Secure Your Savings With An Axis Bank Savings Account
A savings account is essential for every individual. Everyone, from children to senior citizens, can have a savings account.
It is one of the primary ways to have an emergency fund, which is a critical component of a healthy financial foundation. In addition, a savings account also generates income, as banks offer interest for maintaining the minimum balance.
Many banks also provide value-added services for their savings accounts. Some of the most common services include – ATM cum debit card, passbook facility, chequebook facility, and net banking.
Opening a savings account for children is also a great way of teaching them how to operate a bank account. This can be the stepping stone toward their financial education.
Many banks offer savings accounts to their customers. But how can you be sure that a particular bank will fulfill your needs?
Axis Bank is the third largest private sector bank in India. It is highly rated and recommended among customers. Axis Bank offers a whole range of savings account options for its customers.
This blog will explain why an Axis Bank savings account is the right choice for you.
How to Open a Savings Account?
Opening an Axis Bank savings account is very easy. If you prefer the personal touch of someone guiding you through the process, then walk into your nearest Axis Bank branch. Their customer representative will gladly escort you through the whole process.
If you want to open an account from the comfort of your home, then follow these simple steps:
Step 1: Go to www.axisbank.com
Step 2: Scroll down a little and click on Digital Savings Account. On the new page, click on the Open Now button.
Step 3: Provide your PAN, Aadhaar and mobile number to confirm your identity.
Step 4: Input the required KYC details to set up your account.
Step 5: Once the KYC details are entered, you will see an option to choose a method of funding the account, such as net banking, debit card, UPI, etc.
Step 6: The next step is a video KYC. In this, you will have a video call with an Axis Bank official. The purpose of the call is to verify your details and identification. You can schedule the call at your convenience.
Step 7: After a successful KYC call, you will be redirected to a page displaying your account details. This will include your account number and virtual debit card details.
Step 8: Once you set up your debit card PIN, it will be mailed to you in a password-protected document. And your Axis Bank savings account will be ready to use!
Types of Savings Accounts
Axis Bank offers 6 main types of digital savings accounts that you can choose from. These options are made to serve the needs of people from all walks of life. To make it easier for you to decide, this blog includes brief information on the types and their features.
Easy Access Digital Savings Account
The Easy Access Digital Savings Account is one of the most popular savings accounts. It is versatile enough to meet the needs of any commoner.
This type of Axis Bank savings account can be activated within 60 minutes. Since the whole process can be done online, no paperwork is involved.
The minimum balance for this account varies according to the branch location. In most urban cities, a minimum balance of Rs 12,000 will need to be maintained monthly, while the initial funding must be Rs 15,000. The daily spend/purchase limit from the physical debit card is Rs 5,00,000. While the daily withdrawal limit from the debit card is Rs 50,000.
This Axis Bank savings account will also make you eligible to apply for Rs 5,00,000 accident cover insurance.
The Easy Access Digital Savings Account also offers its account holders many offers and benefits. These offers include cashbacks on major retailers (Amazon and Flipkart) and delivery services (Zomato and Tata 1mg).
In addition to all of these offers, Easy Access Digital Savings Account holders also get 1% cash back on all online spending.
If you are opening an Axis Bank savings account for the first time or for your children, then the Easy Access Digital savings account is the right choice.
Liberty Digital Savings Account
A Liberty Digital Savings Account requires a little more investment but also gives higher spending and saving capacity.
The process for opening a Liberty savings account is similar to that of an Easy Access savings account. The activation is completed within 60 minutes, with a video KYC and almost no paperwork.
The initial amount required to open a Liberty savings account is Rs 25,000. The minimum balance in Axis Bank savings account has to be maintained monthly.
In this case, the daily withdrawal limit on the debit card is Rs 50,000, and the daily purchase or transaction limit is Rs 3,00,000. The Liberty savings account also provides an accident cover of Rs 5,00,000.
There are numerous benefits to this Axis Bank savings account. The annual benefits of the Liberty savings account are worth Rs 15,000. Additionally, for the first six months, you will get 10% cash back for purchases on Amazon and Flipkart. And 20% cash back on purchases from Zomato and Tata 1mg.
The Liberty debit card also gives a 5% weekend cashback on food, entertainment, shopping and travel. Grab Deals also offers a 12% discount for Vistara flight tickets.
Prestige Digital Savings Account
The Prestige Digital Savings Account is a more high-end offering from Axis Bank’s ASAP Digital Savings Accounts.
The initial investment of opening this account is considerably higher than that of the Liberty accounts. But its benefits and rewards make it worth that cost.
