If you live in another country and want to invest your money, NRI Fixed Bank Deposits are one of the most popular options for NRIs, and for good reason: the high interest rates and low risk factors ensure that your money is safe. We provide a variety of deposits to meet your specific deposit requirements. Deposit Plus is a smart choice if you have a rough idea of when you’ll need the money because you won’t be able to withdraw it before it matures. With the Axis Bank NRI FD Plus, you can prepare for and ensure the future of your family and loved ones.
Axis Bank NRI FD Rates 2022
|Period||Deposits Below RS. 2 Crore||Deposits Of RS. 2 Crore < RS.4.91 Crores||Deposits Of RS.4.91 Crore < RS.4.92 Crores||Deposits Of RS.4.92 Crore < RS.5 Crores|
|1 year < 1 year 5 days||5.1%||4.45%||3%||4.45%|
|1 year 5 days < 1 year 11 days||5.15%||4.45%||3%||4.45%|
|1 year 11 days < 1 year 25 days||5.25%||4.45%||3%||4.45%|
|1 year 25 days < 13 months||5.15%||4.45%||3%||4.45%|
|13 months < 14 months||5.15%||4.45%||3%||4.45%|
|14 months < 15 months||5.15%||4.45%||3%||4.45%|
|15 months < 16 months||5.2%||4.45%||3%||4.45%|
|16 months < 17 months||5.2%||4.45%||3%||4.45%|
|17 months < 18 months||5.2%||4.45%||3%||4.45%|
|18 Months < 2 years||5.25%||4.45%||3%||4.45%|
|2 years < 30 months||5.4%||4.55%||3%||4.55%|
|30 months < 3 years||5.4%||4.55%||3%||4.55%|
|3 years < 5 years||5.4%||4.65%||3%||4.65%|
|5 years to 10 years||5.75%||4.65%||3%||4.65%|
Who is Eligible for Axis Bank NRI FD?
1. NRI (Non Resident Indian)
An Indian citizen residing outside India for the purpose of
- Employment, studies, business or vocation
- Individual posted in UN organisation or official deputed abroad by Government of India or public sector undertakings
- Indian nationals who may be Mariners or working on oil rigs or foreign registered airlines
2. PIO (Person of Indian origin)/ OCI (Overseas Citizen of India)
- An individual holding a Foreign passport (other than Pakistani and Bangladeshi) who:
- Has held an Indian passport at any point of time
- Parent or their grandparent was Citizen of India by virtue of the Constitution of India or India Citizen Act 1955
- Is a spouse of an Indian Citizen or spouse of PIO
Features of the Axis Bank NRI FD
- The minimum deposit amount is Rs 5 crore. There is no maximum limit on the NRI fixed deposits.
- The account holder of an NRE and NRO account can invest in an Axis Bank NRI FD
- You can choose between simple interest and compound interest
- The interest payout option is monthly, quarterly, or at maturity. The interest payment at maturity will lead to a higher maturity value due to the power of compounding.
- The interest income is chargeable to income tax under the head income from other sources. The applicable income tax will be as per the tax slab for the financial year.
- TDS at a rate of 30% will be deducted from the interest income.
- The TDS certificate will be issued at the end of every quarter.
Documents Required To Open a Axis Bank NRI FD
|Identity||Copy of Valid Indian Passport|
|Proof of NRI status||1. Employment Visa|
2. Resident Visa
4. Dependent Visa copy or
5. Work Visa
6. Residence Permit (the visa could be either in the passport or given separately or e-visa)
|Proof of PIO /OCI status by way of (Any One)||1. Passport|
2. PIO Card
3. OCI card
4. Expired Indian Passport
5. Voter’s ID Card
6. Birth Certificate
7. Indian Ration Card
8. Registered Marriage certificate
9. Recent NRE Bank Account Statement from any scheduled Bank in India (not more than 3 months old).
10. Certificate issued by Indian Embassy or Consulate
11. Existing or expired Indian Passport
12. Voter’s card of Spouse, Mother, Father, Grand Parents with valid relationship proof.
13. However, in case a person qualifying as PIO by virtue of being a spouse of anIndian Citizen or PIO, the marriage certificate along with proof of Indian citizenship / PIO status of the spouse should be obtained. Such bank accounts are to be opened jointly with his / her NRI/PIO spouse
|Income Tax||Pan Card / Form 60|
Other than the above details, the applicant must provide the following details as a part of the communication details.
|Type of document||Proof of Indian Address||Proof of Overseas Address|
|Permanent Driving Licence (valid with photograph affixed thereon) / Overseas Driving Licence||Yes||Yes|
|Voter’s Identity Card (Election Card) issued by Election Commission of India||Yes||No|
|Job Card issued by NREGA duly signed by an officer of the State Government||Yes||No|
|Letter / Card issued by the Unique Identification Authority of India (UIDAI) containing details of name, photograph, address and Aadhaar number. Accordingly, either the physical Aadhaar card/letter issued by UIDAI received through post or the Aadhaar number validated through the e-KYC process is acceptable||Yes||No|
|Bank statement (not more than 3 months old from the date of application) of an Overseas or India based bank.||No||Yes|
|Credit Card statement (not more than 3 months old)||No||Yes|
|Company ID Card indicating the address||No||Yes|
The above-mentioned documents are a complete list of documents required for a complete KYC with the Axis bank. If you are an account holder with the bank then you may need to submit some documents or no documents, as applicable.