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Axis Bank, one of India's leading private sector banks, offers a range of financial products tailored to the needs of Non-Resident Indians (NRIs). Among these, the Axis Bank NRO FD stands out as a popular choice for NRIs looking to earn attractive returns on their rupee deposits in India. This article delves deep into the features, benefits, and Axis Bank NRO FD rates to provide a comprehensive understanding for potential investors.
Axis Bank NRO FD is designed to help NRIs manage their income earned in India, such as rent, dividends, or pension. With its competitive Axis Bank NRO fixed deposit rates, it serves as an excellent avenue for NRIs to grow their savings securely.
Features of Axis Bank NRO FD
Automatic Renewal: One of the standout features of the Axis Bank NRO FD is the automatic renewal. This means that both the principal amount and the interest earned get automatically renewed upon maturity. This feature ensures that your money continues to grow without any interruptions.
Flexible Tenure: Catering to the diverse needs of its customers, Axis Bank offers a flexible tenure for its NRO FDs. Investors can choose a period as short as 7 days or as long as 10 years, depending on their financial goals and requirements.
Repatriable Interest: A significant advantage for NRIs is the repatriable interest feature. The interest earned in the current financial year is fully repatriable after deducting the applicable tax. This means NRIs can transfer their interest earnings to their overseas accounts.
Joint Account Holding: The Axis Bank NRO FD can be held jointly with another NRI or a resident of India. This provides added flexibility in managing the account and ensures that the account can be accessed by a trusted individual in the absence of the primary account holder.
Competitive Interest Rates: Axis NRO FD rates are known to be competitive, ensuring that investors get attractive returns on their deposits. The bank regularly updates its axis NRO FD rates 2023 to reflect the current market conditions and provide the best possible rates to its customers.
Partial Withdrawal: Life is unpredictable, and there might be times when you need urgent access to your funds. Recognizing this, Axis Bank offers the facility of partial withdrawal. This means you can withdraw a part of your deposit without breaking the entire FD, ensuring that the remaining amount continues to earn interest.
Eligibility and Documentation for Axis Bank NRO FD
Understanding the eligibility criteria is crucial before opening an Axis Bank NRO FD. The bank has set specific guidelines to ensure that only eligible individuals can avail of this facility.
Eligibility Criteria:
NRI (Non-Resident Indian): This includes Indian citizens who reside outside India for various reasons such as employment, studies, business, or vocation. It also encompasses individuals posted in UN organizations or officials deputed abroad by the Government of India or public sector undertakings. Mariners, those working on oil rigs, or individuals working for foreign registered airlines also fall under this category.
PIO (Person of Indian Origin)/ OCI (Overseas Citizen of India): Individuals holding a foreign passport (excluding Pakistani and Bangladeshi nationals) who have had an Indian passport at any time, or whose parent/grandparent was a citizen of India as per the Constitution of India or the Indian Citizen Act 1955, qualify under this category. Additionally, spouses of Indian citizens or PIOs are also eligible.
Documentation:
To ensure a smooth application process, it's essential to have the necessary documents ready. Here's a list of required documents:
Proof of NRI Status: Valid Indian Passport, Employment Visa, Resident Visa, Student Visa, Dependent Visa, Work Visa, Residence Permit, or e-visa.
Proof of PIO/OCI Status: Passport, PIO Card, OCI card, Expired Indian Passport, Voter’s ID Card, Birth Certificate, Indian Ration Card, Registered Marriage certificate, Recent NRE Bank Account Statement from any scheduled Bank in India (not older than 3 months), Certificate issued by Indian Embassy or Consulate, Voter’s card of Spouse/Mother/Father/Grandparents with valid relationship proof, and more.
Additional Documents: Pan Card/Form 60, Communication Address Proof, and specific proofs of Indian and Overseas Address such as Passport, Permanent Driving License, Voter’s Identity Card, Job Card issued by NREGA, Letter/Card issued by UIDAI, Bank statement, Credit Card statement, and Company ID Card.
