Axis Bank Savings Account : Types, Charges, Interest Rate, and Benefits of Debit Cards

Axis Bank offers a choice of savings account options, which may be ideal for individuals wishing to start a savings account. Benefits of the Axis Bank Savings Account include reward points for every transaction, a relatively low average monthly amount, and the ability to tailor the account to one’s specific financial need. This blog will apprise you of all the deets you must know about an Axis Bank Savings Account. 

What is a Savings Account?

An interest-bearing deposit account kept at a bank, or another financial institution is a savings account. Despite the relatively low-interest rates offered by these accounts, their security and dependability make them a smart choice for keeping cash on hand for urgent needs.

Although there are some restrictions on how frequently you can withdraw money from a savings account, they provide exceptional flexibility that makes them perfect for creating an emergency fund and saving for an immediate need. Immediate expenses such as a car or vacation, or simply moving extra money you don’t need into your checking account so it can earn more interest.

Savings accounts with Axis Bank

Customers can choose from a wide range of Axis Bank savings account options, individualised services, and alluring incentives. On its savings accounts, Axis bank offers interest rates beginning at 3 % P.A. Customers may budget, keep tabs on their spending, and save a lot of money while collecting interest. Customers of Axis Bank savings accounts have a wide range of options available, allowing them to choose the finest type of Axis Bank savings accounts for managing their finances. Customers can access their savings accounts at any of the country’s 2,300 strategically placed Axis Bank locations or 11,500 Axis Bank ATMs. In many circumstances, Axis Bank will waive the Axis bank savings account minimum balance restrictions if the account holder holds a deposit made with the bank that has been fixed or recurring for at least a year.

Features and Benefits of Axis Savings Account

Axis Bank offer numerous benefits and features on their savings account, which are listed below:-

• A wide range of accounts to choose from based on the financial goals and needs of customers.
• Monthly account limitations and balance requirements are as per the physical location of the account holder – Rural, Semi-urban, or Urban areas. 
• Option to have a zero balance savings account.
• The customers are eligible for a free passbook and chequebook on a new account.
• Withdrawal from any ATM around the nation with Axis Bank savings account debit card.
• Avail free mobile banking, phone banking, and net banking facility in any corner of India.
• Receive free monthly e-statements to help the customers keep their finances in check.   
• Quarterly compounded interest on the Axis Bank saving account.
• Ease to carry out financial transactions globally with the net banking facility. 
• Availability of transferring funds through RTGS and NEFT. 

Axis Bank Savings Account Types

Savings Accounts from Axis Bank are designed to suit every customer’s needs. These accounts are as follows:-

Axis Savings Account Charges and Fees

The following notifies you of the charges and fees that the Axis Bank Saving Account levies:-

Axis Bank Savings Account Interest Rates As Per 2022

Note – The above-mentioned Axis Bank Saving Account interest rates are in effect from May 10th, 2022. Moreover, this interest rate is subject to change as per the market standards and the bank’s decision. 

Eligibility – Axis Bank Savings Account Opening

Customers have to meet a certain set of criteria for the Axis Bank Savings Account:

• Should be Indian citizens.
• Should be above 18 years of age. The age is an exception in the case of a minor Axis Bank Saving Account.
• Submission of required KYC documents to verify their identity and address, along with a  duly filled application form.
• Hindu Undivided Families (HUFs) are also eligible. 
• An initial deposit amount at the time of account opening. The amount depends upon the saving account type and minimum balance requirements. 

Documents Required for Axis Bank Account

The following documents are required for opening an Axis Bank Savings Account:

• Passport size photographs (two).
• Age Proof
• Proof of Address (Passport, Voter ID Card, PAN Card, Aadhaar Card/Letter, or Job Card by NREGA)
• Identity Proof (Passport, Voter ID Card, PAN Card, Aadhaar Card/Letter, or Job Card by NREGA)
  • For Joint Application – ID Proof of both applicants and address proof of the primary account holder, along with a relationship proof between both the applicants. 
  • For Salaried Individuals – Bonafide letter of authorisation, Identity proof (Election card, aadhaar card, passport, PAN card, passport, employee ID card, or driving license), and Address proof (Electricity/Mobile/Telephone bill, ration card, Income tax assessment order, gas connection registration letter, and registered lease/utility bill). 
  • For Hindu Undivided Family – HUF Form 60/PAN card, Karta declaration form, Address and ID proof by Karta, and letter of Joint Hindu family signed by the adult savings account holders. 

Axis Bank Savings Account Minimum Balance

In metro and urban areas, the Axis bank savings account minimum balance requirement in axis bank savings account for simple savings and comparable programs has been raised from ₹10,000 to ₹12,000. Customers of Axis Bank savings account should be aware that the modified minimum balance requirement only affects plans with an Axis bank savings minimum balance requirement of ₹10,000.

How to Open Axis Bank Savings Account Online?

Here is a step-by-step guide to opening an Axis Bank saving account online –

Step 1: Visit the official website of Axis Bank and click on the option of “Savings Account” on the homepage.

Step 2: Customers will now have to choose an Axis Bank savings account type that matches their financial needs. 

Step 3: Fill out the savings account form with the necessary information, such as name, date of birth, address, etc. It is important to fill in all the columns to avoid rejection of the application.

Step 4: Attach all the required documents like address proof, identity proof, PAN card, passport size photographs etc.

Step 5: Then, click on the “Submit” option with the KYC documents. After successfully submitting the application, a bank executive will contact the customer for a verification procedure.

Step 6: Depending upon the type of account and the minimum balance requirements, the applicant will need to make the initial deposit either online or at the cash deposit counter of the bank.

Step 7: Once the verification is completed and the deposit is made, an executive will hand over the debit card and other important documents of their Axis Bank savings account to the customer. 

Axis Bank Saving Account Vs. Axis ASAP Digital Saving Account

The Axis ASAP Digital Savings Account is a new-age savings account without paperwork. Everything is digital in the ASAP saving account, from documentation to verification and approval. The NIL amount is also applicable to all banking services, giving the customer the flexibility to enjoy all the benefits of a savings account.

In an Axis Bank Savings account, there are several options for a savings account. The customer needs to visit the branch for a basic savings account and submit the duly filled form with the required documents. Customers will have to wait a few days before their application is accepted and they will receive their debit card after verification. 

Customer Care Helpline Number and Corporate Office

Customers can contact Axis Bank regarding their saving account at their helpline number 1-860-419-5555 or 1-860-500-5555. For customers living outside India, they can call the helpline at +91-22-67987700.

Corporate Office

• Address: Axis Bank Limited, ‘Axis House,’ C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025
• Telephone Number: +91-22-24252525/43252525
• Fax Number: +91-22-24251800

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