As the saying goes, “A penny saved is a penny earned”, savings accounts encourage individuals to save a substantial part of their incomes and also provide the benefit of earning interests on the accrued sum of money. A savings account can be opened by any customer, irrespective of their income group or age criteria. Banks in India offer specialized accounts for different types of customers, customizing it to suit their requirements.
Axis Bank offers a vast variety of savings accounts to customers along with personalized services and attractive benefits. The bank offers interest rates starting from 3.00% p.a. on its savings account. Customers can plan and track their finances and also save considerably, earning interests on their savings. With a multitude of choices on their plate, Axis Bank customers can open a savings account best suited for managing their finances. Customers can access their savings accounts at any of the 11,500 Axis Bank ATMs and 2300 Axis Bank branches strategically located across the country. Axis Bank waives off the minimum balance requirements in most cases if the account holder has a fixed deposit or a recurring deposit for about a year with the bank.
Table of Contents
- Revision of Interest Rates on Axis Bank Savings Bank Deposits
- How Do I Open An Axis Bank Savings Account Online?
- Types Of Axis Bank Savings Accounts
- Axis Bank Saving Account Interest Rates
- Axis Bank Minimum Balance Requirements
- Axis Bank Savings Account Charges
- Eligibility – Axis Bank Savings Accounts
- Documentation required For Axis Bank Savings Accounts
- Axis Bank Savings Account FAQs
Revision of Interest Rates on Axis Bank Savings Bank Deposits
Revision of Interest Rates on Axis Bank Savings Bank Deposits
|Particulars||Rate of Interest|
|Saving Deposits Balance below Rs.50 lakh||3.00% p.a|
|Saving Deposits Balance of Rs.50 lakh to Rs.10 crore||3.50% p.a|
|Saving Deposits Balance of Rs.10 crore to Rs.100 crore||Repo + (-0.65%) 3.75% is the applicable rate|
|Saving Deposits Balance of Rs.100 crore to Rs.200 crore||Repo + (-0.25%)|
|Saving Deposits Balance of Rs.200 crore to Rs.2,500 crore||Repo + (0.00%)|
NOTE: The rates mentioned above are effective as of 20 October 2020.
How Do I Open An Axis Bank Savings Account Online?
Customers can compare and easily open an Axis Bank savings account of their choice using the web portal of Axis Bank. The ‘Apply online’ feature available on the website, leads the user to an application form which needs to be filled-in and submitted. Personal details like name, address, telephone numbers, preferred branch and city along with the type of savings account required have to be entered. These details have to verified and then submitted. All the mandatory documents also have to be furnished along with the application. New account holders get a welcome kit from Axis Bank as part of the initiation program. A debit card is also issued when a savings account is opened and is unique to the type of savings account selected.
Types Of Axis Bank Savings Accounts
EasyAccess Savings Account
Begin your journey of savings with an EasyAccess savings account from Axis Bank with an interest rate of 4% on your daily balances, which is paid quarterly. Access your bank account without any hassles and track your account expenses with Axis Bank’s internet and mobile services. EasyAccess savings accounts opened in Metro cities require a minimum opening deposit of Rs 10,000. A Visa Classic debit card is generally issued along with an EasyAccess savings account.
Prime Savings Account
Hold a Prime Savings Account with Axis Bank and enjoy enhanced access and higher transaction limits. A MasterCard Titanium Debit Card is issued along with a Prime savings account.
Future Stars Savings Account
Parents can plan and save for their child’s future with a Axis Bank Future Stars Savings Account. This account is targeted to children aged below 18 years and requires to be operated by a parent or a guardian. A free ATM card with a daily withdrawal limit of Rs 1500/- and a cheque book in the guardian’s name will be issued if the child is below 10 years. The Future Stars Savings Account requires a low opening deposit and monthly balance of Rs 2500/- in Metro cities.
Youth Savings Account
Be YOU! Manage your money with the Axis Bank YOUth Account which comes with a mobile banking YOUth application and a YOUth debit card loaded with features and offers. Design your own version of the Visa Classic Youth Card issued along with this account and personalize it to look the way YOU want.
