You can deposit your foreign earnings in this account and earn completely tax free interest. Individuals who are eligible to avail of these banking services should open an account with a financial institution or a bank.
They can utilise the services offered by the bank to remit the money to their dependents, fulfil their financial obligations, make investments, etc.
There are three different types of NRI accounts that an individual can open as per their financial needs:. 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. 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.
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. If you are earning an income outside India and paying taxes in the same country, this income will not be taxed in India. The minimum amount requirement with which you can open an NRI savings account will vary as per the type of Axis Bank account.
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. Moving Abroad? Read more about 'Moving Abroad? Planning to Move Back to India? Read more about 'Planning to Move Back to India?
