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.
| Tenure | Interest Rate (less than Rs.2 crore) | Interest Rate (Rs.2 crore to less than Rs.4.91 crore) | Interest Rate (Rs.4.91 crore to less than Rs.4.92 crore) | Interest Rate (Rs.4.92 crore to more than Rs.5 crore) |
|---|---|---|---|---|
| 1 year to 1 year 5 days | 5.15% | 4.15% | 3.00% | 4.15% |
| 1 year 5 days to 1 year 11 days | 5.10% | 4.15% | 3.00% | 4.15% |
| 1 year 11 days to 1 year 25 days | 5.10% | 4.15% | 3.00% | 4.15% |
| 1 year 25 days to 13 months | 5.10% | 4.15% | 3.00% | 4.15% |
| 13 months to 14 months | 5.10% | 4.15% | 3.00% | 4.15% |
| 13 months to 14 months | 5.10% | 4.15% | 3.00% | 4.15% |
| 15 months to 16 months | 5.10% | 4.15% | 3.00% | 4.15% |
| 16 months to 17 months | 5.10% | 4.15% | 3.00% | 4.15% |
| 17 months to 18 months | 5.10% | 4.15% | 3.00% | 4.15% |
| 18 Months to 2 years | 5.25% | 4.15% | 3.00% | 4.15% |
| 2 years to 30 months | 5.40% | 4.35% | 3.00% | 4.35% |
| 30 months to 3 years | 5.40% | 4.35% | 3.00% | 4.35% |
| 3 years to 5 years | 5.40% | 4.35% | 3.00% | 4.35% |
| 5 years to 10 years | 5.75% | 4.35% | 3.00% | 4.35% |
| Tenure | Interest Rate (Rs.5 crore to Rs.10 crore) | Interest Rate (Rs.10 crore to Rs.24.75 crore) | Interest Rate (Rs.24.75 crore to Rs.25 crore) | Interest Rate (Rs.25 crore to Rs.50 crore) | Interest Rate (Rs.50 crore to Rs.100 crore) | Rs.100 crore and above |
|---|---|---|---|---|---|---|
| 1 year to 1 year 5 days | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 1 year 5 days to 1 year 11 days | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 1 year 11 days to 1 year 25 days | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 1 year 25 days to 13 months | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 13 months to 14 months | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 13 months to 14 months | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 15 months to 16 months | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 16 months to 17 months | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 17 months to 18 months | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 18 Months to 2 years | 4.15% | 4.15% | 3.00% | 4.15% | 4.15% | 4.15% |
| 2 years to 30 months | 4.35% | 4.35% | 3.00% | 4.35% | 4.35% | 4.35% |
| 30 months to 3 years | 4.35% | 4.35% | 3.00% | 4.35% | 4.35% | 4.35% |
| 3 years to 5 years | 4.35% | 4.35% | 3.00% | 4.35% | 4.35% | 4.35% |
| 5 years to 10 years | 4.35% | 4.35% | 3.00% | 4.35% | 4.35% | 4.35% |
| Who can apply? | Documents required |
|---|---|
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Yes.
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.
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.
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.
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.
Yes.
No. The interest earned on NRE FDs are exempt from tax in India.
No. One cannot transfer any funds from existing accounts.
Yes. Nominations can be made.
Yes, it does. Automatic renewals are possible if the customer provides specific auto renewal instructions.
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