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    Axis Bank NRO Fixed Deposit: Rates & Features

    A Non-Resident Ordinary (NRO) account is a term deposit that be opened by a Non-Resident Indian to safeguard their earnings originating from India. These earnings could have been obtained either through rent, pension or dividend. The amount can be parked as Indian currency or as foreign currency. The interest income gained through this term deposit is taxable as prescribed by the Income Tax Act, 1961.

    Given below are the revised interest rates paid on Axis Bank NRO fixed deposits 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)
    7 days-14 days 3.50% 5.50%
    15 days-29 days 3.50% 5.50%
    30 days-45 days 5.50% 6.00%
    46 days-60 days 6.00% 6.30%
    61 days to less than 3 months 6.00% 6.50%
    3 months to less than 4 months 6.00% 6.75%
    4 months to less than 5 months 6.00% 6.75%
    5 months to less than 6 months 6.00% 6.75%
    6 months to less than 7 months 6.25% 6.90%
    7 months to less than 8 months 6.25% 6.90%
    8 months to less than 9 months 6.25% 6.90%
    9 months to less than 10 months 6.50% 6.90%
    10 months to less than 11 months 6.50% 6.90%
    11 months to less than 1 year 6.50% 6.90%
    1 year to less than 13 months 7.10% 7.30%
    13 months to less than 14 months 7.10% 7.30%
    14 months to less than 15 months 7.00% 7.25%
    15 months to less than 16 months 7.00% 7.25%
    16 months to less than 17 months 7.00% 7.25%
    17 months to less than 18 months 7.00% 7.25%
    18 months to less than 2 years 7.00% 7.25%
    2 years to less than 30 months 7.00% 7.25%
    3 years to less than 5 years 7.00% 7.00%
    5 years-10 years 7.00% 7.00%

    Highlights of Axis Bank NRO FD interest rates (deposits less than Rs.1 crore):

    • The highest rate of interest i.e. 7.10% is offered for NRO terms deposit within a tenor ranging from 1 year to 14 months.
    • The lowest interest rate is placed for FDs with a tenor less than 29 days, which is 3.50%.
    • The interest rate of an FD for a tenor above 14 months is at 7.00%.

    Highlights of Axis Bank NRO FD interest rates (deposits more than Rs.1 crore to less than Rs.5 crore):

    • An NRO FD account holder can avail the highest interest rate of 7.30% for a tenor that lasts within 1 year and 14 months.
    • The lower limit within the interest bracket is 5.50% which is applicable for tenors lasting less than 29 days.
    • A tenor that exceeds 3 years can get an interest of 7.00%, while a tenor within 14 months and less than 3 years can get a higher interest of 7.25%.

    Key features of Axis Bank NRO FD

    • An NRO FD account can be held by an NRI or as a joint account along with another NRI or an Indian citizen.
    • The investment is not prone to the risk of currency fluctuations.
    • The interest income earned on NRO FD is subject to taxation of 30% under the IT Act, 1961.
    • An investor can opt for a tenor that ranges between 7 days to 10 years.
    • The account holder can make partial withdrawals from the deposit made.
    • Overdraft facility can be availed on up to 85% of the total deposit value.
    • The interest earned is fully repatriable, after tax deduction. In a financial year, up to $1 million can be repatriable for bonafide needs.
    • The account holder will not receive any interest income upon premature closure before 7 days.
    • Loans can be availed by the account holder against the security of the FD except for relending, agricultural or real investment purposes. Third parties can apply for loans against an NRO account provided that it will not be used for agricultural and real estate needs. RBI’s guidelines for interest rates will be applicable.

    Eligibility criteria for Axis bank NRO FD

    Who can open? Documents required
    • Non-Resident Indian (NRIs)
    • Person of Indian origin (PIO)
    • Overseas and Indian Address proof
    • Valid Passport
    • Passport size photograph of the account holder
    • Employment/Residence Visa validating NRI status

    FAQS on Axis Bank NRO FD

    1. Is nomination facility available in NRO FD?

      Yes.

    2. Can loan be taken for any purpose on my FD?

      Loan can be taken for all purposes except for:

      • Real estate investments
      • Relending
      • Agriculture-related activities
    3. What is the tax liability in such a type of investment?

      Tax Deducted at Source (TDS) will be applicable at the rate of 30.90%.

    4. Can those who are not NRIs open this account?

      No. This is specially for NRIs.

    5. Is joint account facility available?

           Yes. An NRI can open an NRO account either with another NRI or an Indian citizen.

    Fixed deposit Reviews

    • 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? 2
      , 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? 3
      , 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? 2
      , 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? 22
      , 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? 7
      , 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? 4
      , 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? 0
      , 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? 1
      , 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? 0
      , 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? 7
      , 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? 4
      , 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? 4
      , 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? 5
      , 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? 0
      , mumbai
      Reviewed on Jun 13, 2017
    • Axis Bank Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had invested in fixed deposit account with the Axis bank and the minimum tenure is around five years of time. Response is a good one with them and everything was done through online. Net banking services are working in an excellent way and it is really wonderful.
      Was this review helpful? 1
      , kolkata
      Reviewed on Apr 25, 2017
    • Axis Bank Fixed Deposit
      "Very good services"
      0.5 4.5/5 "Excellent!"
      Opening a fixed deposit at Axis bank was pretty simple and unlike the past where one has to visit the bank to get this facility. I could do it online and it was very much simple as I am an existing customer. I am also happy with the interest rate offered.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Feb 20, 2017
    • Axis Bank Fixed Deposit
      "Truly the best"
      0.5 3.5/5 "Pretty good"
      AXIS Fixed deposit is truly the best, I am not happy with the communication the customer service can actually improve and the bank is not good. It would be great if they send alerts in terms of letting the customer know the FD is going to mature and whether it is good or not and how much amount I will get in turn.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Feb 10, 2017
    • Axis Bank Fixed Deposit
      "Truly the best"
      0.5 3.5/5 "Pretty good"
      AXIS Fixed deposit is truly the best, I am not happy with the communication the customer service can actually improve and the bank is not good. It would be great if they send alerts in terms of letting the customer know the FD is going to mature and whether it is good or not and how much amount I will get in turn.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 10, 2017
    • Axis Bank Fixed Deposit
      "Convenient to Open"
      0.5 4.0/5 "Great!"
      There was no processing fee for FD opening through online, AXIS FD was really convenient to save the money, I could pay from 5000 or above its for three years. Without visiting to the branch I had opened my FD account through online it was really hassle free.
      Was this review helpful? 4
      , ghaziabad
      Reviewed on Nov 23, 2016
    • Axis Bank Fixed Deposit
      "Better"
      0.5 5.0/5 "Blown Away!"
      I have the fixed deposit account with the Axis bank and the interest rate was very low. Customer service is very good with the Axis bank and I have not found any drawbacks with them. I used to transact a lot with them. Interest rate will be compounded annually.
      Was this review helpful? 12
      , thane
      Reviewed on Apr 27, 2016
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