Axis Bank is one of India’s leading banking and financial services institutions. It is the third largest private sector bank in terms of assets and the fourth largest in market capitalisation. Established on 3 December 1993 in Mumbai, this bank has 5100+ branches all across India and serves almost 1 billion customers.
Additionally, Axis Bank provides 3.00% p.a. interest to its savings account holders for deposits less than Rs.50 lakh. So, if you are planning to open a savings account, check out theAxis Bank savings account interest rate, available schemes and more.
Axis Bank Savings Account
Axis Bankoffers a wide variety of savings account options, allowing customers to save their money and gain interest at attractive rates. The minimum deposit amount depends on the account type, while there is no maximum threshold for the upper limit.
Axis Bank Savings Account Types
At Axis Bank, you will find multiple savings account options which you can opt for as per your requirements. Some of the most popular ones are as follows:
Basic Savings Account
Axis Bank’s Basic Savings Account mitigates the need to maintain a minimum balance. It features free cash deposits, a RuPay debit card, and mobile and internet banking, along with access to multiple ATMs and branches all across India.
Easy Access Savings Account
The Easy Access Savings Account enables you to conduct all your transactions with a few clicks on your smartphone. It has a low opening deposit and comes with a Secure Plus debit card and personal accident insurance cover.
Senior Privilege Savings Account
For all the senior citizens out there, the Axis Bank Senior Privilege Savings Account can be a perfect choice. It offers the following benefits:
- Up to 0.75% additional interest rate for recurring and fixed deposits.
- 24/7 banking assistance.
- Power-packed debit card.
- Low opening deposits.
- Exclusive Senior ID card for priority and preferential treatment at branches.
- Bill payment facility at branches.
- Personal accident death cover up to Rs.2 lakh and more.
Liberty Savings Account
With the Liberty Savings Account, you have the freedom to either spend Rs.25,000 or keep Rs.25,000 as the minimum balance per month. The Liberty debit card provides flat 5% cashback on weekend spends like travel, food, entertainment and shopping.
Prestige Savings Account
Prestige is one of the premium savings bank account schemes Axis Bank offers. The Prestige Cashback Debit Card offers cashbacks worth Rs.1,500 per quarter on shopping, travel and fuel. Moreover, you get express 24/7 banking assistance, higher transaction limits, entertainment benefits and convenient pricing on lockers.
Priority Digital Savings Account
The Axis Bank Priority Savings Account aims to provide you with the most elite banking experience. You get a complimentary Axis Bank Instant Virtual Debit Card with 1% cashback on online spends. Furthermore, you can get exclusive offers on lifestyle, travel and more with Priority Debit Card.
Burgundy Digital Savings Account
If you are a Non-Resident Indian (NRI), the Burgundy savings account is for you. This account is available in NRO and NRE variants and offers complimentary airport lounge access, wealth management solutions and more.
Apart from these, Axis Bank offers several other savings bank accounts like:
- Prime Savings Account
- Woman Savings Account
- Youth Savings Account
- Future Stars Savings Account
- Pension Savings Account
- Infinity Savings Account, etc.
Axis Bank Savings Account Interest Rate
The ongoingAxis Bank savings account interest rate is as follows:
| Account Balance | Interest Rates |
| Lesser than Rs.50 lakh | 3.00% per annum |
| Rs.50 lakh to less than Rs.2,000 crore | 3.50% per annum |
| Rs.2,000 crore and above | Overnight MIBOR + 0.70% |
The Axis Bank savings account interest rate for senior citizens is the same as provided above.
