Being an NRI, were you facing difficulty in choosing a bank account where you could manage your finances seamlessly? In that case, an Axis Bank NRI account might be the best place for you to avail of the numerous benefits that come from registering yourself. Going through this article, you could get an exclusive virtue of knowledge that can help you in deciding on an Axis Bank NRI account opening online.
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What is an Axis NRI Account?
An Axis NRI Account is a special banking account service, specifically catering to Non-resident Indians. On choosing this account, the NRIs can easily hold and manage their foreign earnings and investments in India.
There are several Axis Bank NRI account types for the customers, which are popular for having distinct features and exclusive benefits. When you are an NRI, you could find Axis NRI as your best option regarding the management of finances throughout your stay in India.
Axis NRI Bank Account Types
Easy Savings Account
The most popular Axis NRI bank account is an easy savings account used for basic NRI savings. It has easy accessibility with low minimum balance requirements, which is easy to meet. The minimum balance stands at Rs. 10,000 per month.
If it goes down beyond that amount, then some charges might be levied on your NRI account. Moreover, using this account, you can make online fund transfers and seamless bill payments. If you want to place a nominee, you can also do so by choosing this NRI bank account type.
NRI Prime Savings Account
The NRI Prime savings account comes with high-interest rates and offers a minimum balance of Rs. 25,000. But if you want to make a fixed deposit on this account, a minimum sum of Rs. 1 Lakh will be required. This account also offers NRIs the option to avail of multiple currency options like USD, GBP, and EUR. Additionally, this NRI account type by Axis can offer you premium features and services that are difficult to find in other banking institutions.
NRO Account
This NRO Account are chosen by those NRIs who are interested in managing their income while being in India. The local income you generate throughout your course of employment within Indian borders can be easily managed using this account. However, the interests earned from this account would come under the tax laws of India.
NRE Account
The NRE Account by Axis Bank is using to hold foreign income made outside the borders of Indian shores. You could hold that income or earnings in Indian currency while being fully repatriable as principal and interest, which can both be transferred. This NRE account doesn’t come under the tax laws of India.
Mariner Account
A Mariner Account is categorized under a special savings account exclusively for Mariners. Maritime professionals can avail of special benefits on opening their NRI accounts in this category. It also has multi-currency options and a minimum balance requirement of Rs.10,000.
Priority Account
If you choose a Priority account, you will be subjected to personalized banking services catering to your special needs. But the minimum balance for such accounts is Rs. 2 Lakhs. You would also receive some preferential forex rates that might be pretty beneficial for being an NRI.
Burgundy Account
The Burgundy account is one of those premium NRI banking services that can be availed by choosing this account. However, the minimum balance for this account is Rs. 10 lakhs. Meanwhile, you will have exclusive access to wealth management, several advisory services and lifestyle benefits.
Axis NRI Account Interest Rates
| Axis Bank NRI FD Account | Interest Rates |
| NRE Fixed Deposit Account for 1 year | 5.10% |
| NRE Fixed Deposit Account for 2 years | 5.40% |
| NRO Fixed Deposit Account for 6 months | 4.40% |
| NRO Fixed Deposit Account for 1 year | 5.10% |
| NRO Fixed Deposit Account for 2 years | 5.40% |
Eligibility Criteria for Opening an Axis Bank NRI Account
- To be eligible to open an NRI account in Axis Bank, you need to be a Non-Resident Indian (NRI).
- Person of Indian Origin (PIO)
- Overseas Citizen of India (OCI)
- A valid Indian passport
- A valid residential address residing outside of India
Documents Required for Opening an Axis NRI Account
The Axis Bank NRI account documents required are listed in the points below, which you can refer to arrange before applying.
Read: PAN Card for NRIs: Complete Online Application Guide and Tips
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- PIO card or Valid Indian passport
- Valid residential address of you residing outside India
- PAN card, if required
- Passport-size photographs recently taken
- A recent bank statement from your home nation where you are currently residing
Steps to apply for Axis NRI bank account
For those who are thinking about applying to an Axis Bank NRI account, they need to follow a few quick, simple steps.
Step 1
Collect your passport and supervise it to complete your online application by visiting the official website of Axis Bank. From there, you need to navigate towards the NRI open displayed somewhere on the website.
Step 2
Please print out the Axis Bank NRI account opening form and sign in the places where it is required.
