Cash lying idle in your bank account?
Invest as low as Rs. 1,000 in Mutual Funds and enjoy higher returns.
  • Loading your search...
    Close

    Tell us about yourself & we'll find the best Fixed Deposit offers for you.

  • Fixed Deposit BYTES FROM OUR KITCHEN

    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.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.