AXIS BANK SAVING ACCOUNT

Axis Bank Saving Account

ACCOUNT TYPE

Saving

MINIMUM BALANCE

Zero

INTEREST RATE

7.25 %

FEATURES

    *. Instant Account Opening Facility.
    *. Higher interest rates upto 7.25%.
    *. Least documentation and processing.
    *. Unlimited Cash withdrawal facility.
    *. No limit of minimum amount.

DEBIT CARDS

1. Get account number instantly.
2.Virtual Visa Debit Card / Visa Online Rewards Debit Card.
3. Online Rewards Card Daily withdrawal limit of Rs. 50,000/- and purchase limit of Rs. 4,00,000 /-
4. Virtual Visa Card Online Daily Purchase limit of Rs. 1,00,000/-

OFFERS

1. Get INR 1000 gift voucher for Pepperfry.
2. Rs 150 discount on BookMyshow.
3. 20% max upto INR 250 on first transaction on Bigbasket.
4. Rs 1,000 cashback on Cleartrip App.

Axis Bank Savings Account

Axis bank, earlier known as UTI bank, was established in December 1993. UTI bank has its registered office in Ahmedabad and corporate office in Mumbai. On 2nd April 1994, first UTI bank branch was inaugurated in Ahmedabad by Dr. Manmohan Singh, the Finance Minister of India during those years. In 1993, the bank was jointly promoted by the Administrator of the Unit of Trust (UTI-I), General Insurance Corporation, Life Insurance Corporation of India (LIC), the New India Assurance Company, National Insurance Company, the Oriental Insurance Corporation, and the United India Insurance Company.


Today, Axis Bank is recognized as one of the largest banks in the private banking sector of India for offering a comprehensive suite of financial products. Currently, it has a wide network with over 3300 branches, 14000 ATMs, and 9 overseas offices. Axis bank offers several banking services and financial products such as credit cards, loans, demat account, savings account, current account, financial markets, and more to facilitate high level of banking experience to its customers.

What is Axis Bank Savings Account?

While discussing about several banking services, savings account is the most basic service offered by Axis bank, where the account holders are asked for depositing funds to their account, keeping the funds safe and can withdraw funds as needed. On depositing funds to savings account, you typically earn interest on your deposits that waters your money to grow.

Funds deposited to the accounts have high liquidity, that is, they can be withdrawn and utilized as the need arises. By keeping funds to this account, the bank ultimately makes small additions every month to your account in the form of interest on your deposits. Maybe possible that you don’t find the interest rates attractive, but, it eliminates the risk of loss when the funds are federally insured. Customers can have access to their savings account across any of the Axis bank branches and ATMs in India. In most cases, the bank waives off the minimum balance criteria if the account holder has a FD (fixed deposit) or RD (recurring deposit) for minimum one year with the bank.

Fixed Deposit and Recurring deposit are two most admired investment schemes in the banking sector, especially for the risk averse investors. The key advantage for investing the funds in a FD or RD scheme is that the returns are fixed with no risk involved. In both the investment schemes, you can invest a specific amount and earn an interest over the invested value. On the completion of the tenure, investors will get the return with both the principal and interest amount.

For investing in Axis bank’s fixed deposit scheme, you need to choose an investment tenure, which generally ranges from 7 days to 10 years. Also, the interest is calculated on monthly or quarterly basis. On the other hand, in Axis bank recurring deposit scheme, investors can deposit a fixed value of funds every month and earn interests. However, the interest is paid along with the principal amount at the time of tenure maturity under RD scheme.


Types of Axis Bank Savings Account


While developing your personal financial plan, it is essential to first understand the different types of savings account availed by Axis Bank, in order to make a well-versed decision for putting your hard-earned funds at the bank. Savings account comes in different account types to protect your earnings and set aside the funds for short-term spending goals. You can choose your type of savings account according to your individual specific needs.

EasyAccess Savings Account
Begin your investment journey with an EasyAccess savings account offered by Axis Bank for an attractive interest rate of 4% on everyday balances. The interest amount is paid on quarterly basis. You can manage your account conveniently and track everyday transactions of the account with Axis bank’s internet and mobile banking services. In metro cities, EasyAccess savings account require a minimum opening deposit of Rs.10000. Generally, a VISA classic debit card is issued to the account holder.

