Axis Bank FCNR Rates 2026: Complete NRI Rate Table

A rate table looks like the simplest document in banking. Rows for tenure, columns for currency, a number where they meet.

It is not simple. Axis Bank publishes a rule that shows exactly why.

Two deposits of identical length, booked in different years, can land in different rate slabs. Same currency, same bank, same number of months. Different row on the table.

If you are booking an FCNR deposit this month, that matters more than a small rate gap between banks. This piece walks through every axis of the Axis Bank FCNR rate table. It also covers the fields that change your return without appearing on it.

We do not reproduce rate figures here. They move, and a stale number is worse than none. We show you how to read the live card correctly.

The day-count rule that moves your slab

Start with the one most depositors have never heard of.

Axis Bank's fixed deposit terms and conditions cover how FCNR interest is worked out. It is calculated on the actual number of days in the tenure.

This follows RBI's Master Direction on Interest Rate on Deposits.

The bank then adds something important. Day-based logic determines which rate slab applies.

Its own worked example makes the point. Take a tenure of twenty three months and twenty nine days. It can fall into different bands depending on the total day count.

Whether a leap year sits inside the period is what changes the answer.

That is not a rounding quirk. It is the difference between the band below two years and the band at two years and above.

👉 Tip: Count your deposit in days, not months. The table is built on days.

So if you are booking close to a slab boundary, check the maturity date against the band definition. A day either way can move you.

What sits on the table, and what does not

The published card gives you currency and tenure band. That is roughly half the picture.

Axis Bank's FCNR deposit page describes the product briefly. It gives assured returns on foreign currency over one to five years.

The bank's FAQ section on the same page adds two points. FCNR deposits are shown as available for tenures ranging from three to five years.

A lock-in period of one year applies. During that year, premature withdrawal is not permitted.

Read those together and the 2026 special arrangement sits inside a product with a wider general range. Confirm with the bank which set of terms and which card applies to your booking date.

Published summaries of the Axis Bank currency list vary between sources. Some give a count that does not match the currencies they name. Take the list from the bank's own rate card rather than from an aggregator.

For wider context, see our overview of Axis Bank. Our note on Axis NRI banking from the UAE covers the Gulf side.

Also read: SBI FCNR Rates

Simple or compounded, and why the row changes

The rate on the table is a rate. What you actually receive depends on how interest is applied.

For shorter tenures, interest is typically applied on a simple interest basis without a compounding effect.

For longer tenures, compound interest does the heavy lifting. Over four or five years, that difference is larger than most rate gaps between banks.

This is why comparing a one year number against a five year number tells you very little. They are different mechanics, not just different rows.

If you want to think about what a deposit is genuinely worth at maturity, future value is the right frame. Comparing across options needs a discount rate rather than a headline.

👉 Tip: Never compare a short-tenure rate with a long-tenure rate. The compounding treatment differs.

Also Read: HDFC FCNR Rates

The funding restriction people discover too late

Here is an Axis Bank rule that catches NRIs mid-transfer.

The bank's FCNR FAQ states that funds from an NRE deposit can be used to open an FCNR deposit. It also states that opening an FCNR deposit using funds from an NRO account is not permitted.

That restriction is worth checking before you move money. Say your Indian rental income or sale proceeds sit in an NRO account. Those funds cannot simply be redirected into an FCNR deposit here.

The distinction between the two account types drives it. Our note on the difference between NRE and NRO savings accounts sets out why.

For the broader rulebook, see our overview of RBI rules on NRI accounts.

There is also a currency-conversion trap on the way in. Send foreign currency directly and it stays in that currency. Route it through a rupee account first and you have converted twice for nothing.

That double conversion often costs more than the rate difference you were shopping for. Our note on hidden costs in NRI investments covers where these leaks sit.

Also read: ICICI FCNR Rates

Exit terms, and the second table you should ask for

The rate table tells you what you earn if you hold to maturity. A separate set of rules governs what happens if you do not.

Axis Bank's FCNR page is direct on early closure. Close before the minimum period of one year and no interest is paid.

Its fixed deposit terms repeat the position. No interest is payable on premature withdrawal within one year for NRE and FCNR deposits.

