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Axis Bank launches digital US Dollar fixed deposits for NRIs

US Dollar fixed deposit scheme offers a diverse array of investment tenures, ranging from seven days to an extensive ten years.

Axis Bank / Image – Wikipedia

Axis Bank, a major private sector bank in India, has announced the launch of digital US dollar fixed deposits (FD) tailored for Non-Resident Indian (NRI) clients, at the IFSC Banking Unit (IBU) located in GIFT City, Gujarat. 

The new offering  will enable the bank’s NRI clientele to seamlessly initiate US dollar fixed deposits at GIFT City through 'Open by Axis Bank,' the lender's mobile banking application, an official statement noted.

This approach aims to streamline the process of securing US dollar Fixed Deposits for NRI customers, offering them an end-to-end digital paperless solution while eliminating the need for physical documentation.

Customers will benefit from the convenience of initiating an FD account anytime, from anywhere, and efficiently monitoring and managing their FD digitally, the bank emphasized. 

According to the bank, the US Dollar fixed deposit scheme offers a diverse array of investment tenures, ranging from seven days to an extensive ten years. Moreover, customers retain the flexibility to request partial or full premature closure of their FD through the Axis Bank mobile application, enhancing their control and convenience over their investments.

Commenting on the initiative, Arjun Chowdhry, group executive and head-affluent banking, NRI, cards & payments, Axis Bank, stated, "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 endeavor, 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."

Highlighting the bank's commitment to bolstering its GIFT City franchise, Vivek Gupta, president and head – wholesale banking products, Axis Bank, remarked, “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."

The IBU’s digital US Dollar FD will enable NRI customers multiple options of tenure and interest rates to choose from, assured of high-quality service from the IBU’s dedicated team, Gupta added.
 

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