Axis Bank Savings Account Interest Rate
Axis Bank is India’s third largest private sector bank, formerly known as UTI Bank (Unit Trust of India). The bank offers the entire spectrum of financial services to its customers. Axis Bank is one of the first new generation private sector banks in in India to have begun operations in 1994.
|Name||Axis Bank Limited|
|Type||Private Sector Bank|
|Headquarters||Mumbai, Maharashtra, India|
|Established||3 December 1993|
|Chairperson||Shri Rakesh Makhija|
Axis Bank Savings Account Interest Rates
Axis Bank offers a wide range of savings account to serve various purposes to its customers along with personalized services and attractive benefits. Costumers can plan their finances and also save their earnings with considerable interest on their savings. Customers can open their savings account for managing their finances.
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Features and Benefits of Axis Bank Savings Account
- Free internet and mobile banking
- ATM Card facilities
- Debit Card facilities
- Free cheque books
- Easy banking with a secure plus debit card at a low issuance charge
Types of Axis Bank Savings Account
- Easy Access Savings Account
Open Easy Access Savings Account from Axis Bank and begin your journey of savings account with Axis Bank. This savings account gets activated within 60 minutes without any hassles. Easy Access savings account opened in Metro cities required a minimum opening deposit of Rs 10,000. Daily purchase limit on virtual debit card is Rs 1 lakh, Personal accident cover of Rs 5,00,000.
- Prime Digital Savings Account
Prime Digital savings account gives you benefit of higher transaction limits, unlimited cheque books, free personal accident insurance cover of up to Rs 5 lakhs with secure plus debit card. Master Card Titanium Debit Card is issued along with a Prime savings account.
- Basic Savings Account
This is a zero-balance savings account which provides numerous benefits for account holders such as free cash deposits, free RuPay debit card SMS alerts, passbook etc. However, it is to be noted that customers should not have any existing savings account with Axis Bank prior to opening a Basic Savings Account.
- Small Basic Savings Account
This is also a zero-balance savings account and does not require any minimum balance. A RuPay debit card is issued along with this account and customers can easily track their expenses with monthly e-statements or passbooks.
- Future Stars Savings Account
This savings account is for minor citizens. Parents can plan and save their child’s future with an Axis Bank Future Stars Saving Account. This account is targeted for students age below 18 years and requires to be operated by their parents or guardian. This savings account requires a low opening deposit and monthly balance of Rs 2,500.
- Senior Privilege Savings Account
This savings account is for senior citizens of the society to enjoy preferable treatments at Axis Bank branches and get exciting discounts and offers when they open this account.
- Pension Savings Account
This account is designed for pensioners. There is no minimum balance required to maintain this account. Employees of Central Government, Defence Ministry and Civil Ministers can avail facilities of this account to receive their pension. With this account you will get facilities of unlimited cash transactions with no capping.
- Insurance Agent Account
This savings account is designed especially for insurance agents with concession minimum opening deposit of Rs 5000.
Also Read: ICICI Bank Savings Account
Axis Bank Savings Account Interest Rate
The interest rates of ranges from 3,5% p.a. for balance below Rs 50,00,000 and for balance above Rs 50,00,000, you will earn an interest of 4% p.a.
|Particulars||Rate of Interest|
|Saving Deposit Balance below Rs 50 lakh||3.00% p.a.|
|Saving Deposit Balance of Rs 50 lakh to Rs 10 crore||3.50% p.a.|
|Saving Deposit Balance of Rs 10 crore to Rs 100 crore||Repo + (-0.65%) 3.50% is the applicable rate|
|Saving Deposit Balance of Rs 100 crore to Rs 200 crore||Repo + (0.50%)|
|Saving Deposit Balance of Rs 200 crore to Rs 2,500 crore||Repo + (0.50%)|
Fees and Charges
Various fees and charges were charged by the bank to maintain your savings accounts. Some of the charges are mentioned below:
|Savings Account Type||Fees and Charges|
|Account Service Charges (monthly)||Rs 100 – 500|
|Debit card issue charges||Rs 150|
|Account foreclosure charge||Rs 500|
|Inward cheque returns charges||Rs 500|
|ECS Debit failure charge||Rs 500|
|Standing Instructions failure charges||Rs 50|
Axis Bank Savings Account Minimum Balance
Average Balance Maintenance of different types of savings account are discussed below. This AMB is based on the account type and the customer category.
|Savings Account Types||Minimum Balance Maintenance|
|Easy Access Savings Account||Rs 10,000|
|Prime Savings Account||Rs 25,000|
|Women’s Savings Account||Rs 10,000|
|Senior Privilege Savings Account||Rs 10,000|
|Future Stars Savings Account||Rs 2,500|
|Pension Savings Account||NIL|
|Insurance Agent||Rs 5,000|
|Basic Savings Account||NIL|
How to Open an Axis Bank Savings Account
One can open a savings account through both online and offline methods. For the online procedure you just need a few simple steps:
- Visit the official website of the bank
- Click on the Savings Account option and choose the savings account to you want to open
- Confirm your identity by providing your PAN number, Aadhar number and mobile number
- For profile information, share the required KYC details
- Upon adding the personal details, you will be directed to the funding page
- After complete verification your account will be opened
One can also open an account offline. Certain steps are provided below:
- Visit the nearest branch and fill up the savings account form
- Provide basic details and documents and choose the account type
- Provide your Aadhar Card and PAN Card number
- After that submit the form along with deposit slip
- Your account will be opened upon successful verification of documents by bank officials
One should be a resident of India and Hindu Undivided Families are eligible to open an Axis Bank Savings Account.
- ID proof
- Address proof
- Income proof
- 2 passport-size photographs
- Proof of Age
- Salaried professionals need to submit a Bonafede authorization letter from their employers in the bank’s required format.
1. Does Axis Bank provides a zero-balance savings account?
Ans: Yes, the bank offers zero-balance savings accounts.
2. What is the rate of interest applicable to the Axis Bank Basic Savings Account?
Ans: The Axis Bank Savings Account carries on an interest rate of 4% which is calculated on the daily balance.
3. How Axis Bank Savings interest rate is calculated?
Ans: Axis Bank’s interest rate on a savings account is calculated on a daily basic and is credited to the account on the first day of the next quarter.
4. What are the documents required to open a savings account?
Ans: Documents such as PAN Card number, Aadhar Card number, Income proof, Address proof, passport etc. are needed to open a savings account.
5. What is the limit of Axis Bank’s savings account?
Ans: It requires an initial deposit requirement and a monthly average balance limit on axis bank savings account, however, there is no upper limit on how much you can deposit to your account.
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