- The minimum balance requirement refers to the minimum amount of money customers need to maintain in their bank accounts to avoid penalties or charges.
- Axis Bank provides a diverse selection of savings accounts designed to cater to the diverse needs of its customers, each with its own specific minimum balance requirement.
- The interest rates offered on Axis Bank savings accounts may vary based on the specific type of account and prevailing market conditions.
Axis Bank offers a diverse range of Savings Accounts tailored to meet its customers’ unique requirements and preferences. These accounts have been carefully designed to fulfil the banking needs of individuals from all walks of life. By opening an account, customers can earn interest on their savings, conduct hassle-free transactions, and conveniently track their financial operations online. Each savings account comes with its own distinct features, including generous transaction limits and complimentary chequebooks. Account holders can also enjoy exclusive rewards such as discounted cinema tickets, Axis eDGE points, emergency travel benefits, and more. Opening a savings account with Axis Bank can access these benefits, special offers, and perks.
In the following sections of the article, we will discuss the various savings account options available at Axis Bank globally. We will also provide details on minimum balance requirements, interest rates, closing charges, and other pertinent information.
Types of Savings Accounts, Minimum Balance Requirements
Axis Bank offers a wide range of savings accounts tailored to meet the various requirements of its account holders. There are many options readily accessible, including the following:
Axis Bank Easy Access Digital Savings Account
The Axis Bank Easy Access Digital Savings Account is intended to provide simple and trouble-free banking services via digital channels. The account might be created online, making it feasible to open an account effortlessly and quickly without going to a bank. It delivers a wide range of digital banking services, including mobile banking, internet banking, as well as access to the Axis Bank mobile app. Customers can utilize these services to manage their bank accounts, conduct transactions, and obtain banking services from any place at any time. Also, it is not mandatory for the respective account holders to maintain a minimum balance, which easily makes it flexible to the needs of people.
Axis Bank Liberty Digital Savings Account
The Axis Bank Liberty Digital Savings Account is intended to offer individuals simple online banking services as well as enticing features. Users that are interested in opening a bank account can do so through web-based banking or by visiting the local Axis Bank branch. It includes an array of digital banking features, such as mobile banking, internet banking, as well as access to the Axis Bank mobile app. Instant Virtual Debit Card and Liberty Debit Card both offer 5% weekend cashback on food, entertainment, shopping, and travel. The Liberty Digital Savings Account does not have a mandatory minimum balance requirement, providing flexibility to customers.
Basic Savings Bank Deposit Small Account
The Axis Bank Basic Savings Account provides outstanding banking services without demanding a minimum balance. This account offers fee-free money deposits, convenient banking services with access to numerous branches and ATMs nationwide, as well as internet and mobile banking facilities. With the Basic Savings Account, account holders enjoy easy access to e-statements, SMS alerts, and a passbook, ensuring they stay informed about their account activity and transactions. The bank account provides a debit card, specifically a Rupay debit card, with a daily ATM withdrawal limit of Rs. 40,000. Additionally, it is a zero-balance savings account that allows unlimited free cash deposits and permits four free withdrawals per month.
Small Basic Savings Account
The Small Basic Savings Account provides account holders with easy, fast, and convenient savings benefits, removing the requirement of maintaining a minimum balance. It additionally offers personal accident insurance coverage of up to Rs. 100,000. The Small Basic Savings Account includes several benefits, including a free-of-charge RuPay Debit Card, monthly e-statements, a passbook, a Personal Debit Card, a Rupay Debit Card, and a daily ATM withdrawal limit of Rs. 40,000 are also included. Cash deposits are completely free, and the account permits up to four withdrawals each month, each with a limit of Rs. 10,000, with no additional fees.
Savings account for minors
Axis Bank has a special savings account for children designed to help them cultivate the habit of saving from an early age. The minor’s savings account is created, with the guardian serving as a joint holder. The account remains under the supervision of the parent or guardian until the minor reaches the legal age of adulthood. Account activity and transactions can be checked to ensure suitable financial management. The savings account for minors may have a lower minimum balance requirement than standard savings accounts.
Women’s Savings account
The Women’s Savings Account enables banking easier for present-day independent women. The account offers numerous advantages, which include a minimal startup deposit requirement, free chequebooks, and low average monthly balance requirements. For extra safety, it additionally includes personal accident insurance. The Women’s Savings Account has minimal fees and charges and no additional costs. The account also comes with a Debit Card, a Visa Platinum Debit Card, a daily ATM withdrawal limit of Rs. 40,000, one free multicity Cheque Book per year, and the first four transactions or Rs. 2 lakhs (whichever comes first) are free of charge. Account holders can also take advantage of other discounts, such as up to 15% off at over 4000 restaurants.
Insurance Agent Savings Account
The Insurance Agent Savings Account is specifically created to meet the needs of companies involved in the insurance agency business. The account has minimal minimum balance limitations and larger withdrawal limits, making banking and transactional services easier to use. Along with these benefits, the Insurance Agent Savings Account also delivers a personal accident insurance cover worth Rs. 2,00,000 and a chance to earn reward points for performing transactions. The account additionally includes a Debit Card, a Visa Classic Debit Card, and a Rs. 40,000 daily ATM transaction limit. Account customers are entitled to one free multicity chequebook per year and the first four transactions or 1.5 lakhs (whichever comes first). In addition, the Insurance Agent Savings Account provides a variety of discounts and promotions, including up to a 20% discount at over 4000 restaurants.
Axis Bank Savings Accounts Interest Rates
| Savings Bank deposit slabs | Rates of Interest Effective June 1st, 2022 |
| Less than Rs. 50 Lakhs | 3.00% per annum |
| Rs. 50 Lakhs and up to or less than Rs. 800 Crores | 3.50% per annum |
| Rs. 800 Crores and above | Overnight MIBOR + 0.70% |
The rate of interest on Axis Bank savings accounts could differ according to the type of savings account and market conditions at the time. For the latest and most up-to-date rates of interest information, a person might visit Axis Bank’s official website or approach the bank directly. As per the available data, it is known that the Savings account interest rates are typically calculated daily or weekly and can be subject to change at the bank’s sole discretion.
Axis Bank savings account Closing charges
There will be no fees if a person closes his/her account within 14 days of opening it or after a period of one year. An additional Goods and Services Tax (GST) will be imposed on the previously mentioned charges. The first four transactions, or INR 1 lakh (whichever comes first), are not subject to charge. The exact details of closing charges for an Axis Bank savings account might differ. Therefore, checking the bank’s official website or visiting any nearby Axis Bank directly for the most current details is advisable. According to confirmed knowledge of the issue, any unpaid dues or penalties linked to a person’s savings account may be deducted from the remaining balance before the account is closed.
FAQs
What will happen if the minimum balance is not maintained in Axis Bank?
Savings accounts often need a certain amount of money to be maintained. Having failed to meet this criterion, the account holder might become liable for a penalty imposed by the bank. Penalties for failing to keep up the minimum balance at Axis Bank can range from Rs. 250 to Rs. 500 each month. To steer clear of these penalties and keep benefiting from the rates of interest offered on the different savings accounts, a person should ensure that his/her account has enough funds to meet the minimum balance criteria.
Can the Axis account be a zero balance?
Yes, the Axis bank account can be of zero balance. The Small Basic Savings Account offers its holders simple savings benefits without any mandatory minimum balance and comes with Rs. 1,000,000 in personal accident insurance for the person’s protection.
