Axis Bank introduces digital opening of US Dollar FDs for NRI customers

First bank to offer a digital journey for GIFT City Deposits

• End-to-end Digital paperless journey
• Attractive interest rates
• Wide range of tenure from 7 days to 10 years

Mumbai, March 26, 2024: Axis Bank, one of the largest private sector banks in India today announced the introduction of Digital US dollar Fixed Deposit for NRI customers at Axis Bank IBU- GIFT City. With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits.

NRI customers of Axis Bank can now open US dollar Fixed Deposits at GIFT City through ‘Open by Axis Bank’; the mobile banking application of Axis Bank. This offering simplifies the process of booking US dollar Fixed Deposit for NRI customers, by providing them end-to-end digital paperless solution and eliminating the need for physical documentation. Besides seamlessly opening an FD account anytime from anywhere, customers can also track and manage their FD digitally.

With attractive interest rates, Axis Bank provides NRIs with one of the best investment opportunities. The US Dollar fixed deposit also offers a wide range of investment tenures from seven days up to ten years Customers can also request partial or full pre-mature closure of the FD from the Axis Bank mobile application.

Highlighting the Banks’s focus on strengthening its GIFT City franchise, Vivek Gupta, President & Head – Wholesale Banking Products, Axis Bank said, “Axis Bank as a leading Bank   at GIFT City, is committed to supporting the Government’s vision for developing GIFT City as a preferred financial services destination for global investors – both Corporate and Retail. We are excited by the opportunity to now attract retail NRI customers with our GIFT City IFSC Banking Unit (IBU)’s digital FD value proposition. The IBU’s digital US Dollar FD will enable NRI customer’s multiple options of tenure and interest rates to choose from and they can be assured of high-quality service from the IBU’s dedicated team.”

Commenting on the announcement, Arjun Chowdhry – Group Executive & Head- Affluent Banking, NRI, Cards & Payments, Axis Bank said, “Axis Bank believes in the power of ‘OPEN’ banking and we have been continuously investing in digital-first products that reimagine customer propositions. In this endeavour, we are excited to introduce Digital US dollar FD at GIFT City for our NRI customers, who can now leverage a seamless banking experience with us. This proposition provides convenience to our customers by eliminating the need for physical documentation, and at the same time provides a secure investment avenue with an attractive interest rate and wide range of tenures.”