Axis Bank NRO Fixed Deposit Rates 2022

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 2.75% to 6.50% p.a.

Axis Bank NRO Fixed Deposit Rates 2022
Axis Bank NRO Fixed Deposit Rates 2022

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 20th September 2022:

TenureInterest Rates p.a. (FD below Rs. 2 cr)
7  to 14 days2.75%
15 to 29 days2.75%
30 to 45 days3.25%
46 to 60 days3.25%
61 days to 90 days3.25%
3 months to 4 months3.75%
4 months to 5 months3.75%
5 months to 6 months3.75%
6 months to 7 months4.65%
7 months to 8 months4.65%
8 months to 9 months4.65%
9 months to 10 months4.75%
10 months to 11 months4.75%
11 months to 1 year4.7%
1 year to 1 year 11 days5.45%
1 year 11 days to 1 year 25 days5.75%
1 year 25 days to 2 years5.60%
2 years to 30 months5.70%
30 months to 3 years5.70%
3 years to 5 years5.70%
5 years to 10 years5.75%
Axis Bank NRO FD Rates

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:

TenureInterest Rates p.a. (FD Rs. 2 cr up to Rs. 5 cr)
7  to 14 days3.50%
15 to 29 days3.50%
30 to 45 days3.50% – 3.75%
46 to 60 days3.25% – 4.00%
61 days to 3 months3.50% – 4.75%
3 months to 4 months3.50% – 5.25%
4 months to 5 months3.50% – 5.25%
5 months to 6 months3.50% – 5.25%
6 months to 7 months3.50% – 5.50%
7 months to 8 months3.50% – 5.50%
8 months to 9 months3.50% – 5.50%
9 months to 10 months3.75% – 5.580%
10 months to 11 months3.75% – 5.80%
11 months to 1 year3.75% – 5.80%
1 year to 1 year 11 days4.25% – 6.50%
1 year 11 days to 1 year 25 days4.25% – 6.50%
1 year 25 days to 2 years4.25% – 6.50%
2 years to 30 months4.25% – 6.50%
30 months to 3 years4.25% – 6.50%
3 years to 5 years4.25% – 6.50%
5 years to 10 years4.25% – 6.50%
              Axis Bank NRO FD Rs. 2 cr to Rs. 5 cr

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

Can loan be taken against Axis NRO FD?

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.

What is the tax liability on investment in NRO FD?

NRO fixed deposits are subject to tax in India.

Is joint account opening facility available?

Yes. Axis Bank NRO account can be held with another NRI or even resident Indian citizen.

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