The United Arab Emirates (UAE) is home to a significant Indian diaspora, with millions of Non-Resident Indians (NRIs) contributing to the nation's economy. For these individuals, managing finances between the UAE and India is crucial. NRI banking facilitates seamless fund transfers, investment opportunities, and financial planning, ensuring that NRIs can efficiently handle their monetary affairs across borders.
Axis Bank, one of India's leading private sector banks, offers a suite of NRI banking services designed to cater to the unique needs of NRIs in the UAE. With a strong presence in India and representative offices abroad, Axis Bank provides reliable and efficient banking solutions for the global Indian.
In this blog, we will look into Axis Bank’s facilities available for NRIs.
Types of Axis NRI Accounts Available in the UAE
Axis Bank offers various NRI account options tailored to different financial needs, which are Non-Resident Ordinary (NRO), Non-Resident External (NRE), FCNR (Foreign Currency Non-Resident) deposits and GIFT City Bank account.
NRO and NRE accounts are denominated in Indian Rupees. An NRO account is meant for Indian income, and the rest of the accounts are meant for your international income. FCNR deposit and GIFT City bank account.
We have covered in detail a comparison of the features and benefits of these accounts in the NRI Account Guide blog.
How to Open an Axis Bank NRI Account from the UAE
Documentation required:
Valid Passport: First and last four pages, clearly showing your name, photo, date of birth, place of issue, and signature.
Valid Visa/Work Permit/Overseas Resident Card: Proof of your NRI status in the UAE.
Permanent Account Number (PAN) Card: Mandatory for financial transactions in India. If you don't have one, you might need to fill out Form 60.
Proof of Overseas Address: Utility bill, driving license, bank statement, or any government-issued ID showing your current UAE address.
Passport-sized Photographs: Recent ones, adhering to bank guidelines.
Initial Payment: A cheque or draft from your own account to activate/authenticate the account.
The KYC documents need to be attested by authorised personnel of overseas branches of Indian banks, an overseas Notary Public, a Court Magistrate, a Judge, or the Indian Embassy/Consulate in the UAE.
You can visit the Axis Bank branch either in India or the UAE to open these accounts. You will need to fill in the account opening form and attach these relevant documents to open your account.
For the online process, you can register for the account opening form. You will need to courier your notarised KYC documents to the bank branch.
Key Benefits of Axis NRI Bank Accounts
Axis Bank's NRI accounts come with a host of benefits:
1. Global Presence with International Offices
Axis Bank has established a significant international footprint to cater to its NRI clientele in the UAE. There are three representative offices located in Dubai and Sharjah, respectively.
2. Robust Digital Banking Platforms
Axis Bank offers advanced digital solutions to ensure NRIs can manage their finances effortlessly:
Axis Mobile App: A comprehensive mobile application that allows users to manage fixed and recurring deposits, check account balances, transfer funds, pay utility bills, recharge phones, book lockers, and update KYC details like Visa, Passport, and Aadhaar.
Internet Banking: Provides a consolidated view of all accounts, facilitates seamless fund transfers, transaction history access, fixed deposit bookings, outward remittances in over 100 currencies, contact detail updates, and utility bill payments.
3. Dedicated 24x7 NRI Phone Banking Support
To address queries and provide assistance, Axis Bank offers round-the-clock NRI phone banking services with toll-free numbers for various countries. This ensures NRIs receive timely support irrespective of their time zone.
4. Comprehensive Investment and Wealth Management Services
Axis Bank provides NRIs with a suite of investment options:
Integrated 4-in-1 Investment Account: Combines Demat, Savings, Trading, and Portfolio Investment Scheme (PIS) accounts, facilitating seamless investment in Indian markets.
NRI Burgundy Savings Account: Offers holistic banking with wealth management solutions tailored to individual needs.
5. Extensive Remittance Network
Axis Bank's partnerships with various correspondent banks across the globe enable efficient international fund transfers. This network ensures that NRIs can remit funds to and from India with ease.
Axis Bank Branch Locations Within the UAE
Axis Bank Limited, Dubai Rep Office, Office No.105, 1st Floor, Al Safa Business Centre, Plot No.318-883, Street No.19, PO Box. 122504, Opp. Dubai Central Post Office, Karama Dubai UAE Tel : 00971-43343688
Axis Bank Limited, Abu Dhabi Rep Office, P O Box No.113498, Office No.1003, 10th Floor, Al Masaood Tower, Near Millenium Hotel, Hamdan Street, Abu Dhabi, UAE Tel: 00971-26281668
Axis Bank Ltd. Sharjah Representative Office, 1312-1313, Al Hind Tower, PO Box 39712, Besides Qasba Canal, Al Qasba, Sharjah, UAE. Tel: 00971-65253330
Is Axis Bank's NRI bank account the right choice?
Axis Bank stands out as a reliable banking partner for NRIs in the UAE, offering a range of account options, digital services, and dedicated support. By choosing Axis Bank, NRIs can ensure seamless financial connectivity between the UAE and India, facilitating efficient money management and investment opportunities.
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