NRI Banking


The Provisions of Income Tax Act with reference to NRIs
The following income, which might have been payable outside India are deemed to arise in India. Dividend paid by an Indian company to a non-resident. Interest paid on moneys borrowed and brought into India and royalty and technical services fees where the royalty is payable in respect of any right or fees are payable in respect of technical services used for business or profession in India which is exempt, if it is payable through an agreement made before 1st April, 1976 which is approved by the Centre, and in respect of computer software supplied by a non-resident manufacturer along with a computer or computer based equipment under approved specified scheme. A person having been a non-resident for a continuous period of 2 years on his return will remain "not ordinary resident" for all least for 8 subsequent years.
NRI Prime Account
With the Prime Savings Account you are no longer restricted to single branch banking. You can operate your account from any of the 500 bank branches without any restrictions, charges or ceilings. This means you no longer have to keep multiple accounts at different places to take care of your banking needs at specific areas. The facility of free unlimited transactions across centres does not apply to cash transactions, which are subject to Reserve Bank of India and Income Tax regulations issued from time to time. Watch your money go beyond geographic boundaries through free inward remittances and fast-track realisation of foreign cheque/DD collection.
Non-Resident (Special) Rupee (NRSR) Accounts
Non-Resident (Special) Rupee (NRSR) Account for such persons who would voluntarily undertake not to seek repatriation of funds held in these, with the exception that investment of funds held in these accounts in shares/securities and immovable property will be governed by the extant exchange control regulations and allow all financial transactions therein freely without going into the details of sources of credits and purposes of debits. This facility will, however, not be available to overseas corporate bodies. NRSR accounts may be current, savings, and recurring or fixed deposits accounts. Requirements in regard to resident accounts, including nomination facility, shall apply to NRSR accounts. Opening of and operations on the accounts of individuals of Pakistani/Bangladeshi/Sri Lankan nationality require approval of the Reserve Bank.
Foreign Currency Non Resident (FCNR) Deposit
FCNR Deposit of five leading international currencies, US dollar, pound sterling, euro, Australian dollar and Canadian dollar. Earn attractive interest rates in the foreign currency of your choice. A wide range of deposit tenures to choose, from 12 months to 36 months, avail of a rupee overdraft of up to 90% of your FCNR deposit value held in units of 1,000 so you can withdraw easily without breaking the complete deposit, automatic renewal on maturity, open the deposit jointly with any other non resident Indian (NRI), nomination facility available on your deposit.
NRE Salary Account
Establishments with a minimum of 10 NRI employees can opt for Axis Bank NRI salary accounts on preferential terms to provide world class banking facilities to their employees. Dedicated NRI relationship manager, multicity cheque books, international debit card, debit card to POA/LOA holder, personal accident insurance cover on debit card of Rs 200,000 for both account holder and POA/LOA holder. Rs 40,000 cash withdrawal limit per day. Complimentary resident savings account without insistence on minimum balance. Financial advisory services, daily electronic updates, free of cost temporary O/D facility.