Axis Bank is one of the leading banks in India that offers Non-Resident External (NRE) accounts for NRIs (Non-Resident Indians) to manage their finances in India. Axis Bank NRE accounts are a type of savings account that allows NRIs to save and manage their money in INR (Indian Rupees). There is no tax in India on interest earned on an NRE account. Let’s find out more about Axis Bank NRE account, including interest rates, application process and minimum balance requirements.
SBNRI is a business partner of Axis Bank. An NRI can apply for an NRE/ NRO account with Axis Bank by clicking the link below.
Features and Benefits of Axis Bank NRE Account
Axis Bank NRE account is one of the best NRE savings accounts in India because of the following features and benefits.
- Tax-free: The interest earned on Axis NRE savings accounts is tax-free in India.
- Free repatriation: The funds held in the NRE savings account are freely repatriable, i.e. the account holder can transfer the funds (principal and interest amount) in Axis Bank NRE account back to their foreign account in a hassle-free manner.
- Joint account: NRIs can open a joint NRE savings account with another NRI or Resident Indian.
- NRIs can get a Rupee loan in India against NRE deposit.
- 24×7 access: NRIs can access their NRE savings account anytime, anywhere using the Axis Bank internet banking portal.
- Additional features: The account comes with features like free ATM withdrawals, phone banking, and email statements.
Axis Bank NRE Account Interest Rates
Axis Bank offers an attractive interest rate of 3.50% per annum on NRE savings accounts. The interest is calculated on a daily basis and credited to the account on a quarterly basis. The interest rate is subject to change at the discretion of the bank.
Minimum Balance Requirement
Axis Bank NRE account minimum balance requirements vary as per the type of Axis Bank NRI account you open. For example:
– For an easy savings account: Rs. 12,000 (Metro and urban locations) and Rs. 10,000 for other locations
– For prime savings account: Rs. 25,000
If the balance falls below the minimum threshold, the bank may charge a penalty fee.
How to Open Axis Bank NRI Account
Following are the ways to apply for Axis Bank NRI account:
- Apply for Axis Bank NRI account on the bank’s website
- Apply online on SBNRI.com
On Axis Bank’s website
- On the official Axis Bank website, go to the NRI page.
- Click on Open NRI Account & Register for opening NRI account online.
- Once you submit the account opening application form online, Axis Bank virtual account manager will call you for further assistance with form filing.
- Fill up the form and get a printout and sign it in the designated places.
- Upload the filled application form along with required documents and third party attested KYC documents.
- After document verification, Axis Bank will arrange for the document pickup.
NRIs who are present in India can also visit any of Axis Bank branches to open an NRI account.
Apply Axis NRI Account Online on SBNRI.com/ App
You can apply for Axis Bank NRI account online by clicking the account opening button in this article or download the SBNRI app and take the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Documents Required
Here is the checklist of Axis Bank NRI documents:
For NRIs
- Copy of valid Indian passport including first and last page
- Copy of a valid visa (Employment/ residence/ student/ dependent)
- Permanent resident permit/ work permit/ family card/ Government issued document/ trade license
- Utility bills: Electricity/ gas/ phone/ water connection (not older than 2 months from the date of application)
- Lease/ rent/ leave license agreement indicating the address of the customer duly registered with government authority. (Registration of rent agreement is not mandated for US and European countries).
- Valid employment contract/ appointment letter/ foreign company/ university ID card
- Property or Municipal tax receipt
- Bank statement/ credit card statement (Showing 3 customer-induced transactions – for the latest 3 months from the date of application)
- Voter’s ID card (election card)
- Passport size color photograph
For PIOs/ OCIs
- Valid foreign passport (first & last page)
- PIO/ OCI card
- Driving license indicating photo, expiry date and complete address
- Utility bills: Electricity/ gas/ phone/ water connection (not older than 2 months from the date of application)
- Lease/ rent/ leave license agreement indicating the address of the customer duly registered with government authority. (Registration of rent agreement is not mandated for US and European countries).
- Valid employment contract/ appointment letter/ foreign company/ university ID card
- Property or Municipal tax receipt
- Bank statement/ credit card statement (Showing 3 customer-induced transactions – for the latest 3 months from the date of application)
- Voter’s ID card (election card)
- Passport size color photograph
Axis Bank NRE Savings Account Types
Axis Easy Savings Account
- Ease of operation
- Access to internet and mobile banking
- Air accident cover
- Personal accident insurance cover
Axis Bank NRI Prime Savings Account
- Family banking facility available
- Air accident cover
- Personal accident insurance cover
Axis Bank Marine Account
- Preferential rates on Remittances
- Complimentary airport lounge access
- Discounts on online movie ticket purchases
- Personal accident insurance cover
Axis Bank Priority Account
- Discount on online movie ticket purchase online
- Complimentary airport lounge access
- Dedicated relationship manager
Burgundy Account
- Complimentary airport lounge access
- Complimentary movie tickets
- Complimentary UBER eVouchers
- Dedicated relationship manager
Conclusion
Overall, the Axis Bank NRE savings account is a great option for NRIs looking for a hassle-free way to manage their finances in India. With attractive interest rates and convenient features, it provides a great value to the account holders.
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
The minimum balance requirements with Axis Bank NRE savings accounts vary as per the type of Axis Bank NRI account you open. For example:
– For an easy savings account: Rs. 10,000 – Rs. 12,000
– For prime savings account: Rs. 25,000
– Mariner savings account: Rs. 10,000
– Priority savings account: Rs. 2 lakh quarterly balance
Axis bank NRE savings account is a bank account that enables NRIs and OCIs to deposit their foreign currency earnings in INR in a bank in India.
Different types of Axis NRE accounts are:
– Easy savings account
– NRI prime savings account
– Mariner account
– Priority account
– Burgundy account
