Axis Bank Launches NRI Digital USD Fixed Deposits at GIFT City

Axis Bank, a leading Indian private sector bank, has shaken up the NRI investment landscape with the introduction of digital US dollar fixed deposits (FDs) at GIFT City. This pioneering initiative, announced on March 27, 2024, positions Axis Bank at the forefront of offering a fully digital experience for deposits made in GIFT City.

Effortless Investing for NRIs

Gone are the days of cumbersome paperwork! NRIs can now open US dollar fixed deposit accounts from the comfort of their homes or anywhere else globally. Axis Bank’s user-friendly mobile banking application, “Open by Axis Bank,” facilitates a completely digital and paperless investment process. This enhanced convenience eliminates a significant hurdle for NRIs seeking investment opportunities in US dollars.

Flexibility and Control at Your Fingertips

The digital US dollar fixed deposit scheme boasts a range of flexible tenures, catering to diverse investment goals and risk appetites. Deposit terms reportedly span from a mere seven days to a substantial ten years. Additionally, NRIs can conveniently monitor and manage their investments directly through the mobile app. The platform reportedly allows for partial closures, empowering NRIs with greater control over their finances.

Competitive Rates and Potential Tax Advantages

While specific interest rates haven’t been publicly disclosed yet, Axis Bank emphasizes attractive rates for these US dollar fixed deposits. GIFT City deposits hold the potential benefit of tax exemption on interest income for NRIs, making them even more enticing from a financial standpoint.

Beyond Convenience: Additional Benefits

This innovative scheme by Axis Bank offers even more advantages for NRIs:

• Protection against Currency Fluctuations: By investing in US dollars, NRIs can hedge against potential depreciation of their local currency. This is especially beneficial for those with expenses or future plans denominated in US dollars.
• Potentially Higher Returns: US dollar fixed deposits often offer competitive interest rates compared to similar deposits in other currencies. This can translate to potentially higher returns on your investment.
• Diversification: Including US dollar fixed deposits in your portfolio can contribute to a well-diversified investment strategy, potentially mitigating risks associated with a single currency.

A Step Ahead for NRIs

By launching this innovative scheme, Axis Bank has established itself as a leader in addressing the evolving needs of NRIs. The digital US dollar fixed deposit scheme offers a secure, convenient, and potentially tax-efficient investment avenue for NRIs seeking to invest in US dollars. This caters to NRIs looking for a seamless and potentially lucrative way to grow their wealth, hedge against currency fluctuations, and achieve diversification in their portfolios.

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