Step 3
When you finish uploading the application form, an Axis Bank NRI representative will contact you. They need to verify the whole process while finishing setting up your account.
Step 4
There might be some additional documents that could be required alongside KYC verification based on the rules laid down in Indian law. Moreover, it also depends upon the purpose for which you have chosen to select Axis Bank or the reason behind opening an NRI account. You might also have a chance to expand your banking relationship with Axis Bank. By talking with their representatives during the opening of this account online.
Benefits of Axis NRI Account
Easy to open
The most popular benefit that comes with choosing an Axis Bank NRI account is the ease of operability and accessibility. You wouldn’t even have to visit any Axis Bank branch by yourself. You can easily finish off the application online by accessing its official website. This whole process of setting up your Axis Bank NRI account wouldn’t even take 5 mins if done properly. Thus, you can finish your NRI account set up from anywhere across the world.
Variety of features
There are lots of features that come with choosing an Axis Bank NRI account. Some of those are easy to access, quick money transfers, convenient operability, mobile transfer, ATM transfer and many more. Finding such diversity in features would be difficult for NRIs through other banking services.
Remittance Service
The remittance service offered by Axis Bank is quite renowned, as you can easily transfer funds through multiple accounts. It wouldn’t matter where you would be present globally, as Axis Bank allows you to transfer funds seamlessly. Moreover, this remittance service is done through the highly secure portal where fast transaction processing is initiated.
Read: Know About NRI Investment Opportunities in India
Competitive Interest Rates
One of the most renowned qualities that Axis Bank offers is competitive interest rates. The most common reason behind an NRI choosing any banking service would be by looking at their interest rates. If they find those interest rates reasonable, it might help them make a quick decision. Moreover, this interest rate is for both deposits and loans.
Exclusive List of Features
Many exclusive features are offered to Axis Bank NRI customers, which are difficult to find in other banking institutions. From discounts in traveling, shopping, and dining, many more features are only for NRI customers.
Superb Customer Service
Lastly, customer service is the most precious benefit that NRI customers could experience when choosing Axis Bank. If customers are treated rightly, then your service might not be availed by new people. Word of mouth or poor performance in customer retention reports might destroy your chances of offering top services. Therefore, in terms of world-class customer services, none of the other banks can offer those that Axis Bank provides.
Read: Types of NRI Accounts You Should Know About in 2024
Axis Bank NRI account is renowned for having a vast range of inclusive features that are tailor-made for NRIs. Any Non-Resident Indians who are looking for banking services that match their requirements. For them, an Axis Bank NRI account might be the best option.
Moreover, when you choose an Axis Bank or NRI account, you will receive an option for personalized services with customization. You would receive competitive interest rates, which might help you in wealth creation as an NRI. Your financial difficulties, which NRIs are known for facing, might be reduced through using the services of an Axis Bank NRI account.
For more information about Axis Bank NRI accounts, you can refer to NoBroker NRI Services. This official NoBroker website will help you acquire detailed information about the benefits and the processes involved. It would help you make an informed decision about the Axis Bank NRI account.
Frequently Asked Questions
1. Which Indian bank is best for NRI accounts?
Axis Bank NRI accounts are considered to be the best option compared to other Indian banks offering customers the option to open NRI accounts. Axis Bank is popular for its enhanced transaction limits, specific lifestyle privileges, and other banking or financial benefits catering to your needs.
Read: Income Tax for NRI: Simplifying Taxation Rules in India
2. Is Axis Bank good for NRIs?
Axis Bank NRI accounts work as a convenient option when it comes to money transfers through online portals, mobile transfers, or ATMs. It even offers remittance services exclusively made for NRIs. The Axis Bank NRI account interest rates are considerably competitive to those offered by other banking institutions.
3. What are the benefits of an Axis NRI Account?
When it comes to benefits offered by Axis NRI, its numbers are unmatched compared to others. It is pretty easy to open while being convenient to manage. This type of banking account by Axis Bank provides remittance services exclusively designed for NRIs.
4. What is the minimum balance for an Axis NRI account?
The minimum balance for an Axis NRI account is Rs. 10,000. This benchmark is fixed and needs to be maintained to enjoy your benefits through Axis Bank.
5. What are the types of accounts in Axis Bank NRI account?
There are several types of accounts in Axis Bank NRI, some of them being easy savings accounts, prime savings accounts, mariner accounts and priority accounts.
