How to open an Axis Bank FCNR account

Axis Bank offers FCNR accounts for non-resident Indians to grow their foreign currency earnings. Read on to learn about opening an Axis Bank FCNR account, interest rates, and eligibility.

Table of Contents
What is FCNR at Axis? How to open an FCNR account in Axis Bank? Axis Bank FCNR rates How to transfer funds to the Axis Bank FCNR account? Features and benefits of Axis Bank FCNR account

What is FCNR at Axis?

A Foreign Currency Non-Resident (FCNR) account is a term deposit account that NRIs can hold in a foreign currency in India. It is offered at many Indian banks, including Axis Bank. An Axis Bank FCNR account can be held in one of six different foreign currencies, and the term is one year to five years. As the name suggests, an Axis Bank FCNR account is only limited to non-resident Indians.¹

How to open an FCNR account in Axis Bank?

Any non-resident Indians (NRIs) or Overseas Citizens of India (OCI) can open an FCNR account with Axis Bank. An existing banking relationship with Axis Bank is not required but can make for a more straightforward application process.

An FCNR account can be opened online from abroad or in person at a local Axis Bank branch in India. But keep in mind that the deposit must be in a foreign currency, although one exception is covered later in the article.

Here are the steps for opening an Axis Bank FCNR account:²

Opening an Axis Bank FCNR online

1. Head to the Axis Bank online portal.
2. Log in with your Axis Bank credentials.
3. Complete the online application for a new FCNR account.
4. Submit the form.
5. Make a payment to fund the account.

You can complete the New User registration if you don’t have a banking relationship with Axis Bank. Once you complete the form with your passport details, an Axis Bank representative will reach out to walk you through the process.

Opening an Axis Bank FCNR in-person

1. Visit any Axis Bank branch with your IDs and documents.
2. Complete the application form.
3. Submit KYC documents for bank verification.
4. Submit the attested KYC documents for bank verification.
5. Make a payment to fund the account.

Check out the section later in this article about how to transfer money to an FCNR account to know your options for making the deposit.

Axis Bank FCNR rates

An Axis Bank FCNR is a term deposit which means that the money can grow at a specific rate until the end of the term. The rates depend on the currency in which the account is opened and the deposit length. An FCNR account is not revolving, so once a term ends, the account will need to be renewed.

Here are the interest rates for Axis Bank FCNR accounts:

Term deposit of 1 year - less than 2 years

USD	GBP	EUR	JPY	CAD	AUD
5.50%	4.00%	2.90%	0.01%	4.20%	3.70%

Term deposit of 2 years - less than 3 years

USD	GBP	EUR	JPY	CAD	AUD
4.50%	3.75%	0.01%	0.01%	3.50%	3.75%

Term deposit of 3 years - less than 4 years

USD	GBP	EUR	JPY	CAD	AUD
4.20%	2.45%	0.01%	0.01%	3.45%	3.80%

Term deposit of 4 years one day - less than 5 years

USD	GBP	EUR	JPY	CAD	AUD
3.85%	2.45%	0.01%	0.01%	3.35%	4.00%

Term deposit of 5 years

USD	GBP	EUR	JPY	CAD	AUD
3.80%	2.45%	0.01%	0.01%	3.30%	4.05%

Rates updated as of April 4, 2023.³

To note:

• Rates are subject to change.
• Accounts open for less than a year will not benefit from compounding interest.

How to transfer funds to the Axis Bank FCNR account?

Whether you have an existing account with Axis Bank or accounts abroad, you can transfer money to an Axis Bank FCNR account. Here are the main ways to fund an FCNR term deposit:

• Money transfer service. You can use modern money transfer services to fund your FCNR account from abroad. These services typically work online, and you can send money quickly and often cheaper than a bank. They come with transfer fees and sometimes a markup in the exchange rate.
• An existing NRI account. If you have a Non-Resident External (NRE) account in India, you can use the proceeds to fund an FCNR account. This option is the sole exception to sending money from abroad to fund an FCNR account.
• Wire transfer. Banks offer wire transfers through the global SWIFT network. You can transfer money from your local bank abroad to Axis Bank with a wire transfer, but it may take longer than other methods and cost more.
• In-person. If you are visiting India, you can head to an Axis Bank branch in person and make a deposit in a foreign currency or traveller cheques. You can also initiate transfers from an existing NRI account within Axis Bank at a branch.

Wise is a low-cost and fast way to send money to an FCNR deposit or to an NRI account. With a small transfer fee and the mid-market exchange rate- you can save money when making a transfer. Plus, you can deposit money into a local account within seconds on popular transfer routes to India.

And if you are an NRI abroad, take a look at the Wise multi-currency account. This single account lets you hold, send and spend in multiple currencies, including US dollars, British pounds, euros, and Indian rupees. So whether you’re making a transfer or visiting family, you can spend like a local on your next trip to India.

• Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
• The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Features and benefits of Axis Bank FCNR account

One of the most common benefits of an FCNR account is to protect account holders from volatility in the Indian rupee exchange rate. Here are a few additional features and benefits to FCNR account holders:4

• Money can grow tax-free at attractive interest rates.
• You can choose from six different currencies.
• NRIs and OCIs can open joint FCNR accounts. FCNR accounts cannot be held jointly with Indian residents.
• The interest earned on Axis Bank FCNR deposit can be credited to your NRI accounts.
• FCNR accounts can be renewed on maturity or returned to the NRI resident country.
• You can withdraw funds before the term is over.
• You can get a loan against an Axis Bank FCNR deposit.

Who can open an FCNR account at Axis Bank?

Only Non-Resident Indians (NRIs) and Overseas Citizens of India (OCI) can open an FCNR account. Applicants will need to show evidence of non-resident status.⁵

A non-resident Indian is someone that lives outside of India for 182 days or more in a calendar year.⁶

Documents required to open an FCNR account in Axis Bank

The documents you will need to open an FCNR account at Axis Bank will depend on your current relationship with the bank.

If you are an existing NRI account holder at Axis Bank, you may not need to submit any further documents to open an FCNR. The application process will let you know if supporting documents are needed.

If you are new to Axis Bank, you will likely need to submit the following:⁷

• Self-attested copy of your valid Indian passport.
• Proof of NRI status (including employment, resident visa, or resident permit).
• Proof of OCI status if applicable.
• Proof of address, like a driver’s license or bank statement.
• Copy of PAN card.

Currencies available in Axis Bank FCNR account

NRIs can open Axis Bank FCNR deposits in the following six currencies:

• US Dollars
• British Pound
• Euros
• Canadian Dollars
• Australian Dollars
• Japanese Yen

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Sources used for this article:

1. Axis Bank FCNR deposits account
2. Axis Bank FCNR online application form
3. Axis Bank FCNR interest rates
4. Axis Bank FCNR deposit account features
5. Axis Bank FCNR deposit eligibility
6. NRI Status
7. Axis Bank FCNR deposit documents

Cover photo by Van Tay Media on Unsplash.