• Axis Bank NRE 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.

    Axis Bank NRE FD: Key Features

    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 (FDs) that enable NRIs to open deposit accounts with high returns and minimal tax liabilities.

    Important features of Axis Bank NRE FD:

    • Principal amount and interest are eligible for repatriability   
    • Guaranteed returns and tax exemption on interest income
    • FD is maintained in INR currency
    • Tenor ranges between 1-10 years

    What is an NRE FD?

    NRE fixed deposits are an investment opportunity for NRIs to park their overseas earnings in an Indian bank. Features like tax-free interest income and high returns make them a viable option for individuals looking to boost their savings.

    Why should you opt for NRE FDs?

    The NRE FDs are accompanied with an opportunity to increase one’s earnings and enjoy the benefits of tax exemptions. An investment of this nature also comes with complete repatriability on the deposits.

    Given below are the revised interest rates on Axis Bank NRE FDs with effect from June 8, 2018:

    Tenure Interest Rate (less than Rs.1 crore) Interest Rate (Rs.1 crore to less than  Rs.5 crore)
    1 year to less than 13 months 7.1% 7.3%
    13 months to less than 14 months 7.1% 7.3%
    14 months to less than 15 months 7% 7.25%
    15 months to less than 16 months 7% 7.25%
    16 months to less than 17 months 7% 7.25%
    17 months to less than 18 months 7% 7.25%
    18 months to less than 2 years 7% 7.25%
    30 months to less than 3 years 7% 7.25%
    3 years to less than 5 years 7% 7%
    5 years to 10 years 7% 7%

    NRI Fixed Deposit Interest Rate: Rs. 5 Crore and Above

    Tenure Interest Rate (Rs.5 crore < Rs.10 crore) Interest Rate (Rs.10 crore < Rs.25 crore) Interest Rate (Rs.25 crore < Rs.50 crore) Interest Rate (Rs.50 crore - Rs.100 crore) Interest Rate (Rs.100 crore and above)
    1 year to less than 13 months 7.60 7.30 7.30 7.50 7.50
    13 months to less than 14 months 7.30 7.30 7.30 7.30 7.30
    14 months to less than 15 months 7.30 7.30 7.30 7.30 7.30
    15 months to less than 16 months 7.30 7.30 7.30 7.30 7.30
    16 months to less than 17 months 7.30 7.30 7.30 7.30 7.30
    17 months to less than 18 months 7.30 7.30 7.30 7.30 7.30
    18 months to less than 2 years 7.30 7.30 7.30 7.30 7.30
    2 years to less than 3 years 7.30 7.30 7.30 7.30 7.30
    3 years to less than 5 years 7.00 7.00 7.00 7.00 7.00
    5 years-10 years 7.00 7.00 7.00 7.00 7.00

    Key Interest Rates to Note: Axis Bank NRE FD

    • For deposits below Rs.1 crore. an investor can avail an interest of up to 7.10% p.a. and an interest of up to 7.30% p.a. for a deposit within the range of Rs.1 crore to Rs.5 crore.
    • For deposits below Rs.1 crore and within Rs.1 crore-Rs.5 crore, the interest rate remains the same i.e. 7.00%
    • 7.60% is the highest rate of interest that an investor can get with a deposit within Rs.5 crore-Rs.10 crore for a tenor of 1 year

    Vital 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 principal amount and the interest are entitled to complete repatriability.
    • 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 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
    • Non-Resident Indians
    • Person of Indian Origin
    • Visa-related documents
    • Documents verifying the NRI status
    • Valid Passport
    • Overseas address and Indian address proof
    • Indian PAN card
    • Passport size photographer of the investor

    FAQs on Axis Bank NRE FD

    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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    Fixed deposit Reviews