Axis Bank NRO FD Rates for 2023
One of the primary reasons NRIs choose Axis Bank NRO FD is because of its attractive interest rates. Let's delve into the Axis Bank NRO fixed deposit rates for 2023:
For Fixed Deposits from Rs. 2 Crore to Rs. 5 Crore:
(Note: The tables provided are comprehensive, detailing the interest rates for various tenures for Axis Bank NRO FD in 2023.)
Premature Withdrawal of Axis Bank NRO FD
Premature withdrawal refers to the process of breaking or closing your fixed deposit before its maturity date. Axis Bank has specific guidelines and penalties associated with premature withdrawals of NRO FDs:
Minimum Tenure: The minimum tenure for Axis Bank NRO FD is 7 days. If you choose to break the FD before this period, no interest will be paid on the deposit.
Premature Closure Penalty: For Rupee Term Deposits of a contracted amount less than Rs. 5 crores opened/renewed after May 1, 2014, the interest rate will be 1.00% below the card rate prevailing on the date of deposit or 1.00% below the contracted rate, whichever is lower. However, for deposits closed within 14 days from the date of booking, the interest rate will be the rate applicable for the period the deposit remained with the bank or the contracted rate, whichever is lower.
Partial Withdrawal: For the first partial withdrawal of up to 25% of the original principal value, no premature closure penalty will be applied. For subsequent withdrawals or withdrawals exceeding 25% of the original principal, the premature closure penalty rate will apply.
Large Deposits: For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, the interest rate will be 1% below the card rate or 1% below the contracted rate, whichever is lower. This also applies to deposits closed within 14 days from the booking date.
No Interest Period: If the term deposit is closed prematurely before the completion of the minimum period of 7 days, no interest will be paid.
Discretion on Large Withdrawals: Axis Bank may, at its discretion, not allow premature withdrawal of large deposits worth Rs.5 crores and above held by entities other than individuals and Hindu Undivided Family (HUF).
Axis Bank NRO FD offers a combination of competitive interest rates, flexibility, and security for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). With features like automatic renewal, repatriable interest, and the option for partial withdrawals, it stands out as a reliable investment option for those residing overseas but wanting to maintain a robust financial foothold in India.
FAQs
What is the minimum tenure for Axis Bank NRO FD?
The minimum tenure for Axis Bank NRO FD is 7 days.
Can I repatriate the interest earned on my Axis NRO FD?
Yes, the interest earned in the current financial year is fully repatriable after deducting tax.
Is there a penalty for premature withdrawal of Axis NRO FD?
Yes, a penalty is applied for premature withdrawals, with specific rates depending on the amount and duration of the deposit.
Can I take a loan against my Axis NRO FD?
Yes, loans may be granted in rupees against the security of FDs, subject to certain conditions and regulations.
What is the maximum tenure for Axis Bank NRO FD?
The maximum tenure for Axis Bank NRO FD is 10 years.
Are the interest rates for Axis NRO FDs fixed or subject to change?
The interest rates are subject to change and may vary depending on the bank's discretion and prevailing market conditions.
Can I hold the NRO FD jointly with a resident Indian?
Yes, the NRO FD can be jointly held with an NRI or a resident Indian.
Is there a nomination facility available for Axis NRO FD?
Yes, a nomination facility is available for ease of operation.
How is the interest on Axis NRO FD taxed?
The interest earned on NRO FD is subject to TDS (Tax Deducted at Source) as per the prevailing tax laws in India.
Can I automatically renew my Axis NRO FD upon maturity?
Yes, Axis Bank offers the facility of automatic renewal of principal and interest upon maturity.
Aayush is a strategic growth marketer with over 6 years of experience working in the US and European markets for various financial services companies. He has a proven track record of success in helping businesses grow, increase revenue, and improve marketing strategies.
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