Axis Bank NRO Fixed Deposit

What is an Axis Bank NRO Fixed Deposit?

Axis Bank NRO Fixed Deposit is a form of term deposit that NRIs (Non-Resident Indians) open to secure their earnings from India. Such earnings usually come through pension, dividends, rent, or other investments. The money generated can be saved either as foreign or Indian currency. The interest and the principal amount generated from an NRO FD are taxable under the Income Tax Act, 1961.

One of the essential aspects of Axis Bank NRO accounts is that you earn higher interests on investment amounts and have low-risk factors associated with the deposit. Plus, your money is completely safe.

Read further to know how much you can earn on different investment amounts.

Axis Bank NRO FD Interest Rates

Axis Bank offers attractive interest rates on NRO fixed deposits. The lowest interest rate of 2.50% applies to FD with a tenor lesser than 29 days, while a higher interest rate of 5.15% applies to an FD with a tenor ranging from 1 year to 14 months.

Eligibility Criteria for Opening an Axis Bank NRO Account

Either NRI (Non-Resident India) or PIO (Person of Indian Origin)/OCI (Overseas Citizen of Indian) can open an NRO FD account. Given below are the eligibility criteria for the same:

NRI (Non-Resident Indian)

An Indian citizen living outside India for the following purposes can apply for NRO FD with Axis Bank:

• Business, studies, employment, or vocation
• Indian nationals working on oil rigs or who may be mariners or employed with registered foreign airlines
• Individually designated in UN organizations or officials deputed abroad by Public Sector Undertakings (PSUs) or the Government of India.

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

Individuals with a foreign passport (other than Bangladeshi and Pakistani) who:

• Is a spouse of a PIO or an Indian citizen
• At any point of time in India as held an Indian passport
• Their grandparent or parent was an Indian citizen by virtue of the Indian Citizen Act, 1955 or the Constitution of India.

Documents Required for Axis Bank NRO Fixed Deposit

If you an NRI willing to open an NRO account with Axis Bank, you must furnish the following documents:

• A scanned copy of a valid Indian passport
• Proof of NRI status (any of the following):
  • Student ID
  • Resident Visa
  • Employment Visa
  • Work Visa
  • A Copy of Dependent Visa
  • Residence Permit
• Proof of PIO/OCI status (any of the following):
  • PIO Card
  • OCI Card
  • Passport
  • Voter’s ID Card
  • Expired Indian Passport
  • Indian Ration Card
  • Birth Certificate
  • Certificate issued by the Indian Embassy or Consulate
  • Recent NRE bank account statement from any scheduled bank in India (latest 3 months)
  • Registered Marriage Certificate
  • Existing Indian Passport
  • Voter’s ID of Mother or Father or Spouse or Grand Parents
• Communication address proof
• PAN Card/Form 60 to be furnished necessarily

Features & Benefits of Axis Bank NRO Deposit

NRO Rupee Deposit at Axis Bank has multiple features rendering the following benefits:

• Attractive and competitive interest rates
• You can make a partial withdrawal of deposits
• Money in the NRO account can be repatriated to USD one million per financial year for all bonafide objectives
• Auto renewal facility lets you continue earning interest with automatic renewal of interest and principal on maturity
• Flexible tenure beginning from 7 days to 10 years is available
• Repatriation facility on the interest earned in the current financial year is allowed (after deducting tax)
• An overdraft facility of up to 85% of the deposit is permitted
• Ease of operation and nomination facility offered
• The bank allows you to encash the premature deposit in financial emergency situations
• The bank also lets you avail a loan against the security of FDs subject to certain conditions.

Why Choose an NRO Fixed Deposit?

Axis Bank is one of the leading lenders in the financial sector, offering various services to its customers. Axis Bank NRO fixed deposits are packed with a plethora of benefits. It provides competitive interest rates from 3% to a maximum of 5.75%. Besides, you can choose a flexible tenure from 7 days to 10 years.

You can also avail a loan against the security of FDs with certain conditions. Axis Bank allows a premature withdrawal facility too. You can also nominate beneficiaries for the NRO FD account.

Opening an Axis Bank NRO Account helps you earn additional income at a good interest rate in India, even when you stay abroad. Hence, going for an NRO fixed deposit could be a wiser choice.