Axis Bank is one of the largest and most trusted banks for NRI services in India. The bank provides various options under NRI Fixed Deposit. In this article we will browse through the various fixed deposit options available for an NRI along with checking out the latest Axis Bank NRE FD Rates (up to 5.50%*) and other NRI Fixed Deposit Interest Rates.
In this Article:
- Axis Bank NRI FD Interest Rates 2021
- Types of NRI FD Schemes by Axis Bank
- Compare and Contrast: NRI Fixed Deposits at Axis Bank
- Premature Withdrawal Facility at Axis Bank
- Loan against Axis Bank NRI FD
- Documents Required to apply for NRI FD Schemes by Axis Bank
- How to apply for Axis Bank NRI Fixed Deposit Account
- Axis Bank NRE FD Rate Calculator
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates.
NRIs can choose from 7 different types of NRI FD Schemes available for them at Axis Bank. They are:
- Non Resident External Rupee Deposit: Deposit your foreign savings and earn returns on the same. The account is maintained in INR and withdrawals are in INR as well. The benefits of this account are as follows:
- Account maintained in INR
- Automatic renewal option
- Entire deposit amount fully repatriable
- Interest earned tax-free in India
- NRO Rupee Deposit: Deposit your savings generated in India and earn returns on the same. The account is maintained in INR and withdrawals are in INR as well. The benefits of this account are as follows:
- Auto-renewal option
- Interest earned is completely repatriable after-tax deduction
- Funds repatriable up to 1 million (USD)
- Partial withdrawal available
- FCNR Deposit: Invest your foreign currency in India and maintain the account and generate returns in foreign currency (USD, GBP, Euro, JPY, AUD and CAD). There is no conversion of currency involved and thus no forex related risk. The benefits of this account are as follows:
- Account maintained in 6 currencies of USD, GBP, Euro, JPY, AUD and CAD
- Deposits below 1 year earn simple interest
- Deposits for more than 1 year fetch interest at intervals of 180 days; compounding for remaining days
- Nomination facility available
- NRI Pro Foreign Currency Deposit: Invest for a shorter duration starting from 3 months only and a minimum deposit amount of Rs. 5 lakh or equivalent. The benefits of this account are as follows:
- Min. deposit of Rs. 5 lakh or the equivalent of the respective currency
- Interest earned fully repatriable on maturity
- Forward contract available in which FD will be rolled over for the agreed period on the maturity of the existing tenure
- No capital risk involved
- Conversion of funds at locked-in rate on maturity to avoid forex risks due to fluctuations
Note: This account provides a Forward option, where an existing FD account can be booked for a forward date. Under this deposit, at the specified time, funds in the linked FD are transferred to Pro FCNR Deposit.At this time, conversion from INR to foreign currency is done on a locked-in exchange rate. This way, one can hedge exchange rate fluctuations at the time of conversion.
