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    Axis Bank NRO FD

    Axis Bank provides various Non-Resident Indian (NRI) banking services and products, including, Non-Resident Ordinary (NRO) Fixed Deposits (FD). Axis Bank NRO FDs can be maintained in Indian currency. These term deposits come with a wide range of benefits such as automated renewal, partial withdrawal facility, reportable interest rates, and flexibility in terms of tenure. One can apply for an NRO FD account online by providing basic personal details and relevant documents.

    Features of Axis Bank NRO FD

    • Automatic renewal: Axis bank provides an automatic renewal facility for all FDs. This provides the customer the convenience of continuously earning interest without any hassle.
    • Repatriation: An NRI can easily repatriate the interest amount earned in US Dollars. This is done after tax is deducted from the respective term deposit.
    • Liquidity & loan facility: At any point of time, the NRO FD account holder can avail a loan on the deposit he/she holds. A loan will be offered against the deposit. The loan money can be used for personal, business or other financial needs but cannot be used for lending.
    • Encash facility: The NRO FD can be encashed without any hassle. This rule is applicable for all NRO FDs that are held in Indian denomination.
    • Overdraft facility: All Axis bank customers holding NRO FD accounts are eligible to avail overdraft facility for up to 85% of the term deposit amount.
    • Flexibility: Axis Bank NRO FDs offer customers the flexibility of choosing a tenure period as per their convenience and financial goals. One can also decide the amount they want to invest in.

    Eligibility Criteria

    • Any NRI who is of Indian origin can apply for an Axis Bank NRO FD

    Documents Required For Opening Axis Bank NRO FD

    • NRIs and persons of Indian origin will have to produce copies of their passport, visa, work permit, PAN Card, passport size photo, and proof of address
    • All documents should be attested if they are to be couriered to the bank from another country

    Axis Bank NRO FD Interest Rates

    Axis Bank provides competitive interest rates on their NRO FD deposits. They provide short-term, medium-term and long-term deposits. The minimum period offered to hold a deposit is 7 days and the maximum tenure is 10 years. The highest interest rate offered is on NRO FDs held for a tenure ranging from 1 year to less than 18 months, which is at the rate of 6.75%.

    Short-term NRO FDs

    Short-term FDs can be held for a period ranging from 7 days to 365 days. The interest rate for this time period ranges from 3.50% to 6.75%. The highest rate of interest is offered on deposits held for 1 year and less than 13 months.

    Medium-term NRO FDs

    Short-term FDs can be held for a period ranging from 13 months to less than 5 years. The rate of interest paid on these NRO FDs varies from 6.25% to 6.75%. The highest yielding deposit tenure ranges from 13 months to less than 18 months, which pays at the rate of 6.75%. In fact, for deposits held for more than 18 months to less than 5 years, the rate of interest paid is 6.25%, which is much lesser.

    Long-term NRO FDs

    Long-term FDs can be held for a period ranging from 15 years to 10 years. The interest rate offered in this slab is 6.25%.

    *Interest rates applicable for deposits less than Rs.1 crore

    Tenure Rate of Interest
    5 years to 10 years 6.25%
    3 years to less than 5 years 6.25%
    30 months to less than 3 years 6.25%
    2 years to less than 30 months 6.25%
    18 months to less than 2 years 6.25%
    17 months to less than 18 months 6.75%
    16 months to less than 17 months 6.75%
    15 months to less than 16 months 6.75%
    14 months to less than 15 months 6.75%
    13 months to less than 15 months 6.75%
    1 year to less than 13 months 6.75%
    11 months to less than 1 year 6.50%
    10 months to less than 11 months 6.50%
    9 months to less than 10 months 6.50%
    8 months to less than 9 months 6.50%
    7 months to less than 8 months 6.50%
    6 months to less than 7 months 6.50%
    5 months to less than 6 months 6.25%
    4 months to less than 5 months 6.25%
    3 months to less than 4 months 6.25%
    61 days to less than 3 months 6.00%
    46 days to 60 days 6.00%
    30 days to 45 days 5.50%
    15 days to 29 days 3.50%
    7 days to 14 days 3.50%

    *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. Can an Indian resident open an NRO FD account?

      No. Only NRIs or people of Indian Origin can open an NRO FD account.

    2. Is it possible to take a loan on the NRO FD account?

      All NRO FD holders are eligible to take a loan on their deposits to meet their financial needs. However, please note that loans cannot be taken for re-lending, to carry out a real estate business or for farming purposes.

    3. Is it possible to make a premature withdrawal?

      Yes.

    4. Do I have to pay tax if I hold an NRO FD account?

      Yes. The interest that is earned on these type of deposits will be taxed in India.

    5. At what rate will TDS deduction be made?

      A TDS deduction will be made at the rate of 30.90%.

    6. Can I nominate an individual for the deposit?

      Yes. All NRO FD account holders are eligible to choose a nominee for their respective term deposit.

    7. Is it required to inform the bank if I want my NRO FD to be renewed automatically?

      Yes. Automatic renewals will be carried out once the customer informs the bank by giving specific auto renewal instructions.

    8. Can I open an NRO FD account online?

      Yes. One can do so by clicking on the ‘Apply’ option on the Axis Bank website. After this, please proceed to fill in personal details and provide documents. The documents can be couriered from any foreign country.

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