Axis Bank Small Basic Savings Account
What is Axis Bank Small Basic Savings Account?
The Axis Bank Small Basic Savings Account is a basic savings account designed for individuals with minimal banking needs. It offers features like zero minimum balance requirements, a free RuPay debit card, and basic banking services like deposits and withdrawals.
Opening a savings account is the easiest way to earn a minimum interest on money that you have and also withdraw it whenever you want to.
Axis Bank Small Basic Savings Account is a no-frills account and has minimal documentation requirements.
Highlights of Axis Bank Small Basic Savings Account:
Bank | Axis Bank |
Category | Small Basic Savings Account |
Minimum Balance Required | No minimum balance requirement |
Interest Rate | 4% on daily balances, paid quarterly |
Card Offered | RuPay debit card with no annual/issuance fee |
Services Offered with Axis Bank Small Basic Savings Account:
SMS Alerts | Yes |
Monthly e-Statements | Yes |
Passbook and Chequebook | Yes |
Personal Accident Cover | Offered when using your card at ATM or POS at least once in every 45 days |
Eligibility and Documentation for Axis Bank Small Basic Savings Account:
Eligibility | Applicant should be a resident of India |
Documentation |
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Documentation for Joint Accounts | You will have to provide ID proof for both the applicants and address proof for the first account holder if relationship between both the holders are established. |
Fees and Charges Of Axis Bank Small Basic Savings Account:
Free ATM Transactions | 4 free withdrawal transactions from Axis Bank and other ATMs |
Charges beyond free limit | Rs.20 for financial transaction and Rs.8.5 for non-financial transaction |
Additional branch cash withdrawal transaction | Rs.5 for Rs.1000 or Rs.150, whichever is higher |
Cash Deposit Transaction costs | Free cash deposit for up to a deposit value of Rs.1 lakh per month After this limit, Rs.5 for every Rs.1000 or Rs.150, whichever is higher |
Aggregate of all transfers and withdrawals per months | Should not exceed Rs.10,000 |
Balance at any point of time | Should be not more than Rs.50,000 |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Axis Bank Small Basic Savings Account
- What is small basic account in Axis Bank?
The Small Basic Savings Account offers you hassle-free savings benefits with zero minimum balance requirements and covers you with personal accident insurance for Rs. 1,00,000.
- What is the minimum MAB for Axis Bank?
The minimum balance in your Axis Bank Easy Access Savings Account should be ₹12,000 for metro and urban locations, ₹5,000 for Semi Urban and ₹2,500 for Rural.
- Can I open a 0 balance account in Axis Bank?
AMAZE, a Zero Balance Savings Account, by Axis Bank is designed specifically for customers who wish to experience stress-free banking with no minimum balance maintenance. It also offers other benefits, such as annual benefits, 250+ banking services, low initial funding, and a quick opening process.
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