Axis Bank offers Foreign Currency Non-Resident (FCNR) deposits with competitive interest rates for non-resident Indians (NRIs) and Overseas Citizens of India (OCIs). The Axis Bank FCNR rates vary depending on the currency and tenure.
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What are Axis Bank FCNR Interest Rates 2024?
These deposits allow NRIs to earn interest in foreign currencies, with the flexibility to choose from six major currencies: US Dollar (USD), British Pound (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), and Australian Dollar (AUD).
The interest rates for Axis Bank FCNR deposits vary depending on the currency and tenure. For instance, FCNR deposits in USD offer interest rates ranging from 4.10% to 5.60% for tenures between 1 year to 5 years.
GBP deposits offer rates from 2.45% to 4.00%, while deposits in EUR have lower rates, around 0.01% for most tenures. FCNR deposits in CAD and AUD offer rates ranging from 3.30% to 4.20%, while JPY deposits have a consistent low rate of 0.01% across all tenures.
If the duration exceeds one year, payments may be made in increments of 180 days, and then for the remaining number of days in actual time.
The bank calculates interest on FCNR deposits up to one year without compounding, whereas deposits exceeding one year are compounded at 180-day intervals. Axis Bank’s FCNR deposits are entirely repatriable, meaning both the principal and interest can be transferred overseas.
Additionally, the interest earned on FCNR deposits is exempt from tax in India, making them an attractive option for NRIs.
The flexibility in tenure, tax benefits, and repatriation options make Axis Bank’s FCNR deposits a viable choice for NRIs looking to invest in foreign currency while maintaining liquidity and earning stable returns.
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What is Axis Bank FCNR Interest Rates?
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2024-09-30T15:33:44+00:00 2024-10-01T15:34:01+00:00Comment
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