Axis Bank NRE Fixed Deposit (FD)
Non-Resident External (NRE) deposits are held in rupee denomination by Non-Resident Indians (NRIs) who wish to park their foreign earnings in an Indian bank. Axis Bank NRE fixed deposits (FDs) are high-paying deposit accounts that offer tax-free interest income for foreign nationals.
A Non-Resident External (NRE) Fixed Deposit account is a term deposit account opened by a Non-Resident Indian (NRI) in order to invest their overseas earnings within an Indian bank.
The deposits held are in Indian rupees. NRIs choose this option if they wish to ensure growth in their savings and avail tax benefits on interest. Axis Bank offers NRE Fixed Deposits that enable NRIs to open deposit accounts with high returns and minimal tax liabilities.
NRI Fixed Deposit Interest Rate: Less than Rs.5 Crore
TENURE | DEPOSITS BELOW RS. 2 CRORE | DEPOSITS OF RS. 2 CRORE < RS.2.30 CRORES | DEPOSITS OF RS. 2.30 CRORE < RS.2.40 CRORES | DEPOSITS OF RS. 2.40 CRORE < RS.4.91 CRORES | DEPOSITS OF RS. 4.91 CRORE < RS.4.92 CRORES | DEPOSITS OF RS. 4.92 CRORE < RS.5 CRORES |
1 year to 1 year 4 days | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
1 year 5 days to 1 year 10 days | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
1 year 11 days to 1 year 24 days | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
1 year 25 days < 13 months | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
13 months < 14 months | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
14 months < 15 months | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
15 months < 16 months | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
16 months < 17 months | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
17 months < 18 months | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
18 Months < 2 years | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
2 years < 30 months | 7.10 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
30 months < 3 years | 7.10 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
3 years < 5 years | 7.10 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
5 years to 10 years | 7.00 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
NRI Fixed Deposit Interest Rate Rs. 5 Crore and Above
TENURE | RS. 5 CR < RS.10 CR | RS. 10 CR < RS.24.75 CR | RS. 24.75 CR < RS.25 CR | RS. 25 CR < RS.50 CR | RS. 50 CR < RS.100 CR | RS. 100 CR AND ABOVE |
1 year to 1 year 4 days | 7.25 | 7.25 | 5.00 | 7.30 | 7.65 | 7.65 |
1 year 5 days to 1 year 10 days | 7.25 | 7.25 | 5.00 | 7.30 | 7.65 | 7.65 |
1 year 11 days to 1 year 24 days | 7.25 | 7.25 | 5.00 | 7.30 | 7.30 | 7.30 |
1 year 25 days < 13 months | 7.25 | 7.25 | 5.00 | 7.30 | 7.30 | 7.30 |
13 months < 14 months | 7.25 | 7.25 | 5.00 | 7.30 | 7.30 | 7.30 |
14 months < 15 months | 7.25 | 7.25 | 5.00 | 7.30 | 7.30 | 7.30 |
15 months < 16 months | 7.05 | 7.05 | 5.00 | 7.05 | 7.05 | 7.05 |
16 months < 17 months | 7.05 | 7.05 | 5.00 | 7.05 | 7.05 | 7.05 |
17 months < 18 months | 7.05 | 7.05 | 5.00 | 7.05 | 7.05 | 7.05 |
18 Months < 2 years | 7.05 | 7.05 | 5.00 | 7.05 | 7.05 | 7.05 |
2 years < 30 months | 7.00 | 7.00 | 5.00 | 7.00 | 7.00 | 7.00 |
30 months < 3 years | 7.00 | 7.00 | 5.00 | 7.00 | 7.00 | 7.00 |
3 years < 5 years | 7.00 | 7.00 | 5.00 | 7.00 | 7.00 | 7.00 |
5 years to 10 years | 7.00 | 7.00 | 5.00 | 7.00 | 7.00 | 7.00 |
Features of Axis Bank NRE FD
- The account for NRE FD can be opened by an individual or as a joint account by two NRIs.
- The deposits can be made in any easily convertible foreign currency.
- Preclosure of the account before 1 year would mean zero interest payment. Partial withdrawal is permitted and charges would be deducted accordingly.
- Upon maturity, the principal and interest are automatically renewed.
- Overdraft facility can be availed for up to 85% of the deposit value.
- The bank holds the power to renew an NRE account in cases where the overdue period has not exceeded 14 days. The rate of interest applied would either be the rate during maturity or on the date of renewal, whichever is lower. Post 14 days, the bank can apply its own rates.
- Loan can be availed against the fixed deposit. The payments can either be separate monetary instalments or extracted from the NRE FD account.
Axis Bank NRE FD Eligibility Criteria
Who can apply? | Documents required |
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FAQs on Axis Bank NRE FD
- What is the procedure to apply for an NRE FD account online?
To apply for an NRE FD account online, log on to the Axis Bank website and go to the NRE FD section. Click on the 'Apply' option and fill in the details. Post this, all documents can be couriered to the bank.
- Is it possible to apply for and open an NRE FD account online?
Yes. You can apply for and open an NRE FD account online
- Is it possible to open an NRE FD account jointly with another individual?
Yes. It is possible to open an NRE FD account with another individual. However, please note that the joint account holder should also be an NRI.
- Is it possible for an Indian resident to open an NRE FD account?
No. Indian residents living in India are not eligible to open an NRE FD account. Only those earning in foreign currencies are eligible. All NRIs or people of Indian Origin are eligible for the same.
- Can an NRE FD account holder take a loan on the deposit?
All NRE FD holders can take a loan against their deposits. Loans will not be granted if the funds are to be used to carry out real estate business, plantation or farming. Loans will also not be given for lending money.
- Can an NRE FD be withdrawn before maturity period?
Yes. An NRE FD can be withdrawn before maturity period.
- Do I have to pay tax if I hold an NRE FD account?
No. The interest earned on NRE FDs are exempt from tax in India.
- Can a customer make a transfer of funds from an Non-Resident Ordinary or Foreign Currency Non-Repatriable account to open an NRE FD?
No. One cannot transfer any funds from existing accounts.
- Can the NRE FD holder choose a nominee for the deposit?
Yes. Nominations can be made.
- Does Axis Bank offer automatic renewals of NRE FDs?
Yes, it does. Automatic renewals are possible if the customer provides specific auto renewal instructions.
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