NRE Savings Account

An NRE (Non-Resident External) savings account is Rupee denominated account which can be opened to park your income earned overseas.You can deposit your foreign earnings in this account and earn completely tax free interest.

Park your foreign earnings

Tax-Free Interest

Funds fully repatriable

Easy Savings Account

Ease of Operation
Access to Internet and Mobile banking
Air Accident Cover
Personal Accident Insurance cover

NRI Prime Savings Account

Ease of operation
Family Banking facility available
Air Accident Cover
Personal Accident Insurance cover

Mariner Account

Preferential rates on Remittances
25% discount on online movie ticket purchase through BookmyShow*
Complimentary Airport Lounge access
Personal Accident Insurance cover

Priority Account

Annual benefits worth 50,000 INR
25% discount on online movie ticket purchase through BookmyShow*
Complimentary Airport Lounge access
Dedicated Relationship Manager

Burgundy Account

Complimentary Airport Lounge access
Complimentary movie and event tickets
Complimentary UBER eVouchers
Dedicated Relationship Manager

How does an NRI Savings Account work?

An NRI (Non-Resident Indian) account is authorised by the Reserve Bank of India and offers different banking services to NRIs, Person of Indian Origin (PIO) or Overseas Citizen of India (OCI). Individuals who are eligible to avail of these banking services should open an account with a financial institution or a bank.

This type of NRI account is used by NRIs to keep their income or earnings in India or another country safe and secure. They can utilise the services offered by the bank to remit the money to their dependents, fulfil their financial obligations, make investments, etc.

Types of NRI Savings Accounts

There are three different types of NRI accounts that an individual can open as per their financial needs:

A. Non-Resident Ordinary (NRO) Account:

NRO Account is Non-Resident Ordinary Account. It is an account of an NRI to manage the income earned in India wherein interest earned on NRO account is taxable.
In case of NRO accounts, NRIs can receive payments from outside India, transfer funds from their NRE/NRO accounts within India and receive their legitimate dues in India in the NRO account. NRIs can also deposit foreign currency brought to India during their visit.
NRIs can also deposit into the NRO account in permissible foreign currency and withdraw in Indian currency.

B. Non-Resident External (NRE) Account:

NRE is a Non-Resident External Account. It is an account of an NRI to transfer foreign earnings to India. Interest earned on NRE account is tax-free and it fully repatriable.
As the funds in an NRE account can only be made in the currency of the country where the NRI resides, there’s a risk of currency fluctuation; however, there is no tax on the principal and the interest earned in this account. Moreover, the funds can be easily transferred to another NRO or NRE account.

C. Foreign Currency Non-Resident (Banks) Account:

Foreign Currency Non-Resident (Banks) Account or FCNR-B are where NRIs, Persons of Indian Origin (PIOs) and Overseas Citizenship of India (OCIs) make deposits in foreign currencies approved by the Reserve Bank of India for 1-5 years.
These accounts may be opened only in the form of term deposit with maturity of such period as may be specified by the RBI from time to time.
The interest rate for these accounts will vary as per the deposit tenure and currency, and the rate of interest does not fluctuate throughout the tenure.

How to open an NRI Savings Account?

Here’s how you can apply for an NRI Savings Account and open an NRI Savings Account:

Visit the official Axis Bank website and go to the NRI page
Click on Open NRI Account & Register for opening account online
Post sucessfull submittion of online application form, our virtual account manager will call you & will further assist you with form filling
Fill up the form with the correct information, get a printout and put your signature in the designated places
Upload the application form along with the required and third party attested Know Your Customer (KYC) documents
Once the documents have been verified, we will arrange for the documents to be picked up. Which is a complementary service of Axis Bank

You can open an NRI Savings Account online by following the steps above. However, if you are present in India and would like to open the account offline, you can visit any of our branches and an NRI customer care official will help you fill out the application form and submit the documents to complete the NRI account opening process.

NRI Savings Account Interest Rates

The rate of interest on funds held in these deposit accounts will be in accordance with the directives issued by the Reserve Bank of India from time to time.

Frequently Asked Questions

Who should open an NRI account?

Every Indian or Person of Indian Origin who is settled abroad or has gone abroad for taking up employment, vocation or studies should have an NRI Savings Account. It makes banking more convenient and accessible fulfilling the basic financial necessity. As NRI customers, most of their time is spent overseas, thus, ease of online banking becomes imperative for a smooth experience. NRI customers should look for banks that offer a full suite of digital options in order to take care of remittances within and outside India, bill payments, debit/credit card facilities, loans, insurance, investments, etc.

Can I transfer money from my NRI Savings Account?

a) Yes, for debits from NRE accounts, NRIs can do remittances outside India, transfer to other NRE/FCNR accounts and use the NRE funds for investments in India.

b) Yes, for debits from NRE accounts, NRIs can make local payments, transfer to other NRO accounts and remit their current income overseas. NRIs can make remittances from NRO accounts for up to USD 1 million per financial year for all bonafide purposes.

Do NRI Account holders need to pay taxes?

If you are earning an income outside India and paying taxes in the same country, this income will not be taxed in India. Even the interest earned on an NRE and FCNR account is exempt from tax. However, as an NRI with an NRO account, you will be taxed for the interest earned in your NRO account.

Can an NRI have a Resident Savings Account in India?

No, an NRI cannot open Resident Savings Account in India with any bank, according to the Foreign Exchange Management Act (FEMA) regulations.

What is the minimum amount with which I can open an NRI Savings Account?

The minimum amount requirement with which you can open an NRI savings account will vary as per the type of Axis Bank account. The minimum monthly balance for the NRI Easy Savings Account, Prime Savings Account & Mariner Account are different.

Why should you open an NRI savings account?

Having an NRE or NRO account can be a viable option for a Non-Resident Indian since it helps them remit their earnings from another country to India without any hassles. These accounts also help them hold and access the earnings and income made in India through investments in their country of residence.