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- NRE Rupee Deposit
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NRE Rupee Deposit
With our NRE Rupee Deposits, you can enjoy higher interest rates and a flexible tenure starting from 1 year, along with seamless repatriability. Additionally, you can earn tax-free interest. Below are the various benefits of NRE Rupee Deposits
Features and Benefits
Seamless international fund transfers
Fund your account with any convertible currency received from abroad.
Effortless automatic renewals
Continue earning interest with the automatic renewal of both principal and interest upon maturity
Flexible investment tenure
Benefit from long-term investments. Deposits can be held for a period of 1 to 10 years
Attractive interest rates
Enjoy competitive and attractive rates of interest on your deposits
Easy overseas fund transfers
Transfer funds overseas effortlessly – both the principal amount and interest earned are fully repatriable
Tax-free interest
The interest earned is not taxable in India
Overdraft facility
Avail of overdraft facilities up to 85% of your deposit
Enjoy nomination facility
Ensure easy operations with the nomination facility
Competitive exchange rates
Benefit from competitive exchange rates when converting foreign currency into rupees
Withdraw money when you need
- Partial withdrawal of the deposits allowed with NRE Savings Account with premature encashment
Get payment of interest on overdue deposits
- The bank may, at its discretion, renew an overdue NRE or FCNR deposit or a portion
Withdraw money when you need
- Partial withdrawal of the deposits allowed with NRE Savings Account with Premature Encashment
- For NRE Term Deposits of a contracted amount less than Rs 5 Crores opened/renewed, interest rate shall be prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower
- For NRE Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower
- In case the NRE term deposit is closed prematurely, before completion of the minimum period of 1year, no interest shall be paid for the said term deposit
- However, except the provisions relating to rate of interest, such deposit would be treated as resident deposits from the date of return of the account holder to India and taxed accordingly for all other purposes
Get payment of interest on overdue deposits
- The bank may, at its discretion, renew an overdue NRE or FCNR deposit or a portion thereof provided the overdue period from the date of maturity till the date of renewal (both days inclusive), does not exceed 14 days and at the time of renewal banks are required to apply the rate prevailing on the date of renewal or on the date of maturity, whichever is lower
- In case the overdue period exceeds 14 days, banks are free to fix their own rate for the overdue period if the entire amount or a part thereof is kept as a fresh deposit
Eligibility for NRE Rupee Deposit
The following individuals are eligible to open an NRE Fixed Deposit Account:
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
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
Documentation for NRE Rupee Deposit
To know more about documents, please click here
Frequently Asked Questions
Axis Bank offers NRIs an NRE Rupee deposit. Please check out the NRE Rupee deposits FAQs to find out more about this service. If you have any further queries, you can reach out to the Bank representative.
If you provide specific auto renewal instructions, the deposit will be renewed on maturity in accordance with the instructions. In the absence of any instructions, deposit will be renewed for the same period at the rates prevailing on the date of maturity.
You can avail of a loan against your NRE Deposits. The loan/overdraft can be used for personal purposes or for carrying on business activities other than:-
- Relending
- Agricultural/plantation activities
- Real estate business
You can break your Deposit before the maturity period. NRE Deposits will qualify for interest only if they have run for a minimum period of 12 months.
As per current guidelines, funds in NRE Fixed Deposit Account are exempted from income tax in India.
You can have a nominee for the NRE Fixed Deposit Account.
Yes, You can have a joint applicant for the nre fixed deposit
No. NRO funds cannot be used to create NRE/FCNR Deposit.
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