Axis Bank Zero Balance Account

A Zero balance account allows you to enjoy all the benefits of a savings account without having to worry about maintaining a minimum balance. With the Axis Bank Zero Balance Account, one can open an account with no balance and still enjoy facilities like online banking, debit cards, and the ability to securely and efficiently transfer funds. 

Axis Bank Zero Balance account is designed to provide a convenient and secure way to manage your finances by not charging any account maintenance fees or minimum balance requirements. Whatever your financial needs, Axis Bank Zero Balance Account has you covered. With a Zero Balance Account, you can make all your banking transactions hassle-free while enjoying many privileges and convenience. Enjoy the freedom of banking with no strings attached. 

Types of Axis Bank Zero Balance Account 

Axis Bank offers various types of zero-balance savings accounts that cater to different customer needs. These are some of the popular types of Axis bank zero-balance accounts offered. Customers can choose the one that best suits their needs and preferences.

Here are some of the most prevalent types of Axis Bank zero balance accounts:-

Axis Basic Savings Account

This account has no minimum balance requirement and offers a debit card, online banking, and mobile banking services. Axis bank provides a 3-4% interest per annum on daily balance. Each quarter, the interest gets credited to the account with which customers can access 14,000 ATMs and 4000 Banks in India. 

With an option for internet banking and phone banking, the axis bank zero balance account has gained popularity. On opening an account of this kind, the bank gives a few facilities like–

• Free Cash Deposit,
• Passbook 
• SMS Alerts 
• Monthly E-Statement, 
• Free Ru-pay Debit Card

Axis Insta Savings Account: This account can be opened instantly using the bank’s mobile app. It offers a virtual debit card and unlimited free fund transfers.

Axis Digital Savings Account: This account is designed for tech-savvy customers who prefer to do most of their transactions online. It offers a free debit card, online banking, mobile banking, and unlimited free fund transfers.

Government Scholarship Savings Account

Opening an Axis bank zero-balance account comes with some benefits:-

• Free RuPay Debit Card for transactions.
• Monthly E-Statements, Passbook, SMS alerts (Just like in Axis Basic Savings Account)
• Can be opened single or jointly.
• Withdrawal limitation at ATM of INR 40,000 per day.
• A limit of 1 Lakh for shopping transactions. 

To take full advantage of the Government scholarship savings account of the Axis bank zero balance account opening online, one must close any existing savings account with the bank. Also, when opening this account, students must submit a letter from an institute or government to receive a scholarship. 

Note: After opening the Axis Bank zero balance account, one can’t open any other savings account at the bank. 

Small Basic Savings Account 

This account comes with benefits like a personal accident cover of INR 1 Lakh. This benefit activates after you use the debit card every 45 days. It has other limitations, like:- 

• Withdrawals and transactions should be more than INR 10,000 all combined. 
• The medley of all credits in a financial year is subject to the utmost of INR 1 Lakh. 
• The balance of this Axis bank zero-balance account shouldn’t be more than 50,000 INR at any point. 
• International money transfers are prohibited.

Benefits – AXIS Bank Zero Balance Account

Savings accounts help you maximise the security of your hard-earned money and earn regular interest on your maintained balance. In addition, the right customer services and tools Axis Bank provides go beyond traditional banking requirements to give a pleasant banking experience. Various savings accounts are offered, and you can choose the one that best suits your needs. For example, e-commerce and shopping discounts and offers for digital savings account users or basic savings accounts that provide zero-matching capabilities.

Axis Bank Zero Balance Account is an ideal banking solution for individuals who lack the financial resources to maintain a minimum balance in their savings accounts. It helps customers avail of various banking services, such as online transactions, debit cards, etc., without maintaining a minimum balance. 

