Customers can choose from a wide range of savings accounts at Axis Bank, along with individualized services and alluring benefits. On its savings accounts, the bank offers interest rates beginning at 3% per annum. Customers can budget, keep tabs on their spending, and save a lot of money while earning interest. Customers of Axis Bank have a wide range of options available to them, allowing them to choose the best type of savings accounts for managing their finances. At any of the 11,500 Axis Bank ATMs or the 2,300 strategically positioned Axis Bank branches throughout the nation, customers can access their savings accounts. When an account holder has a fixed deposit or recurring deposit with Axis Bank for about a year, Axis Bank typically waives the minimum balance requirements.
Interest rates on Axis Bank savings bank deposits have changed
Interest rates on savings bank deposits at Axis Bank have changed.
Saving Deposits Balance below Rs.50 lakh
Saving Deposits Balance of Rs.50 lakh to Rs.10 crore
Saving Deposits Balance of Rs.10 crore to Rs.100 crore
Repo + (-0.65%) 3.50% is the applicable rate
Saving Deposits Balance of Rs.100 crore to Rs.200 crore
Repo + (-0.50%)
Saving Deposits Balance of Rs.200 crore to Rs.2,500 crore
Repo + (0.50%)
NOTE: The prices listed above are valid as of October 20, 2020.
How Can I Open a Savings Account with Axis Bank Online?
Utilizing the Axis Bank website portal, customers can quickly and easily open the Axis Bank savings account of their choice. The “Apply online” option on the website directs users to an application form that must be completed and submitted. It is necessary to enter personal information like name, address, phone number, preferred branch, city, and the type of savings account needed. These specifics must be checked before being submitted. Along with the application, all required documents must be submitted. As part of the initiation program, Axis Bank provides new account holders with a welcome package. Additionally, a debit card that is specific to the kind of savings account chosen is provided when a savings account is opened.
Savings account types offered by Axis Bank
- EasyAccess Savings Account: Open an EasyAccess Savings Account from Axis Bank to start your savings journey. This account pays interest at a rate of 4% on your daily balances on a quarterly basis. With Axis Bank’s internet and mobile services, you can access your bank account without any hassles and keep track of your account expenses. A minimum opening deposit of Rs 10,000 is needed to open an EasyAccess savings account in a metropolis. An EasyAccess savings account is typically issued along with a Visa Classic debit card.
- Prime Savings Account: With an Axis Bank Prime Savings Account, you can take advantage of improved access and higher transactional limits. A Prime savings account is issued along with a MasterCard Titanium Debit Card.
- Future Stars Savings Account: With an Axis Bank Future Stars Savings Account, parents can plan and save for their children’s future. Children under the age of 18 are the target audience for this account, which must be managed by a parent or guardian. If the child is younger than 10 years old, a free ATM card with a daily withdrawal cap of Rs. 1500 will also be given, along with a checkbook in the guardian’s name. Low opening deposits and a minimum monthly balance of Rs. 2500 are required for the Future Stars Savings Account in metro areas.
- Senior Privilege Savings Account: Senior citizens who open a Senior Privilege Savings Account will receive exciting discounts and offers as well as preferential treatment at Axis Bank branches.
- Pension Savings Account: This account is specifically intended for retired employees of the Central Government, Civil Service, and Defense Ministries. The Central Civil Pension would be paid into this account, and there is no average quarterly minimum balance requirement for the pension amount.
- Insurance Agent Account: With a low opening deposit requirement of Rs. 5,000, this savings account was created specifically for insurance agents. A Visa Classic Debit card is included with this account.
- Basic Savings Account: Axis Bank’s Basic Savings account includes a free Rupay Debit card and a zero balance option. Customers can get free SMS alerts and a passbook to track their account activity.
- Small Basic Savings Account: As the name suggests, get started on your savings with an Axis Bank Small Basic Savings Account which does not have a minimum balance requirement. Customers can easily keep track of their spending with monthly e-statements or passbooks, which are issued along with this account and a RuPay debit card.
- The Liberty Savings Account gives you the choice of either spending or keeping a balance of at least Rs. 25,000 each month. Spending on weekend travel, shopping, entertainment, and food will earn you 5% cashback.
- You will receive a complimentary instant e-debit card with this savings account, the Prestige Digital Savings Account. You will receive 1% cashback with this debit card on purchases of fuel, travel, and online shopping. Additionally, you will receive 12.5% cashback on Amazon and Flipkart.