Axis Bank Minimum Balance for Savings Account
Theminimum balancerequiredfor different Axis Bank savings accounts is:
| Account Type | Minimum Balance |
| Basic Savings Account | Nil |
| Easy Access Savings Account | Rs.12,000 for metro and urban locations Rs.5,000 for semi-urban locations Rs.2,500 for rural locations |
| Senior Privilege Savings Account | Rs.12,000 for metro and urban locations Rs.5,000 for semi-urban locations Rs.2,500 for rural locations |
| Liberty Savings Account | Rs.25,000 per month |
| Prestige Savings Account | Rs.75,000 monthly average |
| Priority Digital Savings Account | Rs.2 lakh quarterly average |
| Burgundy Digital Savings Account | Rs.10 lakh quarterly average |
Penalty for Not Maintaining Minimum Balance in Axis Bank Savings Account
| Account Type | Applicable Charges |
| Basic Savings Account | Nil |
| Easy Access Savings Account | Varies depending on the balance amount as follows: - Between Rs.600 to Rs.50 in metro and urban locations - Between Rs.300 to Rs.50 in semi-urban locations - Between Rs.150 to Rs.75 in rural locations |
| Senior Privilege Savings Account | Varies depending on the balance amount as follows: - Between Rs.600 to Rs.50 in metro and urban locations - Between Rs.300 to Rs.50 in semi-urban locations - Between Rs.150 to Rs.75 in rural locations |
| Liberty Savings Account | Varies between Rs.600 to Rs.250 depending on the balance amount |
| Prestige Savings Account | Rs.600 |
| Priority Digital Savings Account | Rs.600 |
| Burgundy Digital Savings Account | NA |
Axis Bank Saving Account Charges
The various applicableAxis Bank savings account charges are mentioned in the table below:
| Particulars | Types of Account | Applicable Fees |
| DD Issuance Charges | For all savings accounts except Burgundy account | Upto Rs.10,000 - Rs.50 Rs.10,000 to Rs.20 Lakhs - Rs.5 per 1000 (min Rs.75 and max Rs.7,500) Rs.20 lakhs to Rs.1 cr - Rs.5 per 1000 (max Rs.10,000) Above Rs.1 cr - Rs.5 per 1000 (max Rs. 15,000) |
| Cheque Return - financial reasons | For all savings accounts except Burgundy account | 1st return - Rs.500 2nd return onwards - Rs.550 |
| Cheque Return - non-financial reasons | For all savings accounts except Burgundy account | Rs.150 per instance |
| NACH Debit Failure | For all savings accounts except Burgundy account | 1st return - Rs.500 2nd return onwards - Rs.550 |
| Branch NEFT Charges | For all savings accounts except Basic Savings account and Burgundy account | Upto Rs.10,000 - Rs.2 Rs.10,001 to Rs.1,00,000 - Rs.4 Rs.1,00,001 to Rs.2,00,000 - Rs.14 More than Rs.2,00,000 - Rs.24 |
| Branch RTGS Charges | For all savings accounts except Basic Savings account and Burgundy account | Rs.2 lakh to 5 lakh - Rs.20 More than Rs.5 lakh - Rs.45 |
| Deliverable return charges | For all savings accounts except Burgundy account | Rs.50 per return |
Axis Bank Saving Account Transaction Limit
Mentioned below are themonthly cash withdrawal limits forAxis Bank savings accounts:
| Particulars | Monthly Withdrawal Limits |
| Monthly free cash transaction limit (sum total of deposits and withdrawals) | 4 per month with a max of Rs.1 lakh |
| Monthly free limit for third party cash transactions | Free monthly limit - Rs.25,000 Post free limits - Rs.10 per Rs.1,000 or part, subject to a minimum of Rs.150 |
How to Open a Saving Account in Axis Bank?
Here are the steps you can follow to open a savings account at Axis Bank:
Step 1 –Navigate toAxis Bank’s official website, tap on ‘Explore Products’, ‘Accounts’ and then on ‘Savings Account’.
Step 2 –Select a savings account that aligns with your financial goals.
Step 3 –Click ‘Apply’ or ‘Get a Call Back’.
Step 4 –Fill out the application form.
Step 5 - After this, the bank officials will contact you to verify all your documents and move forward with the application.
Step 6 –Make a cash deposit to fulfil the minimum balance requirement.
Your Axis Bank savings account is open!
After this, you will receive the debit card, passbook and chequebook via courier.
Documents Required for Opening Savings Account in Axis Bank
The documents required to open an Axis Bank savings account are as follows:
- Individuals
- PAN card
- Identity proof – Voter ID, Aadhaar card, passport, driving license, etc.
- Address proof – Aadhaar card, Voter ID, utility bills, etc.
- Form 16 (in case PAN card is not available)
- Latest passport-sized photographs.
- Joint Applicants
- Identity and address proof of both individuals.
- Latest passport-sized photographs.
Note - For married couples, only the primary holder’s address proof will be necessary.
- Hindu Undivided Families (HUFs)
- Karta’s declaration form.
- Identity and address proof of the Karta.
- Copy of PAN card.
- Form 16 (in case PAN card is not available)
- Prescribed Joint Hindu Family letter that is signed by all the adult holders.
How to Close Axis Bank Savings Account?
You can close your Axis Bank savings account in two simple steps:
Step 1:Download and fill in the Axis Bank Savings Account Closure Form.
Step 2:Submit it to your home branch or nearest Axis Bank branch along with your unused cheque leaves and your debit card cut into four pieces.
Axis Bank Saving Account Features
Listed below are some of the features of Axis Bank savings accounts:
- Safe and secure place to store your hard-earned money.
- Debit cards with exclusive features, large transaction limits and complimentary chequebooks.
- Deals and discounts on travel, online shopping and movie tickets.
- Special accounts for women, children and senior citizens.
Axis Bank Saving Account Benefits
Here are some of the benefits of opening a savings account at Axis Bank:
- Wide array of savings account schemes to choose from as per your financial goals.
- Minimum documentation requirements.
- 24/7 mobile and internet banking facilities.
- Attractive interest rates with no maximum threshold for cash deposits.
Now that you know the latest Axis Bank savings account interest rates and the types of available schemes, you are ready to make an informed choice. Additionally, do not forget to add a nominee while opening your account. Doing so will enable your spouse or children to access your funds in case of your unfortunate demise.
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