The bank's terms also note that penalties on respective FCNR currencies are published on its website. So the penalty is currency-specific, not a single flat rule across the card.

Ask for that second table before you book. A rate card without the matching penalty schedule is half the information.

Overdraft against the deposit is offered for standard FCNR deposits, per the bank's FAQ. Where available, borrowing against a deposit is often better than breaking one, given how exit pricing works.

Who can actually open one

Eligibility is wider than most people assume, and this is where Axis Bank's page is genuinely useful.

Beyond the standard NRI, PIO and OCI categories, the bank's page extends eligibility to individuals serving in United Nations organisations. It also covers those posted overseas by the Indian government or public sector undertakings.

Indian nationals working as mariners, on oil rigs, or with foreign-registered airlines also meet the criteria.

That last group matters. Seafarers and airline crew often sit in an uncertain position on residential status. Many assume they are excluded from foreign currency deposits.

Our explainer on the difference between NRI, PIO and OCI covers the categories. For the paperwork, see documents required for NRI accounts.

Account opening documentation for the deposit itself typically includes the FCNR account opening form, a nomination form and Form 97. Complete the nomination at booking rather than later.

Tax, and the number that actually counts

Axis Bank states that interest is tax-free in India for NRIs, as per prevailing tax laws.

Note the qualifier the bank includes. The exemption follows your status and the law as it stands, not the product in isolation.

Your country of residence may tax the interest anyway. A UK, US or Australian resident reports worldwide income, and Indian exemption does not settle that.

So the rate on the table is a pre-tax number in one jurisdiction only. What matters to you is what lands after tax everywhere you are liable.

We wrote about this at length in why post-tax returns matter more than headline returns. It applies directly here.

For the Indian treatment of deposit income, see our note on FD taxation for NRIs.

👉 Tip: Read the rate card as a gross number in one country. Your actual return is a net number in two.

When the money comes back out, our guide on repatriating funds from an NRE account covers the mechanics.

What the table cannot tell you

Three things decide your outcome that no rate card displays.

The first is your own timeline. Book five years, then move back to India in eighteen months.

That deposit now matures on the wrong side of a status change.

The second is the currency you will actually spend. A deposit in a currency you must convert at maturity carries a spread that the rate card never mentions.

The third is what the money would have done elsewhere. A deposit locked for five years is five years that capital is not available for anything else.

None of these appear on the table. All three usually matter more than the gap between two banks in the same currency and band.

👉 Tip: Write your maturity date down before you look at any rate. Then find the row that fits it.

There is also a renewal question worth settling at booking. Today's card may reflect a temporary arrangement. A renewal after it ends gets priced on whatever card exists then.

Set your maturity instruction explicitly rather than letting a default decide. That single step prevents the most common disappointment we see on deposit maturities.

Where this product fits

An FCNR deposit is a capital preservation tool in a chosen currency. It is not a growth engine, and the 2026 rates do not change that.

It belongs in the safety layer of a portfolio. Our overview of safe investment options for NRIs sets out what else sits there.

The common error is treating a temporarily attractive deposit rate as a reason to overweight the safety layer. Rates revert. Allocation decisions outlast them.

Our note on NRI investment mistakes covers that pattern and others like it.

One structural point to state plainly. Deposits with a scheduled bank in India sit within the DICGC deposit insurance framework, subject to its limits and rules. Deposits placed with an IFSC Banking Unit in GIFT City do not carry that same cover.

That is not an argument against GIFT City. It is an argument for knowing which protection attaches to which pot of money.

For the GIFT City equivalents, see our overview of GIFT City FDs, mutual funds and ETFs.

For the account layer, our comparison of the best NRI accounts is the place to start. To compare deposit rates across banks, use our NRI FD rates explorer.

For resident Indians reading this

FCNR is closed to you. It is a non-resident product.

If your holdings are entirely rupee-denominated, your currency position is a default rather than a decision. GIFT City is the route residents use for USD-denominated funds without the overseas remittance process.

Our GIFT City mutual funds explorer lists what is available. Mandates run from the DSP Global Equity Fund to the Tata India Dynamic Equity Fund.

Regional and mid-cap mandates sit alongside them. The Edelweiss Greater China Equity Fund and Sundaram India Mid Cap Fund target different outcomes.

