NRE Savings Account

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:

B. Non-Resident External (NRE) Account:

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

How to open an NRI Savings Account?

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

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.

NRI Easy Guide

manag your finances

existing savings account-

tax liability

CONTACT US

Axis Bank is registered with DICGC

DICGC Qr Code

Download open by Axis Bank

Central KYC Registry

Central KYC Registry

Connect With Us On

Axis Bank is registered with DICGC

DICGC Qr Code

DICGC QR code

Download open by Axis Bank

Central KYC Registry

Central KYC Registry

Site best viewed in IE10+, Firefox 47+, Chrome 55+, Safari 5.0+ at 1024 X 768 pixels resolution

Please do not believe any entity using Axis Bank logos & branding to request the public for money in exchange for opening a Customer Service Point.

Always use the customer care numbers displayed on Bank’s official website. Do not access unknown website links.

Copyright © Axis Bank

Disclaimer

At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.

This is to inform you that by clicking on the "Accept" button, you will be accessing a website operated by a third party namely . Such links are provided only for the convenience of the client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com

Disclaimer

At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.

This is to inform you that by clicking on the hyper-link/ok, you will be accessing a website operated by a third party namely Such links are provided only for the convenience of the Client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com

Cover arranged by Axis Bank for its customers under Digit Illness Group Insurance Policy (UIN GODHLGP20142V011920). Participation to group insurance is voluntary.