Axis Bank NRO Fixed Deposit
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:
Domestic Rates for Deposits of Less than Rs.5 crore
TENURE | DEPOSITS BELOW RS. 2 CRORE | DEPOSITS OF RS. 2 CRORE< RS.2.30 CRORES | DEPOSITS OF RS. 2.30 CRORE < RS.2.40 CRORES | DEPOSITS OF RS. 2.40 CRORE < RS.4.91 CRORES | DEPOSITS OF RS. 4.91 CRORE < RS.4.92 CRORES | DEPOSITS OF RS. 4.92 CRORE < RS.5 CRORES |
7 days to 14 days | 3.00 | 4.80 | 4.75 | 4.80 | 4.75 | 4.80 |
15 days to 29 days | 3.00 | 5.00 | 4.75 | 5.00 | 4.75 | 5.00 |
30 days to 45 days | 3.50 | 5.50 | 4.75 | 5.50 | 4.75 | 5.50 |
46 days to 60 days | 4.25 | 5.75 | 4.75 | 5.75 | 4.75 | 5.75 |
61 days < 3 months | 4.50 | 6.00 | 4.75 | 6.00 | 4.75 | 6.00 |
3 months < 4 months | 4.75 | 6.50 | 4.75 | 6.50 | 4.75 | 6.50 |
4 months < 5 months | 4.75 | 6.50 | 4.75 | 6.50 | 4.75 | 6.50 |
5 months < 6 months | 4.75 | 6.50 | 4.75 | 6.50 | 4.75 | 6.50 |
6 months < 7 months | 5.75 | 6.65 | 4.75 | 6.65 | 4.75 | 6.65 |
7 months < 8 months | 5.75 | 6.65 | 4.75 | 6.65 | 4.75 | 6.65 |
8 months < 9 months | 5.75 | 6.65 | 4.75 | 6.65 | 4.75 | 6.65 |
9 months < 10 months | 6.00 | 6.75 | 5.00 | 6.75 | 5.00 | 6.75 |
10 months < 11 months | 6.00 | 6.75 | 5.00 | 6.75 | 5.00 | 6.75 |
11 months to 11 months 24 days | 6.00 | 6.75 | 5.00 | 6.75 | 5.00 | 6.75 |
11 months 25 days < 1 year | 6.00 | 6.75 | 5.00 | 6.75 | 5.00 | 6.75 |
1 year to 1 year 4 days | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
1 year 5 days to 1 year 10 days | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
1 year 11 days to 1 year 24 days | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
1 year 25 days < 13 months | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
13 months < 14 months | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
14 months < 15 months | 6.70 | 7.25 | 5.00 | 7.25 | 5.00 | 7.25 |
15 months < 16 months | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
16 months < 17 months | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
17 months < 18 months | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
18 Months < 2 years | 7.10 | 7.05 | 5.00 | 7.05 | 5.00 | 7.05 |
2 years < 30 months | 7.10 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
30 months < 3 years | 7.10 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
3 years < 5 years | 7.10 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
5 years to 10 years | 7.00 | 7.00 | 5.00 | 7.00 | 5.00 | 7.00 |
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 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 |
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FAQs on Axis Bank NRO FD
- 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%.
- Is nomination facility available in NRO FD?
Yes.
- 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
- Can those who are not NRIs open this account?
No. This is specially for NRIs.
- 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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