A Non-Resident Ordinary (NRO) account is a type deposit in which Non-Resident Indians (NRIs) can invest money in rupee denomination. The Axis Bank NRO fixed deposit is specially designed for NRIs and comes with automatic renewal, repatriable interest, great tenure options and partial withdrawal facility. It is important for prospective investors to know that the interest that is earned from such an investment is subject to tax.
Given below are the revised interest rates paid on Axis Bank NRO fixed deposits with effect from June 1, 2018:
|Tenure||Interest Rate (less than Rs.1 crore)||Interest Rate (Rs.1 crore to less than Rs.5 crore)|
|7 days to 29 days||3.50%||5.50%|
|30 days to 45 days||5.50%||6.00%|
|46 days to 60 days||6.00%||6.30%|
|61 days to less than 3 months||6.00%||6.50%|
|3 months to less than 6 months||6.00%||6.75%|
|6 months to less than 9 months||6.25%||6.90%|
|9 months to less than 1 year||6.50%||6.90%|
|1 year to less than 1 year 5 days||7.10%||7.30%|
|1 year 5 days to less than 1 year 11 days||7.40%||7.60%|
|1 year 11 days to less than 14 months||7.10%||7.30%|
|14 months to less than 3 years||7.00%||7.25%|
|3 years to 10 years||7.00%||7.00%|
|Loan/overdraft||Premature withdrawal||Partial withdrawal||Flexible tenure|
|A loan or an overdraft can be taken against the investment at any point of time||In case of any urgent need, fund can be withdrawn||It also possible to go for a partial withdrawal||A range of tenure options available|
|Who can open?||Documents required|
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:
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?