- NRI Pro Rupee Deposit: This scheme is an extended version of NRI Rupee Deposit. Here, the conversion rate is locked-in to manage the exchange rate fluctuations. This eliminates the conversion risks from foreign currency to INR. The benefits of this account are as follows:
- Min. deposit of USD 10,000 or equivalent
- Fund value can be repatriable on maturity
- No capital risk involved
- RFC Term Deposit: This scheme is for NRIs who have returned to India or have been living in the country for more than 1 year. Earn higher returns without involving in the capital market and exposing them to market risks. The earnings are completely repatriable. The benefits of this account are as follows:
- Deposit can be maintained in any accepted currency or traveller cheques
- Transfer to/from RFC accounts permitted
- Balance transfer from NRE/FCNR accounts permitted
- Remittance outed to the nominee’s country of residence on the death of the account holder
- No foreign exchange risk involved
- NRI Fixed Deposit Plus: This scheme is available for NRE and NRO variants with no premature withdrawal facility. Interest payouts are flexible (Monthly, quarterly or on maturity).You can enjoy full extended repatriability. The benefits of this account are as follows:
- Min. Deposit of Rs. 5 crore
- Available for NRE as well as NRO variant
- Interest payable monthly/quarterly or on maturity (simple/compound interest options given)
|Schemes||Tenure||Taxation||Premature Withdrawal||Loan Against FD|
|Non Resident External Rupee Deposit||1-10 years||Tax-Free||Available; with penalty||Overdraft facility for up to 85% of deposit|
|NRO Rupee Deposit||7 days-10 years||30% TDS + surcharge and cess||Available for deposits below Rs. 5 crore; penalty levied||Available upto 85% of the deposit|
|FCNR Deposit||1-5 years||Tax-Free||Available (T&C apply)||Available in INR or foreign currency; (T&C apply)|
|NRI Pro Foreign Currency Deposit||3 months-5 years||Tax-Free||–||–|
|NRI Pro Rupee Deposit||3-5 years||Tax-Free||–||–|
|RFC Term Deposit||30 days-5 years||Taxable in India||Available||–|
|NRI Fixed Deposit Plus||Flexible||NRE (Tax-Free); NRO (30% TDS plus surcharge and cess)||Not Available||–|
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|NRE FD||– No penalty for deposit below Rs. 5 crore in NRE FD|
– 1% penalty charged for deposits above Rs. 5 crores in NRE FD
– No interest payable if NRE FD closed prematurely before completion of 1 year
|NRO FD||– Premature Closure Penalty Rate shall be charged on deposits below Rs. 5 crore which would be lower of: 1) 1% less the card rate at the time of withdrawal 2) 1% minus the base rate at the time of booking 3) NRO FD rate for the period for which deposit was with the bank|
– Premature withdrawal of deposits above Rs. 5 crores shall be charged at 1% minus the contracted base rate or 1% minus the prevailing base rate, whichever is lower
– No interest payable on deposits withdrawn before 7 days from the date of booking
|FCNR Deposit||– No penalty charged for individual deposits below USD 1 million/ Euro 1 million/ GBP 750,000/ JPY 125 million/ AUD 1.5 million/ CAD 1.5 million|
– Deposits above the said limits mentioned above shall be charged with 1% penalty minus: 1) The contracted card rate 2) Card rate at the time of withdrawal, or 3) Card rate for the tenure for which deposit remained with the bank
– No interest payable if the fund is withdrawn before completion of 1 year
|RFC FD||– No penalty charged for individual deposits below USD 1 million/ Euro 1 million/ GBP 750,000/ JPY 125 JPY/ AUD 1.5 million/ CAD 1.5 million|
Axis bank provides loans against NRI fixed deposits to finance a situation for up to 85% of the deposit amount. However, this limit may vary for some of the schemes. Loans can be taken for personal/ business purposes.
Note: Loans can’t be taken for carrying out agro-based activities or real estate business activities or for the purpose of re-lending.
You can book your NRI FD instantly by submitting the following documents to Axis Bank:
- Copy of valid passport
- Proof of NRI status (Employment visa, student visa, resident visa, dependent visa, work visa, etc.; anyone)
- Proof of PIO/OCI status (Passport, PIO card, OCI card, valid visa, birth certificate, etc.; anyone)
- PAN card or Form 60 (mandatory)
- Address proof for communication (permanent driving license, voter’s ID card, etc.)
To get end to end assistance with NRI Account Opening and booking Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.
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NRI deposits by Axis Bank can be opened by Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) other than those residing in Pakistan and Bangladesh.
Highest Axis Bank NRE FD rate is 5.50% for tenure ranging from 5 years to 10 years.
There is no maximum limit set for bulk NRE deposits. Customers can deposit for more than Rs. 100 crore.
Yes. The applicant has to provide a PAN card or Form 60 for the application to be processed.
Yes. Loan can be applied against NRE Rupee FD, however purpose must be provided which should not include relending, agro-based activities and real estate business.