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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?


    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.

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