- Priority Digital Savings Account: This savings account includes a free instant virtual debit card that gives you 1% cash back when you shop online. Additionally, you will receive 15% cashback on Amazon and Flipkart.
- Burgundy Digital Savings Account: When you open a Burgundy Digital Savings Account, you will receive a free instant debit card with a 1% cashback offer. When using this credit card to make purchases on Amazon and Flipkart, you will also receive 15% cashback.
- Government Scholarship Savings Account: You will receive a Rupay Platinum Debit card with a daily ATM withdrawal limit of Rs. 40,000 when you open a Government Scholarship Savings Account. Additionally, you are entitled to four free withdrawals each month and unrestricted free cash deposits.
Interest Rates on Savings Accounts at Axis Bank
Customers of Axis Bank can take advantage of a variety of benefits and offers in addition to earning a competitive interest rate of up to 3.75% on their savings accounts. Every day, an interest rate is calculated and paid to account holders at the end of each quarter.
Minimum Balance Requirements for Axis Bank
Depending on the type of account held and the target market it caters to, Axis Bank savings accounts have varying minimum balance requirements. A minimum balance can be as little as Rs. 2,500 or as much as Rs. 100,000.
Axis Bank Savings Accounts Eligibility
Hindu Undivided Families (HUF) and Indian citizens are both eligible to open Axis Bank savings accounts.
Documentation for Axis Bank Savings Accounts
- (2) two passport-size photos (applicants all)
- Valid ID as Age
- Applications for joint accounts must include identification proof for both applicants, and the primary account holder’s address proof may be supplemented by evidence of the relationship between the two account holders.
Address and ID verification
- Valid Passport
- Card PAN
- the voter ID card
- Legal Driver’s License
- NREGA Job Card properly signed by a State Government official
- Aadhaar card, letter, or card issued by the Unique Identification Authority of India
Hindu Undivided Family accounts require proof of address and identity.
- PAN Card / HUF Form 60
- A statement from the Karta
- Proof of Karta’s identity and address in accordance with the person’s records
- Joint Hindu Family Prescribed Letter, signed by all Holder Adults
Required Documentation for Salary Accounts
Paid employees must submit a true authorization letter from their employers in the format required by the bank.
A photo ID as evidence
- PAN Card
- Election Card
- Governmental, military, and public sector organizations’ photo identification documents
- License to Drive
A proof of address, if any
- Telephone, mobile, and electricity bills.
- Ration Card
- Registration letter for gas connection
- Assessment order for income tax and wealth tax
- Utility bill in the landlord’s name and a registered lease agreement.
When opening joint savings accounts, the applicant and the co-applicant must both provide the mentioned documents.
Axis Bank’s Additional Products
Savings Account Popular Pages
Savings Account Popular Websites
- The Axis Bank Priority Savings Account has advantages and disadvantages that the bank has listed. You will be treated as a preferred customer with elite benefits, as one of the benefits of merit.
- You will receive a credit card that is a unique color and design from other cards. Additional benefits like exclusive discounts, bonus points for purchases, access to airport lounges, hotel discounts, etc. are all available with a minimum balance of $20,000 to receive free or reduced service charges.
- If the minimum balance is ever reduced, service fees are assessed, and there is a chance that annual fees and other fees will be imposed if the record level of spending is not reached. In other words, if the terms and conditions are adhered to, the customer can be proud of their account.
The best credit cards from Axis Bank
We examine each card category and the cards that Axis Bank provides for it.
The Axis Bank Vistara Signature credit card is your best option if you’re a roving corporate professional who spends the majority of your time traveling. With an annual fee of 3,000, the customer has access to special benefits typically reserved for high-paid corporate executives. Additionally, you receive a free membership to the Vistara club.
- The benefits of a club Vistara membership include free lounge access, a premium economy class ticket, expedited check-in, and more baggage allowance.
- The Axis Bank Vistara credit card, which comes with a complimentary ticket in the economy as a welcome bonus, is yet another fantastic option for travel. You can get free access to some lounges, accident insurance up to 2.5 crores, purchase protection up to 1 lakh, and a free ticket in economy class for an annual fee of 1,500.
- The Axis Bank credit card will enhance your flight experience if Vistara is your airline of preference.
- The Axis Bank Reserve credit card, which provides international travel and medical assistance, discounts on healthcare bundles, and pathology tests at prestigious medical facilities, is another option for premium customers. Additionally, you receive second opinions from renowned medical experts.