Key highlights of the account:

a.Visa Classic Debit Card issued to the account holder
b. Daily ATM Withdrawal limit of Rs. 40,000 & Daily Shopping limit of Rs.1 Lakh
c. 1 multicity cheque book free per quarter
d. 5 Cash transactions or up to Rs.10 lakh, whichever is earlier, free per month
e. Enjoy up to 15% discount at over 4000 restaurants
f. eDGE Loyalty Reward Points


Prime savings account
Having a Prime Savings account of Axis Bank offers several privileges to the account holders where they can enjoy enhanced access and superior transaction margins. A MasterCard Titanium Debit card is issued to Prime accountholders. Key highlights of the account include:

a. MasterCard Titanium Prime+ Debit Card
b. Daily ATM withdrawal limit of Rs.50000 and daily shopping limit of Rs.1 lakh
c. 2 multicity cheque books issued per quarter for free
d. 20 free bank branch transactions every month with no pre-set limit on value
e. 10% Cashback on movie tickets
f. Earn up to 180 eDGE Loyalty Reward Points every year for paying monthly utility bills through ECS


Future stars savings account
Being a parent is really a big responsibility that comes with lots of smart planning to secure your child’s future. Keeping this in mind, axis bank facilitates future stars savings account targeting to children below the age of 18 years, though the account is operated and managed by a parent or guardian. A complementary ATM card is issued with a daily withdrawal limit of Rs.1500 and a cheque book is issued in the nominee’s name if the child is below 10 years.

a. Personalized image debit card
b. 1 multicity cheque book issued per quarter
c. 5 cash transactions or up to Rs.10 lakh free per month, whichever is earlier
d. Visa Classic Debit Card
e. Minimum monthly balance of Rs.2500 in metro cities


Prime Plus Savings account
Prime Plus Savings Account of Axis bank is entitled with higher transaction limits, attractive reward privileges, entertainment, and flexibility to maintain minimum monthly average balance of Rs.1 lakh.

a. Minimum account opening deposit of Rs.1 lakh
b. Complementary debit card issued
c. Daily ATM withdrawal limit of Rs.50000 and daily shopping limit of Rs.1 lakh
d. 2 multicity cheque books issued per quarter
e. 10% Cashback on online movie ticket bookings
f. Earn up to 180 eDGE loyalty reward points per year for making monthly utility bill payments through ECS


Women savings account
Axis bank has taken the initiative for empowering women and for that reason, the bank introduced women savings account, a unique scheme specifically designed for female customers. This savings account type has several privileges to its accountholders. Some of them are mentioned below:

a. Minimum account opening deposit and minimum average balance required is Rs.10000 in metro cities
b. Complementary VISA Classic Debit card issued
c. Daily ATM withdrawal limit of Rs.40000 and daily shopping limit of Rs.1 lakh
d. 1 multicity cheque book issued per quarter
e. Monthly spends tracker for easily managing the expenses
f. Enjoy up to 15% off at over 4000 restaurants in across India


Senior Privilege Savings account
Senior citizens can now enjoy preferential treats offered at Axis Bank Branches. They can also get exciting offers and discounts at the time of opening a Senior Privilege Savings Account.

a. Visa Classic Debit Card
b. Daily ATM Withdrawal limit of Rs. 40,000 & Daily Shopping limit of Rs.1 Lakh
c. 1 multicity cheque book issued per quarter
d. 5 Cash transactions or up to Rs.10 lakh, whichever is earlier, free per month
e. Up to 50% Discount at premium Health-Care centers with Senior Citizen ID Card issued by Axis bank
f. Personalized Senior Citizen ID Card


Fees and charges incurred to Axis Bank Savings account:

a. Cash deposit charges for value less than Rs.1 lakh – free
b. Cash deposit charges for value above Rs.1 lakh – Rs.5 for every Rs.1000 beyond Rs.1 lakh
c. ATM cash withdrawal charges beyond specific free limit – Rs.20 for financial transactions and Rs.8.50 for non-financial transactions
d. Axis bank NEFT fees (branch and offline):

Up to Rs.10000 – Rs.2.5 per transaction
From Rs.10000 to Rs.1 lakh – Rs.5 per transaction
From Rs.1 lakh to Rs.2 lakh – Rs.15 per transaction
Above Rs.2 lakhs – Rs.25 per transaction


IMPS Fee:
Up to Rs.1 lakh – Rs.5 per transaction
From Rs.1 lakh to Rs.2 lakh – Rs.15 per transaction

a. Fuel surcharge – 2.5% on purchase value (minimum of Rs.10)
b. Card replacement fee – Rs.150
c. DD/PO cancellation fee – Rs.100
d. Value Added SMS alerts – Rs.5 per month


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