What is AXIS Bank NRI Fixed Deposit Interest Rates?

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AXIS NRI FD rates.?

Axis Bank offers various NRI Fixed Deposit options with competitive interest rates tailored to meet the needs of Non-Resident Indians (NRIs). The interest rates for NRI Fixed Deposits vary based on the type of account, deposit amount, and tenure. Scroll down to learn more.

What are Axis Bank NRI FD Rates?

The following are the types of NRI FD account in Axis Bank:

Non-Resident External (NRE) Fixed Deposit

• Purpose: Allows NRIs to deposit their foreign earnings in India.

• Interest Rates: The interest earned is tax-free in India, and both principal and interest are fully repatriable.

• Rates: Typically range from 3.50% to 7.00% depending on the tenure, which can vary from one year to ten years.

Non-Resident Ordinary (NRO) Fixed Deposit

• Purpose: Suitable for NRIs who want to manage their income earned in India, such as rent, dividends, or pension.

• Interest Rates: The interest earned is subject to tax in India, and repatriation of principal and interest is allowed within certain limits.

• Rates: Similar to domestic fixed deposit rates, usually ranging from 3.50% to 7.00% based on the tenure.

Foreign Currency Non-Resident (FCNR) Fixed Deposit

• Purpose: Allows NRIs to maintain their deposits in foreign currencies, thus avoiding exchange rate fluctuations.

• Interest Rates: Varies with the currency of deposit (USD, GBP, EUR, etc.) and the tenure.

• Rates: Generally, range from 1.00% to 3.50% for tenures between one year and five years.

Tenure options typically range from 1 year to 10 years for NRE and NRO deposits, and from 1 year to 5 years for FCNR deposits. Interest on NRE and FCNR deposits is tax-free in India. NRO deposits are subject to tax, but eligible for Double Taxation Avoidance Agreement (DTAA) benefits.

To open an NRI Fixed Deposit account with Axis Bank, you can apply online through the bank’s NRI services portal or visit a branch. Required documents typically include a passport, visa, proof of NRI status, and overseas address proof.

This is all about Axis Bank NRI fixed deposit interest rates.

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