For longer horizons, GIFT City alternative investment funds and the primary market open further routes. Our explainer on the first GIFT City IPO covers how that market works.

You can also browse mutual fund products and follow market direction on the GIFT Nifty tracker.

Reading the table in five steps

Confirm which card applies to your booking date, standard or special.

Find your currency column, and remember it reflects that currency's central bank rather than the bank's generosity.

Convert your intended tenure into days, then check which band those days fall into.

Ask for the penalty schedule for your specific currency alongside the rate.

Check your funding route, since NRO money cannot open an FCNR deposit here.

FAQ

Why can two deposits of the same length get different rates?

Because Axis Bank applies day-based logic to determine the slab. A leap year inside the period changes the day count, which can move the deposit into a different tenure band.

Can I fund an FCNR deposit from my NRO account?

Axis Bank's FAQ states that opening an FCNR deposit using NRO funds is not permitted. NRE funds can be used.

What happens if I withdraw within a year?

No interest is paid. Deposits under the three to five year arrangement also carry a one year lock-in. Premature withdrawal is not permitted during it.

Is the premature penalty the same across currencies?

No. Axis Bank's terms state that penalties on respective FCNR currencies are published on its website, so the schedule is currency-specific.

Am I eligible if I work on a ship or for a foreign airline?

Axis Bank's eligibility criteria extend to Indian nationals employed as mariners, on oil rigs, or with foreign-registered airlines. Confirm your position with the bank.

Is the interest taxable?

Axis Bank states interest is tax-free in India for NRIs under prevailing tax laws. Your country of residence may tax it separately.

What we would do next

Pull the live card from the bank rather than an aggregator, and ask which card applies to your booking date. Convert your tenure into days before choosing it. Then request the penalty schedule for your currency before you commit.

Belong brings deposit and fund options into one view. Our WhatsApp community is where NRIs work through these decisions together.

Sources

• Axis Bank, FCNR Deposit product page. Covers tenure, one year lock-in, NRO funding restriction, overdraft, eligibility categories and documentation: https://www.axis.bank.in/nri/nri-deposits/foreign-currency-non-resident-fcnr-deposit

• Axis Bank, Fixed Deposit and Recurring Deposit Terms and Conditions. Covers the actual-day interest calculation, day-based slab logic with worked example, premature withdrawal position and currency-specific penalties: https://www.axis.bank.in/mailers/TnC/Axis-FD-RD-T-C.html

• Axis Bank, Fixed Deposit interest rates: https://www.axis.bank.in/deposits/fixed-deposits/fd-interest-rates

• Reserve Bank of India, Master Direction on Interest Rate on Deposits. Also the Commercial Banks Amendment Directions, 2026, dated 17 June 2026: https://www.rbi.org.in

• Business Standard, RBI lifts cap on FCNR(B) and NRE deposit rates, 17 June 2026: https://www.business-standard.com/finance/news/rbi-lifts-cap-on-fcnr-b-nre-deposit-rates-to-boost-foreign-inflows-126061701121_1.html

• Gulf News, RBI brings forward the FCNR(B) deposit mobilisation deadline: https://gulfnews.com/business/banking/rbi-brings-forward-deadline-for-banks-to-raise-fcnr-deposits-after-strong-response-1.500641215

• Deposit Insurance and Credit Guarantee Corporation: https://www.dicgc.org.in

• Income Tax Department, India: https://www.incometax.gov.in

Rates, tenure bands, penalties and scheme deadlines change. Verify each on Axis Bank's and RBI's official pages before acting.

Disclaimer

This article is for information only and is not investment, tax or legal advice. It does not account for your personal circumstances, residential status or country of tax residence.

This piece deliberately does not reproduce a numeric rate table. Deposit rates change frequently, and a published figure would be stale before most readers saw it. The bank's own card is the only reliable source.

Terms described here reflect published positions at the time of writing and may have changed since. Third-party summaries of currency lists were found to conflict, so the bank's own card should be treated as authoritative.

Scenarios described here are illustrative composites drawn from patterns in our advisory conversations. They do not describe any individual client.

Consult a qualified tax adviser in India and your country of residence before booking. Belong is an investment advisory platform and does not accept deposits.