What is an Axis Bank NRO Account?
The Axis Bank NRO (Non-Resident Ordinary) Account is a convenient banking solution for NRIs to manage their Indian income, such as rent, pensions, or dividends. It allows deposits in Indian or foreign currency, converted into INR, enabling seamless handling of domestic financial transactions.
The Axis Bank NRO account is ideal for NRIs who need to pay expenses or obligations in India while ensuring compliance with Indian tax regulations. Partial repatriation of funds is permitted within RBI guidelines.
Types of Axis Bank NRO Accounts
Axis Bank offers several types of Non-Resident Ordinary (NRO) accounts tailored for Non-Resident Indians (NRIs) to manage their income and finances in India effectively:
-
NRO Savings Account
This account allows NRIs to manage their income earned in India, such as rent and dividends, in Indian Rupees.
Key Features and Benefits:
- Minimum balance requirement: ₹10,000.
- Joint account holders can include NRIs and resident Indians.
- Access to online banking and international debit cards.
- Convenient management of local income.
- Interest earned is subject to tax in India.
- Funds can be deposited in Indian and foreign currency.
-
Easy Savings Account
A simplified savings account designed for ease of operation and online access.
Key Features and Benefits:
- Minimum balance requirement: ₹10,000.
- Access to internet and mobile banking.
- Air accident cover included.
- Personal accident insurance coverage.
- Convenient fund management with minimal hassle.
-
NRI Prime Savings Account
This account offers enhanced features for active savers, including family banking options.
Key Features and Benefits:
- Minimum balance requirement: ₹25,000 or ₹1,00,000 term deposit.
- Family banking facility available for easy fund management.
- Personal accident insurance cover included.
- Access to exclusive banking services.
-
Mariner Account
Specifically designed for seafarers, this account provides unique benefits tailored to maritime professionals.
Key Features and Benefits:
- Minimum balance requirement: ₹10,000 or ₹1,00,000 term deposit.
- Preferential rates on remittances.
- Discounts on online movie ticket purchases through BookMyShow.
- Complimentary airport lounge access.
-
Priority Account
This premium account offers dedicated banking services for high-value clients.
Key Features and Benefits:
- Minimum balance requirement: ₹2,00,000 quarterly or a minimum relationship value of ₹4,00,000.
- Annual benefits worth ₹50,000.
- Complimentary airport lounge access.
- Dedicated relationship manager for personalized service.
-
Burgundy Account
Aimed at ultra-high-net-worth individuals, this account provides exclusive privileges and personalized services.
Key Features and Benefits:
- Minimum balance requirement: ₹10,00,000 quarterly or a minimum relationship value of ₹30,00,000.
- Complimentary airport lounge access and event tickets.
- Personalized wealth management services.
- Exclusive offers on travel and lifestyle experiences.
-
NRO Rupee Deposit Account
This account allows NRIs to invest their funds in fixed deposits while earning interest in Indian Rupees with flexible terms.
Key Features and Benefits:
- Flexible tenure options ranging from 7 days to 10 years.
- Automatic renewal of principal and interest upon maturity.
- Interest earned is fully repatriable after tax deductions.
- Partial withdrawals are allowed when needed.
- Competitive interest rates available for deposits.
Axis Bank NRO Savings Account Interest Rates
Axis Bank offers the following interest rates for NRO (Non-Resident Ordinary) Savings Accounts:
| Account Balance Range |
Interest Rate (per annum) |
| Less than ₹50 lakh |
3.00% |
| ₹50 lakh to less than ₹2000 crore |
3.50% |
| ₹2000 crore and above |
Overnight MIBOR + 0.70% (applied to the entire balance) |
*Rates updated as of December 2024.
NOTE: Interest is calculated daily based on the closing balance and is credited semi-annually or quarterly, depending on the account type and bank policy.
Axis Bank NRO Term Deposit Account Interest Rates
Axis Bank offers the following interest rates for Non-Resident Ordinary (NRO) Term Deposit Accounts. These rates are applicable for deposits below ₹2 crore:
| Tenure |
Interest Rate (per annum) |
| 7 days to 14 days |
3.00% |
| 15 days to 29 days |
3.00% |
| 30 days to 45 days |
3.50% |
| 46 days to 60 days |
4.25% |
| 61 days to < 3 months |
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 < 1 year |
6.00% |
| 1 year to < 15 months |
6.70% |
| 15 months to < 18 months |
7.10% |
| 18 months to < 2 years |
7.10% |
| 2 years to < 3 years |
7.10% |
| 3 years to < 5 years |
7.10% |
| 5 years to 10 years |
7.00% |
*Interest rates updated as of December 2024.
Eligibility Criteria to Apply for Axis Bank NRO Account
Following category of individuals are eligible to apply for the Axis Bank NRO Account:
- Non-Resident Indian (NRI): Must be an Indian citizen residing outside India for employment, business, or studies.
- Person of Indian Origin (PIO): Individuals of Indian descent with foreign nationality.
- Overseas Citizen of India (OCI): Foreign nationals of Indian origin registered as OCIs.
- Age Requirement: Applicants must be at least 18 years old; minors can have accounts opened by guardians.
- Valid Documentation: Must hold a valid Indian passport or PIO/OCI card and have a residential address outside India.
Documents Required to Open an Axis Bank NRO Account
The following documents are required by an NRI to open an Axis Bank NRO Account in India:
- Valid Passport: A copy of the Indian passport for NRIs or foreign passport for OCIs.
- Visa/Work Permit: A copy of the valid visa or work permit showing NRI status.
- Proof of Address: Documentation proving overseas address, such as utility bills or bank statements.
- PAN Card: Permanent Account Number (PAN) card or Form 60 if PAN is not available.
- Recent Photographs: Two recent passport-sized photographs.
- Declaration under FEMA: A declaration confirming the applicant's NRI status as per the Foreign Exchange Management Act.
Benefits of Opening an Axis Bank NRO Account
The key benefits offered by the Axis Bank NRO account are as follows:
- Easy Fund Management: Manage your income earned in India, such as rent and dividends, conveniently in Indian Rupees.
- Tax-Free Interest: Interest earned on deposits in NRO accounts is subject to tax in India, but the account allows for efficient tax management.
- Repatriation of Funds: Repatriate up to USD 1 million per financial year for all legitimate purposes, providing flexibility in accessing your funds.
- Competitive Interest Rates: Enjoy attractive interest rates on savings and fixed deposits, enhancing your earnings on deposits.
- Automatic Renewal of Deposits: Fixed deposits can be automatically renewed upon maturity, ensuring continuous earning without manual intervention.
- Partial Withdrawals Allowed: Access your funds when needed by making partial withdrawals from fixed deposits without penalties under certain conditions.
- Joint Account Facility: Open accounts jointly with other NRIs or resident Indians, making it easier to manage family finances.
- Overdraft Facility: Avail of an overdraft facility against your deposits, providing additional liquidity when required.
- Nomination Facility: Simplify the process of transferring account ownership with a nomination facility available for account holders.
Conclusion
The Axis Bank NRO Account is a reliable option for NRIs to manage income earned in India, such as rent, dividends, or pensions. It allows easy fund repatriation, competitive interest rates, and seamless banking services. With features like joint account options, tax-compliance support, and access to digital banking, it ensures hassle-free financial management.
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