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    Axis Bank NRE FD

    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.

    Features of Axis Bank NRE FD

    • Foreign currency deposits: Axis bank accepts all major currencies across the world and customers holding NRE FDs can easily deposit money in any currency that is convenient to them without any hassle
    • Easy reparability: Axis Bank offers smooth operation when it comes to interest rate reparability on NRE FDs. Along with the principal, the interest income is completely reparable
    • Tax benefit: The interest earned from these deposits are exempt from tax in the country, making it an attractive investment option for NRIs
    • Premature withdrawal: One can withdraw their NRE FD account before the maturity period subject to fulfilling certain terms and conditions. For more details on withdrawal rules, feel free to contact the bank
    • Avail loans on NRE FD: All Axis Bank customers are eligible to avail a loan on their NRE FD to meet their financial emergencies. Loans can also be availed outside India

    Eligibility Criteria

    • All NRIs or those of Indian origin will be eligible to apply for an Axis Bank NRE FD

    Documents required for opening Axis Bank NRE FD:

    • Passport copy
    • Concerned visa
    • Work/residence permit
    • PAN card
    • Passport size photo
    • Address proof

    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 FD Interest Rates

    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.

    FAQs

    1. Is it possible to apply for and open an NRE FD account online?

      Yes.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    6. Can an NRE FD be withdrawn before maturity period?

      Yes.

    7. 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.

    8. 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.

    9. Can the NRE FD holder choose a nominee for the deposit?

      Yes. Nominations can be made.

    10. 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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