The advantages of having an Axis Bank Zero Balance account are as follows:-

• No Minimum Balance Requirement: The most crucial benefit of an Axis Bank Zero Balance account is that customers are not required to maintain a minimum balance. 
• Online Banking: Axis Bank Zero Balance Account holders can enjoy convenient and secure online banking services such as bill payments, balance enquiry, etc. 
• Debit Card Facility: Axis Bank Zero Balance Account holders are also eligible to receive a free debit card. The card can be used to withdraw cash from any ATM or make payments at merchant outlets. 
• Free Cheque Book: Axis Bank Zero Balance Account holders can also avail of a free chequebook with their account. 
• Attractive Interest Rates: customers can also earn attractive interest rates on their deposits. 
• Easy Access to Loan Facilities: one can easily access loan facilities such as home loans, car loans, personal loans, etc.
• Low-cost transactions: Customers with an Axis Bank Zero Balance Account can carry out transactions at a lower cost than those with other types of accounts. Customers can save money on transactions and efficiently use their funds.
• A host of other benefits: the account offers facilities to enjoy a range of other benefits, such as discounts on insurance policies, free add-on cards, and more.

Axis Bank Zero Balance Account vs Kotak 811

The table below compares Axis Bank Zero Balance Account with Kotak 811 Zero Balance Account. 

AXIS Bank Zero Balance Account Interest Rates 

Axis Bank Zero Balance Account is a savings account that allows customers to open a savings account without maintaining any minimum balance. This account can be used to deposit and withdraw money regularly without maintaining a minimum balance. The interest rate offered on this account is 4% per annum on deposits up to Rs. 1 lakh and 5% per annum on deposits above Rs. 1 lakh. There are no additional charges for this account, but certain conditions must be kept in mind while using this account. Customers must maintain a minimum of 5 transactions in a quarter and make at least one direct deposit or payment to an Axis bank account each quarter.

Eligibility Criteria 

The eligibility criteria for an Axis Bank zero balance account are as follows:-

1. Indian citizens above 18 years of age 
2. PAN, Aadhaar Card and valid address proof 
3. A cancelled cheque or a passbook 
4. An active mobile number and email address 
5. A minimum deposit of Rs. 10 is needed to open the account.

Documents Required to Open Axis Bank Zero Balance Account

The documents required to open the Axis Bank zero balance account are listed below:-

1. PAN Card
2. Aadhar Card
3. Passport size photograph
4. Address Proof (Any one of the following):

   – Current Postpaid Mobile Bill 

   – Electricity Bill 

   – Ration Card 

   – Voter ID Card 

   – Driving License 

   – Passport 

   – Rent Agreement

5. Signature Proof (Any of the following):

   – PAN Card 

   – Passport 

   – Driving License 

   – Voter ID Card, 

6. Proof of Bank Account (Any of the following):

   – Cheque Leaf/Passbook 

   – Bank Statement/Passbook 

   – Cancelled Cheque

7. Self-declaration specifies that you have no other savings account with Axis Bank 
8. Self-attested copy of the selected ID

Opening an Axis Bank Zero Balance Account – Online 

Axis Bank offers the ability to open an axis bank zero balance account online through their portal, Axis ASAP. This process is uncomplicated and can be conducted with a few easy steps:-

Step 1: Visit the Axis ASAP website and click on the ‘Register’ tab.

Step 2: Fill in all the required details like name, contact number, address, and email ID.

Step 3: You will then need to select the type of account you wish to open, in this case, a zero balance account.

Step 4: Upload the documents like ID proof, address proof, and other documents required by the portal. 

Step 5: Once all the documents have been uploaded, you will have to make an online payment of the minimum amount required to open the account, which is currently Rs. 1000.

Step 6: Once the payment has been made, the bank will process your application, and you will receive your account details via email.

Open An Axis Bank Zero Balance Account – Offline

To open a zero balance account with Axis Bank, follow the steps: 

Step 1: Visit the nearest branch and complete the necessary application forms. 

Step 2: One must provide KYC documents, such as your photo ID, address proof and PAN card, and other documents that the bank may require. 

Step 3: After applying and submitting all the required documents, the bank will review your application and open the account. 

Step 4: Once the account is opened, you can access the bank’s services and enjoy the Axis Bank zero-balance account benefits.

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