Saving money is a good habit. Saving money can be a very good step for the future. Too many people underestimate the quality of saving money. Many of the consumers do have a checking account, credit cards, and debit cards, but still, there are many people who do not have a savings account set up. In this article, we are going to talk about the Axis Bank Savings Account, how to open it online, what are its types and much more.
A savings account is a deposit account that is present in a bank or any other Financial Institutions that provides a modest interest rate. A savings account can be opened by any customer, irrespective of their income group and the age criteria. Different banks in India offer specialized accounts for different types of customers, according to their requirements.
- 1 About the Axis Bank
- 2 The Revision Interest Rates on Axis Bank Savings Deposit
- 3 How to Open Axis Bank Savings Account Online
- 4 Types of Axis Bank Savings Account
- 4.1 Easy Access Savings Bank Account
- 4.2 Prime Savings Account
- 4.3 Future Stars Savings Account
- 4.4 Youth Account
- 4.5 Prime Plus Savings Account
- 4.6 Women Savings Account
- 4.7 Senior Privilege Savings Account
- 4.8 Pension Savings Account
- 4.9 Trust/NGO Savings Account
- 4.10 Insurance Agent Account
- 4.11 Basic Savings Account
- 4.12 Small Basic Savings Account
- 4.13 Priority Account-Resident
- 4.14 Krishi Savings Account
- 4.15 Priority Account -NRI
- 4.16 Pradhan Mantri Jan-Dhan Yojana (PMJDY)
- 4.17 Inaam Personal Account
- 5 Axis Bank Savings Account Interests Rates and Minimum Balance Requirements
- 6 Eligibility for the Axis Bank Savings Account
- 7 Documents Required For the Axis Bank Savings Account
- 8 Documents Requires- Salary Accounts
- 9 Important Points to Remember
About the Axis Bank
Axis bank offers a wide variety of Savings account for their customers. They have personalized services along with attractive benefits. The customers can plan and track their finances and also earns interest on their savings. The customers can access their savings accounts at any of the 2300 bank branches of Axis Bank and 11,500 ATMs located across the country. The Axis Banks waives off the minimum balance requirements in most of the cases if the account holder has a fixed deposit or a recurring deposit for about a year with the bank.
The Revision Interest Rates on Axis Bank Savings Deposit
|Particulars||Rate of Interests|
|Savings Deposit Balance below Rs 50 Lakh||3.50% p.a|
|Savings Deposit Balance Rs 50 Lakh or above||4.00% p.a|
How to Open Axis Bank Savings Account Online
The Axis bank offers an exciting range of the products to fulfil the financial needs. If you are interested to open a savings account in Axis Bank then it quite simple. You can do this by visiting the web portal of the Axis Bank. The step by step procedure to open Axis Bank Savings Account online is as follows:
- Visit the official website of the Axis Bank- axisbank.com
- Select the “Explore Products” and from the drop-down menu, select the Accounts-then Savings account.
- Choose the type of account you want to apply and then click on “Apply Online”.
- You will redirect to a page, where you need to fill in the personal details such as- Name, E-mail ID, Phone number, State and city and enter the “Captcha Code” and select agree to the “Terms and Conditions”.
- Click on submit.
Then you have to submit required documents along with the application. The new account holders will receive a welcome kit from the Axis Bank as a part of the initiation program. A debit card is also issued when you open a savings account.
Types of Axis Bank Savings Account
Easy Access Savings Bank Account
If you opening a savings account for the first time, then Easy Access Savings Account is the best option. The bank provides an interest rate of 4% on your daily balances for this type of savings account. Through this account, you can access and track down the expenses as well as experience various mobile services. These accounts are mainly opened in the Metro Cities and require a minimum opening deposit of Rs 10, 000. A Visa Classic Debit Card is usually issued along with an Easy Access Savings Account.
Prime Savings Account
This savings account is quite premium and it provides enhanced access and benefits to its customers. It provides higher transaction limits. A Master Card Titanium Debit card is issued along with the Prime Savings Account.
Future Stars Savings Account
This type of Savings Account is mainly for the children’s future. The parents plan and save for their Children’s education and future with Axis Bank Future Stars Savings Account. These accounts are mainly for the children who are aged below 18 years. This account is operated by the parents or the guardian. A free ATM Card with a daily withdrawal limit of Rs 1500 is provided. A chequebook is also issued in the name of the guardian if the child is below 10 years. This account requires a low opening deposit and a monthly balance of Rs 2500/- in the metro cities.
This account comes with a Mobile Banking option, YOUth application and a YOUth Debit card loaded with features and offers. You can personalize this account on the basis of your requirements.
Prime Plus Savings Account
This savings account holder enjoys higher transactional limits, entertainment, pricing and reward benefits and the flexibility of maintaining an average monthly balance of Rs 1 Lakh. The Prime plus Savings Account requires a minimum opening deposit of Rs 1, 00,000.
Women Savings Account
This savings account provides unique benefits to the women customers. They are provided with a minimum opening deposit and an average minimum balance requirement of Rs 10,000.
