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NRO Rupee Deposit
Axis Bank offers the NRO deposit. The benefits of NRO Rupee deposits listed below. The NRO Rupee deposit offered by Axis Bank comes with an automatic renewal with flexible tenure starting from 7 days and also offer the facility of partial withdrawal.
Features & Benefits
Automatic renewals
Continue earning interest with automatic renewals with automatic renewal of principal and interest on maturity.
Repatriate your interest earned
Interest earned in the current financial year is fully repatriable (after deducting tax).
Repatriation limits
Funds in NRO account can be repatriated up to USD one million per financial year for all bonafide purposes.
Flexible tenure options
Choose tenure as per your financial requirements. Tenure can range from 7 days to 10 years.
Competitive interest rates
Enjoy competitive rates of interest. Attractive interest rates available.
Partial withdrawal
Withdraw a part of the deposit when required. Partial withdrawal of deposits is allowed.
Loan against deposits
Loans may be granted in rupees against the security of FDs subject to usual norms except for the purpose of relending or carrying on agricultural or plantation activity or for investment in real estate.
Read MorePremature encashment
Encash the deposit prematurely in case of a financial emergency. For Rupee Term Deposits of a contracted amount less than ₹ 5 crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest.
Read MoreOverdraft facility
Avail of overdraft facility. Up to 85% of the deposit.Ensure easy operations and secure your investment by availing of the nomination facility.
Nomination Facility
Ensure easy operations and secure your investment by availing of the nomination facility.
Take a loan against deposits
Loans may be granted in rupees against the security of FDs subject to usual norms except for the purpose of relending or carrying on agricultural or plantation activity or for investment in real estate Regulations relating to margin and rate of interest as stipulated by RBI shall be complied with
Please click here to know more about the documentation required for NRO Rupee Deposit.
Frequently Asked Questions
Yes. You can avail of a loan against your NRO 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
Yes. You can break your NRO Deposit before the maturity period. The Deposit would qualify for interest only if it has been held for a period of 7 days.
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.
Yes. You can have a nominee for the NRO Fixed Deposit.
TDS is deducted on the interest at the following rate 31.20%
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