    • Axis Bank Fixed Deposit
      "Interest should be increased for FD"
      0.5 3.0/5 "Satisfactory"
      I have opt for fixed deposit for the tax saving purpose because I have chosen five years tenure with AXIS Bank, still its going on. Only once I Invested my money it has the locking period of five years. I have option to check my transactions through mobile app. But I have concern about the interest rate is very lesser for this FD.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Sep 19, 2019
    • Axis Bank
      Axis Bank Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have a Fixed deposit account with Axis Bank. I have not faced any difficulties so far on using this account. The customer service is also good so far. Each and every transaction will be safe and secure .There was no drawbacks faced so far. I am very much comfortable in using this account.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Jun 06, 2019
    • Axis Bank Fixed Deposit
      "Convenient fixed deposit"
      0.5 4.0/5 "Great!"
      My fixed deposit was opened with Axis bank, I invested around Rs. 1 lakh for one year. If I want I can also extend the tenure. I believe the rate of interest is more than 7% for per annum. I can also track the fixed deposit through online banking its more simple.
      Was this review helpful? 9
      , thane
      Reviewed on May 04, 2019
    • Axis Bank Fixed Deposit
      "Very Assured Fixed deposit"
      0.5 5.0/5 "Blown Away!"
      I opened a Fixed deposit in Axis bank for one year of term period . They sent a physical copy for my fixed deposit which gives a good assurance about that bank . So that my nominee can be aware of my FD and can approach them very easily if something happens to me . I can check the status of my FD through on line itself .
      Was this review helpful? 4
      , hyderabad
      Reviewed on Apr 23, 2019
    • Axis Bank Fixed Deposit
      "Convenient"
      0.5 4.5/5 "Excellent!"
      I have a Fixed Deposit with Axis Bank because they have offered more interest than ICICI BANK and its been more than 1.5 years. Their customer service is always good. The interest rate is around 7.6% which am not sure. I can manage the account online. I opted for 18 months.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 26, 2019
    • Axis Bank Fixed Deposit
      "Services are good"
      0.5 5.0/5 "Blown Away!"
      I also bank with Axis Bank for the fixed deposit. The customer support and response is good. There are no hassles in the process. I could open this account online. The lock in period is for one year. The rate of interest they provide on my savings is also satisfactory.
      Was this review helpful? 11
      , pune
      Reviewed on Feb 15, 2019
    • Axis Bank Fixed Deposit
      "Average bank to avail fixed deposit"
      0.5 4.5/5 "Excellent!"
      I have chosen the Axis bank for my fixed deposit. I have deposited around of Rs. 50000. Since they are providing very good services in their branch. They have offered me a interest rate of 6.5%. I put the money in 2015. I have visited their branch many times and the service is very much prompt. I had no issues with them.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Dec 11, 2018
    • Axis Bank Fixed Deposit
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have done with the fixed deposit with the AXIS BANK where the mobile application is easy and user friendly to access. It is easy to do the fixed deposit through the application which is paperless approval. The service is good with this bank.
      Was this review helpful? 8
      , chennai
      Reviewed on Dec 01, 2018
    • Axis Bank Fixed Deposit
      "Hassle Free FD account"
      0.5 4.0/5 "Great!"
      I have saving account hence in an application I can track and maintain the FD account. The bank is providing the interest rate around 6 to 8% for per annum. Its convenient I can open the FD account through app and I close the FD without any hassles. The amount also gets credited immediately to my bank account.
      Was this review helpful? 4
      , bangalore
      Reviewed on Nov 23, 2018
    • Axis Bank Fixed Deposit
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I've another fixed deposit with the Axis bank under my wife's name. I've deposited 21 lacs in this deposit. The interest rate is good and they disburse the interest quarterly. So far there hasn't been any issues with their services.
      Was this review helpful? 25
      , ahmedabad
      Reviewed on Jul 28, 2018
    • Axis Bank Fixed Deposit
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I've two fixed deposits with the Axis bank, one is under my name and the second one is under wife's name. I've deposited 7 lacs, the interest rate is very good. They disburse the cumulated interest quarterly and the tenure of the FD is 5 years.
      Was this review helpful? 10
      , ahmedabad
      Reviewed on Jul 28, 2018
    • Axis Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have a Fixed Deposit with AXIS bank from last 3 months, i am happy with the service they provide. I get good returns on investments. Customer service was very good, they gave all the right information and guided me well. I will get 6.99% on returns after the maturity period.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on May 08, 2018
    • Axis Bank Fixed Deposit
      "Very Poor Response by BRANCH EMPLOYEE"
      0.5 0.5/5 "Unacceptable"
      Its waste of time & money with axis bank. Don't have enough knowledge, lack of experience, and poor support. I opened a FD ACCOUNT AT AXIS BANK ON 13TH, and still they are unable to update my contact number in my account & cc. Wait....wait and waiting.. Nd branch is located in DELHI. NOW YOU CAN IMAGINE, how they will operate in rural area...
      Was this review helpful? 2
      , new delhi
      Reviewed on Feb 23, 2018
    • Axis Bank Fixed Deposit
      "Overall good"
      0.5 4.0/5 "Great!"
      I have a two lakh fixed deposit at Axis Bank. The bank is good in this process and the rate of interest is the same when compared to other banks. There is no lock in period and anytime I an withdraw the funds. There are no charges related to this account.
      Was this review helpful? 2
      , new delhi
      Reviewed on Feb 19, 2018
    • Axis Bank Fixed Deposit
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Axis Bank is overall good in the banking process. I bank for a fixed deposit and there are no charges taken for this account. The customer support is good and the online banking is very convenient to open and close this account. The rate of interest is also good.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Feb 09, 2018
    • Axis Bank Fixed Deposit
      "Good Return"
      0.5 3.0/5 "Satisfactory"
      I had a good investment made an investment in Axis Bank through my Fixed Deposit Account with them. They gave me an interest rate of 8.25%, which I feel is one of the best in the Industry. I took it for a 2 years period and had the option of closing it even before the maturity.
      Was this review helpful? 9
      , mumbai
      Reviewed on Dec 26, 2017
    • Axis Bank Fixed Deposit
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I am having the fixed deposit account with the Axis bank and the customer service was not really good like they have to be get improved. I would like to say that the online banking system could be get improved. I have not faced any issues with them till now.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 25, 2017
    • Axis Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      Even though I don't like the saving account with Axis bank as there is a minimum balance of Rs. 10000 has to be maintained I like the fixed deposit account with Axis bank as that process is simple and smooth and I have it for 2.5 years and also they pay good interests rates of 7.5%.
      Was this review helpful? 7
      , faridabad
      Reviewed on Nov 17, 2017
    • Axis Bank Fixed Deposit
      "Best"
      0.5 5.0/5 "Blown Away!"
      I am using Axis FD service for last 15 years. The amount differs for a fixed deposit. The interest rate was vey high than other nationalized banks. They providing more benefits to the customers. There is no issues with Axis and am completely satisfied with the service. The most interesting feature is they auto renew the policy or they pay extra charges for late 15 days.
      Was this review helpful? 7
      , kolkata
      Reviewed on Nov 16, 2017
    • Axis Bank Fixed Deposit
      "Its good investment"
      0.5 4.5/5 "Excellent!"
      I have invested one lakh in fixed deposit with AXIS bank. Its going to matured in this august, Then I would be getting around Rs.1.12,000. I have opened this FD through online and I will be getting the amount same to my account. AXIS gave me premature withdrawal, I can close whenever I want.
      Was this review helpful? 7
      , mumbai
      Reviewed on Jun 13, 2017
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