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Now, Non-Resident Indians (NRIs) living abroad can deposit US dollars that they earn abroad in a fixed deposit with India’s leading private sector lender, Axis Bank. Their account will be opened at a particular branch of the private lender in India’s upcoming business district, GIFT CITY. They can open the term deposit on ‘Open by Axis Bank’ app of the private lender. The account opening process is completely digitised. NRIs can use the app to open deposits anytime from any part of the world. Currently, the Axis Bank gives as high as 5.60 per cent rate of interest on such term deposits to NRIs.
According to the private lender, NRIs can open such deposits for a tenure of seven days to 10 years. Both partial and full pre-mature withdrawal will be allowed. They can use the app to actively manage their accounts and track their investments.
The account holders will get simple interest on such deposits. Let’s see what different interest rates NRIs can get for different tenures with Axis Bank, currently.
US Dollar Fixed Deposit Rate of Interest for NRIs:
| Tenure | RoI in % | RoI in % |
| < 0.5 mn* | 0.5 mn % above | |
| 7 days to 1 year | 4.30 | 4.50 |
| 1 year to < 18 months | 5.60 | 5.80 |
| 5 years to up to 10 years | 4.80 | 5.00 |
*Million
The branch in which the NRI’s deposit will be opened is International Financial Services Centre Banking Unit (IBU) situated in GIFT City in Gandhinagar, Gujarat. Lot of other big private lenders have opened IBUs in Gujarat’s capital. India’s largest private lender, the HDFC Bank, also has IBUs in Gandhinagar.
Currently, the Axis Bank has allowed NRIs to deposit US Dollar in term deposits in India. Gradually, banks will allow NRIs to deposit other foreign currencies as well like Euro, British Pound, Australian Dollar, etc.