government or the National Bank of Tajikistan is exempt under Article 11(3). In Tajikistan the interest is taxed again at 15%, with a credit for the Indian 10%

Morocco

Article 11(2): India's tax on interest paid to a Morocco-resident beneficial owner cannot exceed 10% of the gross amount. The cap applies to individuals and companies alike, so it covers NRO FDs, NRO savings and Indian bonds. Interest to the Moroccan government and Bank Al-Maghrib is exempt under Article 11(3)

Jordan

Article 11(2): India's tax on interest paid to a Jordan-resident beneficial owner cannot exceed 10% of the gross amount. The cap applies to individuals and companies alike, so it covers Non-Resident Ordinary (NRO) FDs, NRO savings and Indian bonds. Article 11(3) exempts interest beneficially owned by the Jordanian government, a political sub-division or local authority, the Central Bank of Jordan, or any other bank or government financial institution or agency the two countries agree on

Colombia

Article 11(2): India's tax on interest paid to a Colombia-resident beneficial owner cannot exceed 10% of the gross amount. The cap applies to individuals and companies alike, so it covers NRO FDs, NRO savings and Indian bonds. Interest to the Colombian government, the Banco de la Republica and Bancoldex is exempt in India under Article 11(3)

Chile

Article 11(2): India's tax on interest whose beneficial owner is a Chilean resident may not exceed 10% of the gross amount. There is no separate rate for banks or companies, so the 10% cap covers every individual on NRO FDs, NRO savings and Indian bonds. Article 28(11) withdraws the cap if Chile does not effectively tax the interest, for example during a newcomer's first three years when Chile taxes only Chilean-source income. NRE interest is exempt in India but taxable in Chile once you are taxed on worldwide income.

Trinidad & Tobago

Article 11(2): India's tax on interest paid to a Trinidad and Tobago resident who is the beneficial owner, individuals included, may not exceed 10% of the gross amount. Covers Non-Resident Ordinary (NRO) FDs, NRO savings and Indian bonds. The local interest exemption covers only Trinidad and Tobago institutions, so a worldwide-basis resident declares the Indian interest and credits the Indian 10% under Article 23(2). NRE interest is exempt in India but taxable on that basis. Whether Article 23(4)'s tax-sparing clause (tax forgone under incentives designed to promote economic development is deemed paid) covers the NRE exemption is unconfirmed, so do not count on a credit.

Zambia

Article 11(2): India's tax on interest paid to a Zambia-resident individual or company cannot exceed 10% of the gross amount. It covers NRO FDs, NRO savings and Indian bonds. Article 11(3) exempts interest paid to the Zambian government, local authorities and the Bank of Zambia. Zambia then taxes the same interest at its own rates and credits the Indian tax under Article 24(3)

Mozambique

Article 11(2): India's tax on interest paid to a Mozambique-resident beneficial owner, individuals included, may not exceed 10% of the gross amount. Covers Non-Resident Ordinary (NRO) FDs, NRO savings and Indian bonds. Mozambique taxes the interest as worldwide income and credits the Indian 10% under Article 23(2)(ii)(a). NRE interest is exempt in India but not in Mozambique, and gets no credit because India levied no tax.

Botswana

Article 11(2): India's tax on interest whose beneficial recipient is a Botswana resident cannot exceed 10% of the gross amount. It applies to individuals and companies alike, and covers NRO fixed deposits (FDs), NRO savings and Indian bonds. Article 11(3) fully exempts interest paid to the other government, its central bank and agreed financial institutions. From July 2026 Botswana taxes an ordinary resident's Indian interest at individual rates up to 27.5% and credits the Indian tax only up to that Botswana tax

Uruguay

Article 11(2): India's tax on interest paid to a Uruguay-resident beneficial owner, individuals included, may not exceed 10% of the gross amount. Covers NRO (Non-Resident Ordinary) FDs, NRO savings and Indian bonds. Uruguay taxes the same interest at 12% and credits the Indian 10% under Article 24(2)(a), so about 2% more is due in Uruguay. NRE interest is exempt in India but taxed at 12% in Uruguay, with no credit because India levied no tax.

Iran

Article 11(2): India's tax on interest paid to an Iran-resident beneficial owner cannot exceed 10% of the gross amount. The cap applies to individuals and companies alike, so it covers NRO FDs, NRO savings and Indian bonds, but only for a person who is resident in Iran under Article 4(1). Article 11(3) exempts interest beneficially owned by the Iranian government, a political subdivision or local authority, the Central Bank, or an institution wholly owned and controlled by the government

Ethiopia

Article 11(2): India's tax on interest paid to an Ethiopia-resident beneficial owner cannot exceed 10% of the gross amount. It covers NRO FDs, NRO savings and Indian bonds held by individuals and companies alike. Article 11(3) exempts interest paid to the Ethiopian government, local authorities and the National Bank of Ethiopia. Ethiopia taxes residents' interest, including foreign interest, at a flat 10% of the gross, and credits the Indian tax paid, so at the treaty rate little or nothing is left to pay in Ethiopia

