Personal Finance

Axis Bank NRE Account – How to Apply Online


Starting a new account with Axis Bank is a simple process. The following steps provide guidance on how to start an NRE account with the bank:

1. Visit the Axis Bank website or the nearest Axis Bank branch and fill out the online application form for opening an NRE account.

2. Provide the necessary documents required to open the account, such as a valid passport, proof of address and income (such as salary slips, tax returns, etc.), and a PAN card.

3. Once all the documents are submitted, the bank will verify them and then send you an email confirming your account opening.

4. You will then have to deposit the initial minimum balance in the account. This is typically around Rs. 10,000 but may vary depending on the type of account you are opening.

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5. Once the initial deposit is made, the bank will provide you with an account number and other details about your account. You can use these details to manage your account online.

6. Once the account is opened, you can begin transferring funds from your existing non-resident external (NRE) accounts to your new Axis Bank NRE account.

7. Finally, you will need to complete the KYC process with the bank.

This involves submitting additional documents such as your Aadhar card and PAN card. Once this is done, you will be able to start using your new Axis Bank NRE account.

Is Axis bank’s NRE account good?

Axis Bank’s NRE account is a great option for anyone looking to transfer funds from abroad. It allows you to maintain two separate accounts in India and abroad, giving you more control over your finances.

The account also offers a number of features and benefits that make it attractive to both domestic and international customers.

The NRE account allows you to deposit and withdraw foreign currency in India, meaning you can easily convert your overseas funds into Indian Rupees.

This feature is especially useful if you want to send money to family or friends in India, as it eliminates the need to transfer money through expensive remittance services.

The account also offers attractive interest rates on deposits and tax-free repatriation of funds up to US $1 million per financial year. Additionally, it provides 24/7 online access, allowing you to manage your money from anywhere in the world.

In addition to these features, the NRE account also provides a secure platform for investments.

You can use the account to purchase Mutual Funds, Fixed Deposits, and other investment instruments.

All transactions are backed by the Reserve Bank of India (RBI) and the Government of India, providing assurance that your money is safe and secure.

Overall, Axis Bank’s NRE account is a great choice for anyone looking to transfer funds from abroad.

With its attractive features and benefits, it provides a convenient, secure, and cost-effective way to manage your finances.

Axis Bank NRE Account v/s SBI NRE Account

Axis Bank NRE Account Features:

• Attractive interest rates up to 7.25% p.a.
• Free international debit card
• International fund transfers
• Tax benefits
• Transfer funds from NRE account to Non-Resident External (NRE) account
• No limit on deposit amount
• Free cheque book and Internet Banking

SBI NRE Account Features:

• Interest rates of up to 6.75% p.a.
• Free international debit card
• International fund transfers
• Tax benefits
• Transfer funds from NRE account to Non-Resident External (NRE) account
• No limit on deposit amount
• Online Banking, Mobile Banking and SMS banking facilities
• Free cheque book and demand drafts

Comparison:

Both Axis Bank and SBI offer attractive interest rates and free international debit cards. Axis Bank offers a higher interest rate of up to 7.25% p.a. compared to SBI’s 6.75% p.a. However, SBI offers additional features such as online banking, mobile banking and SMS banking facilities, as well as free cheque books and demand drafts.


I'm an Entrepreneur, Blogger & Mentor. Having lived in the USA for almost 7 years, I got bored and returned back to India. While doing so, created this website as a way to curate and journal my experiences. Today, it's a movement with a large community behind it. I hope this website helps NRIs planning to move back to India, make their transition smooth and easy. Feel free to ask any questions you may have. Happy to help!

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