Senior Privilege Savings Account
These accounts are mainly for the senior citizens. Through the Axis Bank senior privilege savings account, the senior citizens enjoy preferential treatments and also get exciting discounts.
Pension Savings Account
This type of savings account is exclusively designed for the pensioners of the Central Government, Civil and Defense Ministries. The pension amount does not have any average quarterly minimum balance requirement and the Central Civil Pension would be disbursed into the account.
Trust/NGO Savings Account
These accounts are mainly for the Trusts, Societies, Associations, NGOs, Government Bodies and Section 25 Companies. They provide an average monthly balance requirement of Rs 25, 000/-. The transactions that are associated with this account can be performed free of charge and a free Demat account is also provided to facilitate the investments.
Insurance Agent Account
These accounts are specially designed for the Insurance Agents with a minimum opening deposit of Rs 5000/-. A Visa Classic Debit Card is issued with this account.
Basic Savings Account
The Basic Savings Account with the Axis Bank comes with a free Rupay Debit Card and a zero balance facility. The account is provided with free SMS Alerts and a passbook to track their account activities.
Small Basic Savings Account
This type of savings account does not have any minimum balance requirement. A RuPay Debit card is issued along with this account and the customers can easily keep a track on their expense activities as well.
This is a premium savings account which includes a wide variety of offers and privileges like unlimited Lifestyle privileges, entertainment benefits, preferential rates, exciting deals and a specially designed Mobile App.
Krishi Savings Account
This type of savings account is offered to the farmers and the other individuals who are engaged in the agricultural activities in semi-urban and rural areas. An International Master Debit Card is issued for the Krishi Savings Account Holders. These account holders are required to maintain a half-yearly balance of Rs 2500/-.
Priority Account -NRI
The Axis Bank NRI Priority Account can use AxisRemit to easily transfer and remit the funds from one country to another with preferential rates.
Pradhan Mantri Jan-Dhan Yojana (PMJDY)
The Axis Banks offers the facility to its users in enrolling in the PMJDY Scheme. The scheme allows effortless banking, affordable banking deposit, insurance, credit remittance and pension services for those people who are residing in the rural areas. The accounts that are opened under the PMJDY Scheme is to earn an interest rate of 4%. The account also offers overdraft and cheque book facilities along with the option of availing RuPay Debit Card. The additional benefits that are included are the Accidental Insurance of Rs 1 Lakh and a life insurance cover of Rs 30,000 at zero extra charges or premium. This account also provides mobile banking option with the help of an app. The account holders can also transfer their account which held under the PMJDY to any other Axis Bank.
Inaam Personal Account
This account offered by the Axis Bank provides a wide variety of banking services with an ease. This is a zero interest account and you don’t have to worry about earning interest. The customers enjoy multi-Channel banking facility which provides secure fund transfers, mobile banking, SMS Alerts, E-statements and much more. A Visa Classic Debit Card along with a free cheque book per quarter is provided with a nominal issuance charge. This card offers a daily shopping transaction limit of Rs 1 Lakh and an ATM withdrawal of Rs 40, 000. Being an Axis Bank account, you automatically get to earn eDGE Loyalty Points from a number of transactions done from your account.
Axis Bank Savings Account Interests Rates and Minimum Balance Requirements
The Axis Bank customers earn an Interest Rate of 4% on their savings account. The customers also enjoy a quite a lot offers and privileges. The interest rates are calculated on the daily basis and are paid to the account holder after every quarter.
Every Axis Bank Savings Account offers a different minimum balance amount. The minimum balance ranges from Rs 2,500 to Rs 1, 00, 000.
Eligibility for the Axis Bank Savings Account
- Must be Indian Citizens and Hindu-Undivided Families are eligible to open Axis Bank Savings Account.
Documents Required For the Axis Bank Savings Account
- Two passport size photographs- (applicable for all the applicants)
- Age Proof
- 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
- PAN Card
- Voter’s ID Card
- Driving License
- Job Card issued by NREGA duly signed by the State Government Officer.
- Letter or Card Issued by UIDAI- Aadhaar Card.
Address and ID Proof for Hindu Undivided Families
- PAN Card/ Form 60 of HUF
- Declaration from the Karta
- Proof of Identification and Address of the Karta as per the documentation for the individual.
- Prescribed Joint Hindu Family Letter signed by all the adult holders.
Documents Requires- Salary Accounts
A Bonafide Authorization Letter from their employees 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
- Telephone Bill/ Mobile Bill/ Electricity Bill
- Ration Card
- Gas Connection Registration Letter
- Income Tax/ Wealth Assessment Order
- Registered Lease Agreement with a Utility Bill in the name of the Landlord.
The applicant and the co-applicant have to furnish the documents that are mentioned above while opening a Joints Savings Account.
Important Points to Remember
- Up to 20 transactions are allowed every month at any Axis Bank Branch, free of charge.
- There is no average quarterly balance requirement for the Axis Bank pensions Savings Account.
- The applicant must be a minimum of 57 years to enjoy the Senior Privilege Savings Account.