Non-Resident Indians (NRIs) can open an Axis Bank NRO fixed deposit account to save their earnings originating from India, such as rental income, pension, dividends, etc. NRO Rupee deposit comes with flexible tenure ranging from 7 days to 10 years and automatic renewal. Currently, Axis Bank NRO Fixed Deposit rates range from 3.50% to 7.25% p.a.
Axis Bank NRO FD Rates
Fixed deposit below Rs. 2 cr.
Axis Bank interest rates for NRO FDs below Rs. 2 cr. are mentioned below. These rates are effective from 18th August 2023:
| Tenure | Interest Rates p.a. (FD below Rs. 2 cr) |
|---|---|
| 7 to 14 days | 3.50% |
| 15 to 29 days | 3.50% |
| 30 to 45 days | 3.50% |
| 46 to 60 days | 4.00% |
| 61 days to 90 days | 4.50% |
| 3 months to 4 months | 4.75% |
| 4 months to 5 months | 4.75% |
| 5 months to 6 months | 4.75% |
| 6 months to 7 months | 5.75% |
| 7 months to 8 months | 5.75% |
| 8 months to 9 months | 5.75% |
| 9 months to 10 months | 6.00% |
| 10 months to 11 months | 6.00% |
| 11 months to 11 months 24 days | 6.00% |
| 11 months 25 days to 1 year | 6.00% |
| 1 year to 1 year 4 days | 6.75% |
| 1 year 5 days to 1 year 10 days | 6.80% |
| 1 year 11 days to 1 year 24 days | 6.80% |
| 1 year 25 days to 13 months | 6.80% |
| 13 months to 14 months | 7.10% |
| 14 months to 15 months | 7.10% |
| 15 months to 16 months | 7.10% |
| 16 months to 17 months | 7.10% |
| 17 months to 18 months | 7.10% |
| 18 Months to 2 years | 7.10% |
| 2 years to 30 months | 7.20% |
| 30 months to 3 years | 7.00% |
| 3 years to 5 years | 7.00% |
| 5 years to 10 years | 7.00% |
Fixed deposit from Rs. 2 cr. to Rs. 5 cr.
Axis Bank NRO FD rates for a fixed deposit of Rs. 2 cr to less than Rs. 5 cr are as under:
| Tenure | Interest Rates p.a. (FD Rs. 2 cr up to Rs. 5 cr) |
|---|---|
| 7 to 14 days | 4.75% – 4.80% |
| 15 to 29 days | 4.75% – 5.00% |
| 30 to 45 days | 4.75% – 5.50% |
| 46 to 60 days | 4.75% – 5.80% |
| 61 days to 3 months | 4.75% – 6.25% |
| 3 months to 4 months | 4.75% – 6.50% |
| 4 months to 5 months | 4.75% – 6.50% |
| 5 months to 6 months | 4.75% – 6.50% |
| 6 months to 7 months | 4.75% – 6.65% |
| 7 months to 8 months | 4.75% – 6.65% |
| 8 months to 9 months | 4.75% – 6.65% |
| 9 months to 10 months | 5.00% – 6.75% |
| 10 months to 11 months | 5.00% – 6.75% |
| 11 months to 11 months 24 days | 5.00% – 6.75% |
| 11 months 25 days < 1 year | 5.00% – 6.75% |
| 1 year to 1 year 4 days | 5.00% – 7.25% |
| 1 year 5 days to 1 year 10 days | 5.00% – 7.25% |
| 1 year 11 days to 1 year 24 days | 5.00% – 7.25% |
| 1 year 25 days to 13 months | 5.00% – 7.25% |
| 13 months to 14 months | 5.00% – 7.25% |
| 14 months to 15 months | 5.00% – 7.25% |
| 15 months to 16 months | 5.00% – 7.05% |
| 16 months to 17 months | 5.00% – 7.05% |
| 17 months to 18 months | 5.00% – 7.05% |
| 18 months to 2 years | 5.00% – 7.05% |
| 2 years to 30 months | 5.00% – 7.00% |
| 30 months to 3 years | 5.00% – 7.00% |
| 3 years to 5 years | 5.00% – 7.00% |
| 5 years to 10 years | 5.00% – 7.00% |
Note: Axis Bank NRO fixed deposit rates are subject change, without any notice
Check the latest Axis Bank NRI FD Rates for other types of fixed deposit accounts offered by the bank.
Axis Bank NRO FD premature withdrawal
- Minimum tenure for Axis Rupee NRO term deposits is 7 days and no interest will be paid if you break the FD before this.
- Axis Bank at its discretion may not allow premature withdrawal of large deposits worth Rs.5 crores and above, held by entities other than individuals and Hindu Undivided Family (HUF).
Features and Benefits of Axis Bank NRO Fixed Deposits
- Flexible tenure ranging from 7 days to 10 years.
- No need to worry about exchange rate fluctuation.
- A joint account can be opened with either non-resident or resident Indians.
- Overdraft up to 90% of your fixed deposit amount at attractive interest rates.
- You can make partial withdrawal from a fixed deposit.
- Interest earned on Axis NRO fixed deposit in the current financial year is fully repatriable after deduction of TDS.
- Funds up to USD 1 million can be repatriated per financial year for all legitimate reasons.
- Auto-renewal of fixed deposit on maturity.
- Interest earned on an Axis Bank NRO fixed deposit is subject to the applicable TDS.
- DTAA benefits to reduce TDS.
Who can Apply for NRO Fixed Deposit
- Non-Resident Indians (NRIs)
- Overseas Citizens of India (OCIs)
- Persons of Indian Origin (PIOs)
Documents required for ICICI NRO FD opening
- A copy of valid Indian passport
- Proof of NRI status (any of the following)
- Any visa (employment, resident, student, work, dependent, etc.)
- PIO/ OCI status proof (any of the following)
- OCI/ PIO card, birth certificate, registered marriage certificate, NRE bank statement, certificate issued by Indian Embassy or Consulate, existing or expired Indian passport, proof of relation with parents/ grandparents/ spouse
- PAN card/ Form 60
- Communication address proof
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FAQs
NRO FD holders can take loans against the FD for all purposes except for the purpose of relending or carrying out agricultural or plantation activity or for investment in real estate.
NRO fixed deposits are subject to tax in India.
Yes. Axis Bank NRO account can be held with another NRI or even resident Indian citizen.
