National Bank of Oman [NBO] and Axis Bank (one of the most trusted names in Indian Banking) are proud to bring you Non Resident Indian (NRI) Banking Services in the Oman.
NBO, in partnership with Axis Bank, offers a comprehensive range of products to NRIs; including Transaction Accounts, Global Debit Cards, Multi Branch banking facilities, Fixed Deposits and Home Loans in India through NBO branches in Oman.
In addition, NBO also offers NRIs a dedicated Relationship Manager, providing customized banking services tailored to your investment and protection needs as an Expatriate.
With NRI Banking from NBO, we bring you the best of both worlds.
Key benefits include:
- Faster and Seamless Online transfer of funds to India
- Standing order for regular monthly remittances
- Digital banking capabilities (Axis Bank & NBO)
- Savings account for NRIs [NRE, NRO]
Foreign Currency [FCNR] deposits in USD, GBP, Euro, AUD, CAD and JPY]
- Axis Direct '4-in-1' Online Trading Account
- Competitive FX rates on funds transfer to India
- Home loans in India
- Attractive interest rates across all deposit products
- Online bill payment facility
For more information about NRI Services, get in touch with our call center on 24770000.
About Axis Bank
Axis Bank is one of the largest private sector bank in India with total assets of INR 6,014.68 billion as on 31st March 2017. The Bank has a network of 3,304 branches and 14,163 ATMs across India. The overseas operations of the Bank are spread over nine international offices with branches at Singapore, Hong Kong, Dubai [DIFC], Colombo and Shanghai, representative offices at Dhaka, Dubai, Abu Dhabi and an overseas subsidiary at London, UK and focus on corporate lending , trade finance, syndication, investment banking and liability businesses. Axis Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The Retail Banking segment encompasses a wide array of products and services across deposits, loans, investments and payment solutions delivered through multiple channels to the Bank's customers.
Frequently Asked Questions
Q: What are the services does NRI services provide?
We would facilitate the following accounts through our tie-up with Axis Bank in India
- NRI savings accounts
- Rupee Fixed deposits
- FCNR deposits
- Home loans in India
- Online Trading accounts for investing in secondary markets in India
Q: What are benefits do NRI services provide?
- Instant credits for the remittances done through NBO to your Axis Bank accounts
- Competitive Exchange rates for the remittances
- Ease of operations of you NRI account with online transaction capability
- User friendly Internet banking and Mobile banking
- Multicity cheque book facility for your NRI accounts
Q: How is money remitted to India?
- You can remit money to either your account with Axis Bank or any other Bank in India through our Online Banking of Mobile Banking application.
- We will remit your funds to your Axis Bank account in India in less than 3 seconds and to any other bank in India within 60 minutes
Q: What is the minimum balance to open an account?
- Axis Bank has various types of NRI accounts as per the customer needs.
- For a normal NRI account, you need to maintain a balance of INR 10,000 (Equivalent to OMR 60)
Q: What documents do you require to open this account?
- Valid Passport Copy
- Valid Visa copy
- Valid Resident card copy
- Local Address proof [if any]
Q: Is there any charge to open this account?
No, there are no charges to open an account with Axis Bank, however, you need to be a customer of NBO
Q: How much time it would take to open the NRI account?
Our representative from the NRI team would confirm the same at the time of collection of forms and documents.
Q: How is an account in Axis bank opened?
Please let us know a convenient time for a member from our NRI team who can contact you for completing the formalities.
As per RBI’s Master Direction for Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999:
- An NRI or an OCI can acquire by way of purchase any immovable property (other than agricultural land/ plantation property/ farm house) in India.
- Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong and Democratic People’s Republic of Korea cannot, without prior permission of the Reserve Bank, acquire or transfer immovable property in India, other than on lease, not exceeding five years.
Currently, NBO or Axis Bank is not collecting any documents for above mentioned transactions to check the nationality of the remitter and declaration about nature of property. In order to comply with the above guidelines, it has been decided to follow below mentioned steps from 1st Feb 2020.
- All Inward remittances for acquisition of property (P0501) will moved into Exception Queue. The status of such transactions will be displayed as “Pending with the Bank”. (H2H response code ERR00056).
- The remitter will receive an email asking for passport copy of remitter to confirm the nationality.
- Where the beneficiary is Axis Bank Customer, the team will also take a declaration from beneficiary.
- Post validation of the obtained details, the necessary action will be taken on the transaction.