Axis Bank NRE FD

Axis Bank NRE FD

Non-Resident Indians can avail of the benefits of a fixed deposit through Axis Bank NRE FD. Non-Resident External deposits are usually held in the denomination of Indian Rupees by NRIs, thus also called Axis Bank NRE Rupee Deposit. NRIs, willing to park their hard-earned foreign money in Indian banks, can count on these FDs designed for foreigners. If NRIs want to guarantee the growth of their funds and take advantage of tax breaks on interest, they can choose this option. NRIs can open deposit accounts with excellent returns and little tax liability thanks to Axis Bank’s NRE Fixed Deposits.

Based on their portfolio, depositors have the option of investing in either short- or long-term schemes. You must keep in mind, as an Axis Bank NRE fixed deposit investor, you must keep in mind that the invested funds cannot be withdrawn before maturity. You can withdraw money in an emergency, but you’ll have to pay the associated fines. The highest Axis Bank NRE FD rate is 5.75% per annum.

Axis Bank NRE FD Rate

Axis Bank offers FD rates starting from 5.50% up to 5.75% on NRE Fixed Deposits with a deposit amount of less than INR 2 crore. In this case, the investment tenure varies from one to ten years. For deposit amounts falling in the bracket of INR 2 crore to INR 2.30 crore, the bank offers a 6% interest rate. If you wish to deposit an amount between INR 2,30 crore to INR 2.40 crore, you will secure an interest rate of 3.65%. For NRE deposit amounts ranging from INR  2.40 crores to INR 4.91 crores, Axis Bank offers a 6% rate of interest. Again specifically for an amount ranging from INR 4.91 crore to 4.92 crores, depositors get an interest of 3.65%. From INR 4.92 crore up to INR 5 crores, you can unlock an interest rate of 6% from Axis Bank.

Eligibility Criteria for Axis Bank NRE Rupee Deposit

NRI (Non-Resident India), as well as PIO (Person of Indian Origin) and OCI (Overseas Citizen of Indian), are eligible to open an Axis Bank NRE FD account. You must adhere to the depicted eligibility criteria to avail of the benefits of NRE fixed deposits:

NRI (Non-Resident Indian)

An Indian citizen who lives abroad for any of the below-depicted purposes can avail of the benefits of NRO FD with Axis Bank:

• Business, higher studies, employment
• Indian nationals who are employed in oil rigs or foreign airlines, and are mariners
• Individuals designated in UN organizations, deputed officials of PSUs or individuals working for the Government of India.

OCI (Overseas Citizen of India)/PIO (Person of Indian origin)

Individuals who hold a foreign passport (except Bangladeshi and Pakistani passports) who:

• If an individual is a spouse of a PIO or an Indian citizen
• At any point of time in India held an Indian passport
• Individuals whose grandparent or parent was an Indian citizen by virtue of the Indian Citizen Act, 1955 or the Constitution of India.

Documents Required to Open an Axis Bank NRE FD Account

You must be prepared with the following documents to open an Axis Bank NRE fixed deposit account.

• A scanned copy of your Indian passport
• Proof associated with your NRI status (any from the depicted will work):
  • Student Identity Card
  • Resident Visa
  • Employment and Work Visa
  • Copy of Dependent Visa
  • Valid Residence Permit
• Proof associated with your PIO/OCI status (any from the depicted will work):
  • PIO Card/ OCI Card
  • Valid Passport
  • Voter Card/ Ration Card
  • Expired Indian Passport
  • Birth Certificate
  • Government ID proof or certificate issued by the Indian Embassy or Consulate
  • Recent NRE bank account details including an updated statement from any scheduled bank in India
  • Registered Marriage Certificate
  • Mother/ Father/ Spouse/ Grandparents Voter Card
• Residence Proof
• PAN Card along with Form 60

Features & Benefits of Axis Bank NRE FD Account

When you count on Axis Bank NRE FD to accomplish your short or long-term financial obligations, you unlock doors to numerous other benefits. Here are some of the features and benefits that you access with Axis Bank NRE Fixed Deposits.

• You can open an NRE FD account individually or as a joint account at your convenience.
• Depositors get the opportunity to invest an amount in any of the easily convertible foreign currencies, including Euro, US Dollar, Pound, Japanese Yen, Australian and Canadian Dollars.
• Deposit amount at least for one year at minimum, or else you won’t benefit from the interest component.
• You get the option to make a partial withdrawal from the deposited amount in case of any unforeseen circumstances, but you will be levied with the associated penalty charges.
• You get the feature of auto-renewal of FD upon maturity. Both principal, as well as interest components, are renewed.
• Axis Bank NRE FD deposit offers depositors an overdraft facility. You can avail of up to 85 percent of the deposited amount at maximum.
• NRE FDs come with a loan facility. You can secure a loan against your FD, and you don’t have to pay high-interest rates to secure a personal loan to meet your financial obligations.
• Higher returns and tax benefits on incurred interest components.
• Competitive interest rates contrary to other investment instruments start from 5.50%.
• Flexible investment time frame starting from one year up to 20 years.

How to Apply For Axis Bank NRE FD?

The applicants who meet the eligibility criteria specified for NRE Fixed Deposits can apply for an Axis Bank NRE Fixed deposits account.

• The applicant who wants to establish the Axis Bank NRE fixed deposits with an amount less than one crore can do so through the official banking portal available online. All you have to do is look for the products specifically designed for NRIs.
• If your deposit amount is more than one crore, visit the nearest bank branch. Get in touch with a bank executive, ask them for the form, and submit it with the required documents.

Here is what you need to follow up to open and start investing in NRE fixed deposits to secure higher returns:

STEP 1: Visiting the official Axis Bank portal.
STEP 2: Look for the ‘NRI’ tab on the top section and click on it.

STEP 3: Select the “Explore Product” option, and a dropdown will open From the dropdown, click on ‘Deposits’.

STEP 3: Click on ‘NRE Rupee Deposit’, from the list you will get redirected to the NRE fixed deposit page.

STEP 4: On the right side of the page, there will be three options, i.e. NRE FD rates, Open account, and Deals.

STEP 5: Click on the ‘open NRI Account’ and register for the same or else log in with the provided credentials.

STEP 6: Enter the required details, upload a scanned copy of the documents and submit the same along with the investment amount.

Additionally, the applicants can reach out to the customer care services provided by the bank for further details. The customer care executive will guide the applicant regarding the application procedure to open an NRE FD account and the investment procedure.