Women Savings Account
Axis Bank offers a unique savings account scheme to women customers with a minimum opening deposit and an average minimum balance requirement of Rs 10,000/- in Metro cities.
Senior Privilege Savings Account
Senior citizens can enjoy preferential treatments at Axis Bank branches and also get exciting discounts and offers when they open a Senior Privilege Savings Account.
Pension Savings Account
The Pension Savings account has been exclusively designed for pensioners of Central Government, Civil & Defense Ministries. The pension amount does not have an average quarterly minimum balance requirement and the Central Civil Pension would be disbursed into this account.
Insurance Agent Account
This savings account has been designed especially for insurance agents with a concessional minimum opening deposit of Rs 5000/-. A Visa Classic Debit card is issued along with this account.
Basic Savings Account
The Basic Savings account with Axis Bank comes with a free Rupay Debit card and a zero balance facility. Customers can get free SMS alerts and a passbook to track their account activity.
Small Basic Savings Account
As the name suggests, get started on your savings with an Axis Bank Small Basic Savings Account which does not have a minimum balance requirement. A RuPay debit card is issued along with this account and customers can easily track their expenses with monthly e-statements or passbooks.
Pradhan Mantri Jan-Dhan Yojana (PMJDY)
Axis Bank also offers its users the facility of enrolling in the PMJDY scheme which allows users to access affordable banking, deposit, insurance, credit, remittance and pension services to those residing in rural areas. Accounts opened under the PMJDY scheme earn interest at the rate of 4%. Those enrolled in the scheme are eligible to avail a Basic Savings Bank Deposit Account or open a Small Account if they do not have officially valid documents for a regular account. This account also offers overdraft and cheque book facilities along with the option of availing a RuPay Debit Card. Additional benefits include Accidental Insurance cover worth Rs 1 lakh and life insurance cover worth Rs 30,000, at zero extra charge or premium. This account also offers the facility of mobile banking with the help of an app which can be used by registering your mobile number with the bank. Account holders can also transfer their account held under PMJDY to any other Axis Bank branch without any hassle.
Inaam Personal account
With the Inaam Personal Account by Axis Bank, enjoy access to a number of banking services with ease. This is a zero interest account so you need not worry about earning interest. Account holders can enjoy the convenience of multi-channel banking by making secure fund transfers, make payments with ease, access mobile banking, get account details, SMS alerts, e-statements of their account. Users also get one free cheque book per quarter along with a Visa Classic Debit Card which is offered at a nominal issuance charge. This card offers a daily shopping transaction limit of Rs 1 lakh and an ATM withdrawal limit of Rs 40,000. As an Axis Bank account holder, you automatically get o earn eDGE Loyalty points for a number of transactions done from your account.
Easy Access Full Power Digital Account
The process to open the account is simple and can be completed online. A full KYC account can be completed via video. Once the account has been opened, you will be provided a virtual debit card. A 1% cashback will be provided on online spends. No documents will need to be submitted to open the account.
Prime Full Power Digital Account
A Prime Full Power Digital Account can be opened online via video-based KYC. No documents will need to be submitted to open the account and the account will be activated within an hour. Once the account has been opened, a virtual debit card will be provided immediately and you will receive a 1% cashback in case you make any spends online.
Liberty Savings Account
Under the account, you have the option to either spend or maintain a balance (minimum) of Rs.25,000 per month. You will receive a 5% cashback on travel, shopping, entertainment, and food spends on the weekend.
Prestige Savings Account
Under the account, you will receive unlimited DD/Pos and cheque books at no extra cost. There is no limit to the number of bank transactions that are allowed in a month as well. You will be provided with a Prestige Cashback Debit Card that comes with a withdrawal limit of Rs.1 lakh on a daily basis. Various cashback offers are provided on shopping and fuel.
ASAP Instant Savings Account
An instant virtual debit card is provided once the account has been opened. In the case of a physical debit card, online rewards are provided. The daily withdrawal limit is Rs.50,000. The process to open an account is simple and is Aadhaar-based.