Namibia

Article 11(2): India's tax on interest whose beneficial owner is a Namibia resident cannot exceed 10% of the gross amount. It covers NRO fixed deposits (FDs), NRO savings and Indian bonds, for individuals and companies alike. Article 11(3) fully exempts interest paid to the other government and agreed agencies. The cap works because Namibia taxes an ordinary resident's Indian interest under section 15(2) of its Income Tax Act. If you instead claim Namibia's section 16(1)(r) exemption for interest on capital that came from outside Namibia, Article 24(1) lets India tax that interest as if the treaty did not exist

Syria

Article 11(2): India's tax on interest paid to a Syria-resident beneficial owner cannot exceed 10% of the gross amount. The cap applies to individuals and companies alike, so it covers NRO FDs, NRO savings and Indian bonds. Article 11(3) fully exempts interest owned by the Syrian government, a political sub-division or local authority, or the Central Bank of Syria

Sudan

Article 11(2): Indian tax on "interest or gains" paid to a Sudan resident who is the beneficial owner may not exceed 10% of the gross amount. There is no shareholding or holder test, so the cap covers every Sudan-resident individual on NRO FDs, NRO savings and Indian bonds. Article 11(3) exempts interest paid to the two governments and named institutions such as the Bank of Sudan.

Turkmenistan

Article 11(2): India's tax on interest paid to a Turkmen-resident beneficial owner cannot exceed 10% of the gross amount. The cap is the same for individuals and companies, so it covers NRO FDs, NRO savings and Indian bonds. Article 11(3) exempts interest owned by the Turkmen government, a political sub-division or local authority, the Central Bank of Turkmenistan, or another bank both countries agree on

UAE

Article 11

US

Article 11, caps Indian interest withholding at 15% for US-resident beneficial owners. Applies to NRO FDs, NRO savings, Indian bonds. NRE FD interest is exempt in India but still 100% taxable on your US 1040 as worldwide income, the treaty does not change that, and there is no FTC because India levied no tax.

UK

Interest article (post-2013 protocol numbering: Article 12; pre-protocol: Article 11), 15% general treaty cap; 10% sub-cap for interest paid to a bona fide bank; 0% (exempt) for interest paid to governments / RBI. India-UK is one of the few major Indian treaties where general interest is capped at 15%, not 10%.

Singapore

Article 11. DBS/UOB/Citi NRO interest TDS drops from 30% to 15% with TRC + Form 10F

Canada

Article 11, caps interest withholding at 15% for Canadian-resident beneficial owners.

Australia

Article 11, capped at 15% with TRC + Form 10F

Denmark

Article 12(2), the 15% treaty cap on Indian-source interest for individuals. The 10% rate in Article 12(2)(a) applies only where a bank made the loan, so your NRO FD misses it: on that deposit the lender is you.

Philippines

Article 11: 15% for an individual NRI. The 10% sub-rate applies only where the interest is received by a financial institution or insurer, not to an individual's NRO interest.

Italy

Article 12: 15% treaty cap on Indian-source interest

Spain

Article 12: 15% treaty cap on Indian-source interest

Belgium

Article 11: 15% general treaty cap (10% on bank-loan and credit-sale interest)

Brazil

Article 11: 15% general treaty cap on Indian-source interest

Türkiye

Article 11(2)(b): 15% cap for every Türkiye-resident beneficial owner, which covers individuals with NRO FDs, NRO savings and Indian bonds. The 10% rate in Article 11(2)(a) applies only to interest on loans granted by a bank or financial institution, so it is not available to an individual depositor. NRE and FCNR interest is exempt in India, but a Turkish resident outside the Law 7582 exemption still reports it in Türkiye.

Bulgaria

Article 12(2), not Article 11: this treaty's numbering runs one ahead of most (Article 10 is associated enterprises, 11 is dividends, 12 is interest). Caps Indian tax on interest at 15% where the recipient is the beneficial owner and a treaty resident of Bulgaria, which for an individual means a Bulgarian national under Article 4(1)(b). An Indian citizen living in Bulgaria is not a treaty resident and gets the 30% domestic withholding.

Slovakia

Article 11(2): India's tax on interest whose beneficial owner is a Slovak resident may not exceed 15% of the gross amount. Covers NRO FDs, NRO savings and Indian bonds. Article 11(3)(a) exempts interest owned by governments and central banks. Article 11(3)(b) also exempts a resident's interest on loans or credits extended or endorsed by named export-credit banks, public external-trade financiers, or any lender whose loan the Indian Government approved. Ordinary NRO deposits do not qualify and stay at 15%. Slovakia taxes the interest at a flat 19% and credits Indian tax up to the treaty's 15%. Where Slovak public health insurance applies, it also carries a 16% health contribution in 2026 (8% for qualifying disabled insured persons). NRE interest is exempt in India but taxable in Slovakia, with no credit because India withheld nothing.

Mongolia

Article 11(2): India's tax on interest paid to a Mongolian-resident beneficial owner cannot exceed 15% of the gross amount. It applies to individuals and companies alike, and covers NRO fixed deposits (FDs), NRO savings and Indian bonds. Article 11(3) fully exempts interest paid to the other government, its central bank and named development banks. Mongolia credits Indian tax only up to its own 10% on the same interest