Axis Bank offers Non-Resident External (NRE) Fixed Deposits (FD) along with many other Non-Resident Indian (NRI) banking services. These types of FDs are an ideal investment option for NRIs as the interest earned on them are not taxable in India. They also come with a wide range of other perks and benefits such as seamless reparability, flexible tenure options, etc. Axis Bank NRE FDs can be opened online with minimal documentation.
In case the applicant is sending across documents from a foreign country, the papers submitted will have to be attested by concerned authorities in the respective foreign country.
Axis Bank NRE FDs can be opened for any amount that ranges from Rs.5 crore to Rs.100 crore, or more. The bank offers various medium-term and long-term deposits. The minimum period for which one can hold an NRE FD is 1 year, while the maximum period is 10 years. The highest rate of interest offered by Axis Bank on NRE FDs is 6.50% for deposits that are held for a time period ranging from 1 year to less than 18 months. The interest yield on deposits that are held for a time period ranging from 18 months to 10 years is lower and these deposits pay at the rate of 6%.
*Interest rates applicable for deposits of Rs.5 crore to Rs.100 crore or more
|Tenure||Rate of Interest|
|5 years to 10 years||6.00%|
|3 years to less than 5 years||6.00%|
|30 months to less than 3 years||6.00%|
|2 years to less than 30 months||6.00%|
|18 months to less than 2 years||6.00%|
|17 months to less than 18 months||6.5%|
|16 months to less than 17 months||6.5%|
|15 months to less than 16 months||6.5%|
|14 months to less than 15 months||6.5%|
|13 months to less than 14 months||6.5%|
|1 year to less than 13 months||6.5%|
*Interest rates will be subject to change at the discretion of the bank without any prior notice. Please contact the bank for any further details, terms, and conditions.
Is it possible to apply for and open an NRE FD account online?
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 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?
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.