Axis Bank Saving Account Interest Rates
Axis Bank customers can earn an attractive interest of up to 3.75% on their savings accounts and also enjoy a load of privileges and offers when they transact using their accounts. The interest rate is calculated on a daily basis and is paid to account holders after every quarter.
Axis Bank Minimum Balance Requirements
Axis Bank savings accounts require different minimum balance amounts to be maintained, depending on the type of account held and the target audience it caters to. The minimum balance amount ranges from as low as Rs.2,500 to Rs.1,00,000/-.
Eligibility – Axis Bank Savings Accounts
- Indian citizens and Hindu Undivided Families (HUF) are eligible to open an Axis Bank savings account.
Documentation required For Axis Bank Savings Accounts
- Two passport size photographs (All applicants)
- Proof of Age
- Joint account applications require ID proof documents of both the applicants and the address proof can be of the primary account holder, supplemented by a relationship proof between both the holders.
Address Proof /ID Proof
- Valid Passport
- PAN Card
- Voter’s ID Card
- Valid Driving License
- Job Card issued by NREGA duly signed by a State Government officer
- Letter or Card issued by Unique Identification Authority of India (UIDIA) - Aadhaar card
Address and ID proof for Hindu Undivided Family accounts
- PAN Card / Form 60 of HUF
- Declaration from the Karta
- Proof of Identification and address of Karta as per documentation for the individual
- Prescribed Joint Hindu Family Letter signed by all the adult holders
Documentation Required - Salary Accounts
- Salaried professionals need to submit a bonafide authorization letter from their employers in the bank’s required format.
Proof of Photo ID
- PAN Card
- Election Card
- Photo IDs of Government / Defense services / Public Sector undertakings
- Driving License
Proof of Address (any one)
- Telephone Bill / Mobile Bill / Electricity Bill.
- Ration Card
- Gas connection registration letter
- Income tax / Wealth tax assessment order
- Registered lease agreement with a utility bill in the name of the landlord.
The applicant and the co-applicant have to both furnish the mentioned documents while opening joint savings accounts.
Axis Bank Savings Account FAQs
What are the types of Savings Bank Account available with Axis Bank?
Axis Bank offers multiple Savings Bank accounts to suit different needs. Some of them are EasyAccess Savings Account, Pension Savings Account, YOUth Account, Women’s Savings Account, Future Stars Saving Account, Trust/NGO Savings Account, Senior Privilege Savings Account, etc.
What is the transaction limit allowed with the Axis Bank Prime Plus Savings Account?
You are allowed up to 20 transactions every month at any Axis Bank branch, free of charge. Transactions include cash withdrawals / deposits and requests for demand drafts / pay orders.
Is there a minimum balance requirement for opening a Pension Savings Account with Axis Bank?
There is no average quarterly balance requirement for the Axis Bank Pension Savings Account.
What is the withdrawal limit on the Axis Bank Women’s Savings Bank Account?
The Women’s Savings Bank Account features a daily withdrawal limit of Rs 40,000 at ATMs. The account also features a daily shopping transaction limit of Rs 10,000.
Who all are eligible to open an Axis Bank Prime Savings Account?
Individuals who are residing in India and Hindu undivided Families are eligible to open a Prime Savings Account with Axis Bank.
What are some of the benefits accompanying the Senior Privilege Savings Account?
For its Senior Privilege Savings Account Holders, Axis Bank brings a host of privileges like special bill payment facility at all Axis Bank branches, 20-60% discount at over 600 diagnostic centers for health check-ups, 15% discount on purchases from Apollo Pharmacies, a special senior’s Id card for emergency purposes, and many more such benefits.
Is there an age limit requirement associated with the Senior Privilege Savings Account?
Yes, the applicant must be a minimum of 57 years of age in order to be eligible to apply for the Axis Bank Senior Privilege Savings Account.
What is the rate of interest applicable on the Axis Bank Basic Savings Account?
The Axis Bank Savings Account carries an interest rate of 4% which is calculated on the daily balance; interest is paid quarterly.
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