- This card not only monitors your well-being but also your overall health. Weljii offers specialized wellness packages. Additional benefits include a 4.5 crore rupee accident insurance policy, a 5 lakh rupee credit shield, a $500 lost baggage insurance policy, and a 2 lakh rupee purchase protection policy.
- The Axis credit card will make sure you live a high life if you’re a premium customer.
The Axis Flipkart credit card, Axis Buzz credit card, and Axis Bank Freecharge credit card are your options if you enjoy shopping and are constantly on the lookout for sales or bargains. The Axis Flipkart credit card, which has an annual fee of 500, is a fantastic choice for salaried professionals who shop on Flipkart, 2 GUD, and Myntra. Shopping is now easier on your wallet thanks to a 5% cash back on every purchase!
- Additionally, you are eligible for up to 20% dining discounts, access to airport lounges, waivers of fuel surcharges, and travel discounts with the Axis Flipkart credit card.
- Another excellent choice for frequent shoppers is the Axis Buzz credit card. Plan your shopping and use the card between the first and fifth of every month to save 10% compared to shopping outside of this time frame. You receive Flipkart gift cards worth Rs. 7,000 when you hit a certain spending threshold.
- The Axis Bank Freecharge credit card has some incredible perks, including cashback, movie tickets, and Uber travel. benefit from vouchers for Uber and BookMyShow worth 350 on activation, as well as a 20% discount at a few select restaurants. Spending 50,000 in a year will result in the annual fee being waived.
3. Rewards and vacation
Choose the Axis Magnus credit card if you like to shop and you travel a lot. This is a deal for expensive customers who fall under the high-income bracket. You pay 10,000 annually to gain unrestricted access to airport lounges in a few international cities!
In addition, you earn EDGE reward points when you shop and travel. in India, take advantage of discounts of 20 to 25% on fine dining. You are entitled to one complimentary domestic flight per year.
Axis credit card turns going to the movies into a doubly rewarding experience if you never miss the newest release at your preferred multiplex. You not only enjoy the movie, but you also earn fantastic cashback. You can receive this dual benefit for just $250 a year!
The Axis Neo credit card, which offers 10% cashback on your movie ticket, is the best option for movie fans. As soon as you purchase your first ticket, you receive a $250 Amazon gift card and a $300 BookMyShow gift card.
If you frequently travel long distances for work or with your family, the IndianOil Axis credit card offers rewards for each fuel purchase. You can receive 4% of your fuel purchases at IndianOil gas stations for a one-time fee of just 500 rupees. If you use the card within the first 30 days and spend no more than $250, you will receive 100% cashback.
FAQs on Axis Bank Savings Account
What kinds of savings bank accounts are offered by Axis Bank?
Axis Bank offers a variety of Savings Bank accounts to accommodate different needs. EasyAccess Savings Accounts, Pension Savings Accounts, YOUth Savings Accounts, Women’s Savings Accounts, Future Stars Savings Accounts, Trust/NGO Savings Accounts, Senior Privilege Savings Accounts, etc. are a few of them.
What is the Axis Bank Prime Plus Savings Account’s transaction limit?
You are entitled to 20 free transactions per month at any Axis Bank location. Demand draft/pay order requests and cash withdrawals/deposits are examples of transactions.
Is there a minimum balance needed to open an Axis Bank Pension Savings Account?
The Axis Bank Pension Savings Account does not have an average quarterly balance requirement.
What is the Axis Bank Women’s Savings Bank Account’s withdrawal cap?
The daily ATM withdrawal cap for the Women’s Savings Bank Account is Rs 40,000. The account also has a daily limit of Rs 10,000 for shopping transactions.
Who is qualified to open a Prime Savings Account with Axis Bank?
Indian residents and Hindu undivided families are eligible to open an Axis Bank Prime Savings Account.
What are a few advantages of the Senior Privilege Savings Account?
Axis Bank offers a variety of benefits to holders of Senior Privilege Savings Accounts, including a special bill payment option at all Axis Bank branches, a 20–60% discount at more than 600 diagnostic centers for health checkups, a 15% discount at Apollo Pharmacies, a senior-specific identification card for emergencies, and many more advantages.
Is there a minimum age requirement to open a Senior Privilege Savings Account?
Yes, to be eligible to apply for an Axis Bank Senior Privilege Savings Account, the applicant must be at least 57 years old.
What interest rate is applicable to the basic savings account with Axis Bank?
The interest earned on the daily balance of the Axis Bank Savings Account is calculated at 4% per quarter.