Axis Bank is the third largest private sector bank in India. The bank offers a wide spectrum of retail banking, corporate banking, and international banking services. Non-Resident Indians who move to foreign countries can open an NRI account with Axis Bank to save their money or for the convenience of international funds transactions. NRIs and PIOs can apply for an Axis Bank NRI account to manage their income received abroad or in India.
SBNRI is a business partner of Axis Bank. An NRI can apply for an NRE/ NRO account with Axis by filling up the form below.
Also Read: ICICI Bank NRI Account Opening: Open NRI Account Effortlessly
How to open Axis Bank NRI Account?
NRIs and PIOs above 18 years of age can apply for an NRE/ NRO savings accounts with Axis Bank. They can open Axis NRI accounts in two ways as under:
- Visit the nearest branch of Axis Bank in India/abroad or bank’s website
- Open an NRI account online on SBNRI
Axis Bank NRI Account Opening Online
Here are the steps for Axis Bank NRI account opening online:
- Visit the official website of Axis Bank and open the NRI account page.
- Click on the Open NRI Account link in the page. New user Registration form will open.
- Fill the Axis Bank NRI account opening form.
- Get a print of the application form and sign in the relevant spaces.
- Upload the application form and required attested KYC documents.
- The bank will verify the documents and arrange for document pick-up after the verification.
If you are in India, you can visit a branch of Axis Bank to apply for Axis NRI accounts. Speak to Axis Bank NRI customer care representative. Fill the Axis Bank NRI account opening form and submit the documents to the bank.
Axis NRI Account Interest Rate
Axis Bank NRI account interest rates are as under:
| Savings Balance | Interest Rate p.a. |
|---|---|
| Below Rs. 50 lakh | 3.00% |
| Rs. 50 lakh and above | 3.50% |
Note:
- NRI account interest rates are subject to periodic changes.
- Axis Bank NRE/ NRO account interest rates are applicable w.e.f. 1 June 2022.
Open NRI Account Online through SBNRI
Use SBNRI app for a simple, fast and hassle-free NRI account application online. Here are simple steps to apply for an NRI account via the SBNRI App:
- Download the SBNRI App from the App Store and Google Play Store.
- Sign in using your credentials.
- Go to ‘Open NRI Account’ section and select the bank.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and that’s it.
Also Read: Axis Bank NRE FD Rates: Latest NRI FD Interest Rates 2022
Documents required for Axis NRI account
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 NRI Account Types
There are two types of savings accounts that Non-Resident Indians can open with Axis Bank – NRE account and NRO account.
Axis NRE Account: Non-Resident External Savings Account
Axis Bank NRE account is a Rupee denominated account for NRIs to park their income earned in foreign countries. It is one of the best NRE savings accounts in India. NRIs can deposit their foreign income in this account and earn tax-free interest in India. You can open NRE accounts online or visit the bank. Key benefits of Axis Bank NRE accounts are as under:
- Tax-free interest in India.
- Funds fully repatriable.
- Access to the internet and mobile banking services.
Axis NRO Account: Non-Resident Ordinary Savings Account
Axis Bank NRO savings account can be opened by NRIs to deposit and manage their India based income such as rent, pension, existing savings and dividend. Key benefits of Axis NRO accounts are as under:
- For convenient deposit and management of income earned in India.
- Parents/ relatives are allowed to operate the account in absence of the NRI.
- Ease of operation and access to the internet and mobile banking.
Axis NRI Prime Savings Account
Axis prime savings account has more exciting features and benefits than an ordinary or regular savings account, including enhanced transaction limits and lifestyle privileges. Benefits of the prime savings account are:
- Low minimum monthly balance requirement of Rs. 25,000.
- Visa platinum debit card.
- Daily cash withdrawal Rs. 40,000 and shopping Rs. 2 lakh (NRE) & Rs. 1 lakh (NRO)
Axis Mariner Savings Account
This account is exclusively crafted for mariners and seafarers. The benefits are extended not only for the account holder but for his family as well. Key benefits of an Axis Bank seafarer savings accounts are as under:
- Free personal accident cover.
- 2 free international ATM withdrawal on NRE card.
- Better remittance rates for sending money home.
Axis Bank NRI Account Options
Axis Bank provides a range of choices for NRI accounts, allowing you to opt for either NRE or NRO accounts:
- Easy Savings Account: A convenient account that can be easily managed through internet and mobile banking.
- NRI Prime Savings Account: A savings account that not only offers banking facilities but also allows for family banking services.
- Mariner Account: An account that provides favorable rates for remittances and includes complimentary airport access.
- Priority Account: Enjoy the benefits of a dedicated relationship manager and perks valued at up to ₹50,000.
- Burgundy Account: A high-end account featuring a dedicated relationship manager, along with complimentary airport access, uber rides, and movie vouchers.
Axis Bank NRI Account Minimum Balance Requirement
Axis Bank NRI Account minimum balance requirement varies based on account type as under:
| Account type | Minimum monthly balance |
|---|---|
| Prime savings account | Rs. 25,000 |
| Easy savings account | – Rs. 12,000 (Metro & Urban locations) – Rs. 10,000 |
| Mariner account | Rs. 10,000 |
| Priority Account | ₹2,00,000 quarterly or MRV (Minimum Relationship Value) of ₹4,00,000 |
| Burgundy Account | ₹10,00,000 quarterly or MRV (Minimum Relationship Value) of ₹30,00,000 |
Axis Bank NRI Customer Care
Axis Bank offers top-notch customer care services for NRIs, standing out as one of the finest in the industry. If you require any details or assistance regarding NRI products and services, including Axis Bank NRI accounts, debit cards, and more, you can reach out to the dedicated Axis Bank NRI customer care team.
Axis Bank NRI Account Opening Online with SBNRI
Due to lots of information and documentation required to apply for NRI accounts, Axis NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for Axis Bank NRI account opening online with nominal documentation in just 10 minutes.
You can also click on the button below for Axis Bank NRI Account opening online. Also visit out blog and YouTube Channel for more details.
FAQs
It depends on your requirements. You can compare the features of NRI accounts offered by multiple banks to find the best. If you are confused, you can talk to banking experts at SBNRI to help you.
You can apply for an Axis NRI account online on the bank’s website. Alternatively, you can visit the branch/ representative office of Axis Bank near you. For more information, you can dial Axis Bank NRI customer care team.
When an Indian gets NRI status, he/she can’t operate the resident savings account as per RBI guidelines. It is essential for non-residents to open an NRI account – NRE account for foreign income and NRO account for India based income.
Yes, they can have an NRE or NRO savings account or both as per their requirements.
Yes, OCIs can also open NRI accounts. They can apply for different NRI accounts such as NRE, NRO and FCNR accounts.
NRIs can enjoy many benefits by opening Axis Bank NRI account:
– Tax-free interest income: Interest earned on Axis NRE account is exempt from income tax in India.
– Easy repatriation of funds: The funds in an NRE savings account can be easily repatriated (transferred) abroad without any restrictions.
– Joint account facility: NRIs can open a joint NRE savings account with other NRIs or residents of India. It helps to manage funds jointly with family members residing in India.
Axis Bank NRI account minimum balance requirements vary depending on the account type:
– Axis Prime account: Rs. 25,000
– Easy savings account: Rs. 10,000
– Mariner account: Rs. 10,000
Following are the different types of Axis Bank NRE accounts:
– Axis Easy Savings Account
– NRI Prime Savings Account
– Mariner Account
– Priority Account
– Burgundy Account
