Axis Bank NRI Account: NRE and NRO Services, Documents & Process

I use Axis NRO mainly because I have Indian income.

The distinction that helped me was to think about where the money originates, rather than which account has the better interest rate.

My overseas earnings are transferred to my NRE account, while Indian income is handled through NRO.

Axis also offers NRE deposits. Its current NRE deposit information states that NRE deposits can be funded with convertible foreign currency received from abroad, with principal and interest described as fully repatriable, subject to applicable rules. It also states that interest is not taxable in India under the stated conditions.

I wouldn't make a decision purely based on taxation or repatriation, though. Your actual income sources and plans in India matter.

Also, keep your overseas address and NRI-status documents current. Axis has a fairly detailed list of acceptable overseas address documents, so there are several options if you don't have one particular document. 

I had an existing Axis savings account before moving to the UK, so my experience was slightly different.

I initially thought I could just open an NRE account and leave my old savings account unchanged. Axis's current NRI documentation specifically addresses conversion of resident accounts to NRO accounts.

The bank's conversion form says that when a customer's status changes from resident Indian to NRI, resident savings, term-deposit and individual current accounts are converted to the relevant NRO accounts.

I therefore asked Axis to handle my existing account rather than opening everything from scratch.

For anyone in the same situation, I'd definitely tell the bank about your existing resident accounts and deposits. Don't assume that opening a new NRE account automatically takes care of your old resident banking relationship.

I have an Axis NRE and NRO account, and having both makes sense for my situation because I receive money from both outside and inside India.

I use the NRE account for funds that I transfer from overseas. My Indian rental income goes into the NRO account.

The account-opening paperwork wasn't particularly difficult, but I had to provide several KYC documents. Axis currently lists a valid Indian passport along with proof of NRI status, such as an employment, residence, student or dependent visa/work or residence permit, depending on the situation. It also lists overseas address documents such as a recent bank statement, overseas driving licence, utility bill or government ID.

One thing I didn't realize initially was that documentation requirements can differ depending on whether you're applying in the presence of an Axis official. The current Axis account-opening form says that if the form isn't completed in the presence of an Axis Bank official, duly attested/notarized copies may be required.

So I'd check the current checklist before getting anything notarized.