As with the before-mentioned accounts, the Prestige savings account activation is done within 60 minutes. It requires no paperwork, and the KYC is done through a video call by an Axis Bank representative.
To open a Prestige Digital Savings Account, you must deposit Rs 75,000. This amount will need to be maintained quarterly to avoid the Account Service Fee.
The daily withdrawal limit on the Prestige debit card is Rs 50,000, and the daily purchase limit is Rs 5,00,000 (on the physical card). While the daily purchase limit on the virtual card is Rs 1,00,000.
The rewards and benefits of this Axis bank savings account add up to annual savings of up to Rs 25,000. For the first six months, the Prestige account also gives cashbacks on e-commerce purchases (Amazon and Flipkart). There are also cashbacks on delivery services (Zomato and Tata 1mg).
The Prestige debit card gives cashback of 1% on fuel purchases, 2% on shopping and 3% on travel expenditures. It also gives twice as many reward points as the other debit cards.
In addition, Prestige Debit Card holders get a 12% discount on Vistara tickets via Grab Deals.
The Prestige savings account has the added benefit of 48 Hour Service Guarantee on select service requests.
This particular Axis Bank savings account needs a higher-end investment, but if you can afford its initial cost, you should opt for it.
Priority Digital Savings Account
The Priority Digital savings account is a part of Axis Bank’s Priority Banking Program. It provides safety and value for your money.
The Priority savings account is also privileged. The initial cost of opening this account is more than twice that of the Prestige account.
An initial funding of Rs 2 Lakhs is required to open a Priority savings account. The minimum balance to be maintained quarterly is also Rs 2 Lakhs. In case of a failure to maintain this balance for two consecutive quarters, the Priority account gets downgraded to a basic savings account.
The process of opening this account is similar to the other digital savings accounts. But, since the Priority account is a part of the Priority Banking Program, you will get a dedicated Relationship Manager. This Relationship Manager will be available for all queries and bank work through the mobile app.
The daily withdrawal limit on the Priority debit card is Rs 1 Lakh, and the daily expenditure limit on the card is Rs 4 Lakhs.
The Priority savings account brings all the essential benefits like cashbacks on Amazon, Flipkart, Zomato and Tata 1 mg purchases. There are even benefits of up to Rs 2,000 every quarter through its EDGE reward points.
Additionally, the Priority Banking Program makes you eligible for a 50% discount on annual locker rent.
The complimentary Epicure membership is one of the most exclusive benefits of this Axis Bank savings account. This membership unlocks premium offers and discounts at Taj, SeleQtions, and Vivanta hotels. You will also receive a complimentary Axis Bank Club Vistara Forex Card. This card gives you many benefits while traveling abroad (in addition to the frequent flyer miles).
If you dream of living big and saving big simultaneously, then you should open a Priority savings account.
Burgundy Digital Savings Account
The Burgundy Program is one of the most elite services offered by Axis Bank. It comprises wealth management, personal banking and business solutions.
The Burgundy team manages your wealth and portfolio based on your needs, lifestyle and goals. A dedicated Burgundy Relationship Manager assists you in accessing all the premium services and features. The wealth management team helps strengthen your investment portfolio. This is done by a group of experts using various investment instruments.
An initial funding of Rs 5 Lakhs is required to open a Burgundy savings account. The minimum balance on this Axis savings account is Rs 10 Lakhs quarterly. This can be Rs 10 Lakhs in the savings account or spread across different accounts.
The daily withdrawal limit on the Burgundy debit card is Rs 3 Lakhs, and the daily transaction limit is Rs 6 Lakhs. Since the card is a part of the Burgundy Program, the limits are much higher than the other debit cards.
The dedicated Relationship Manager is an exclusive benefit of this Axis Bank savings account. This is in addition to a 24x7 dedicated Burgundy exclusive toll-free number.
Burgundy account holders get 60% off on locker fees for a lifetime. This benefit can be extended to family members at a discount of 10%.
Burgundy members also get value-added cards like Burgundy debit cards, Select Credit Cards and Burgundy Multi-Currency Forex Cards. These cards offer premium benefits: 96 free movie tickets annually, premium airport lounges access, air accident insurance worth Rs 1 Crore, and much more.
The Burgundy savings account is perfect for those who want their savings to grow safely and securely.
Other Savings Accounts
Here are some more types of savings accounts offered by Axis Bank. These are tailored to benefit specific customers.
Senior Privilege Savings Account
The Senior Privilege Savings Account was created to cater to senior citizens. The initial deposit amount for this type of account varies based on the branch city. You must deposit Rs 15,000 to activate this account in metro or urban cities.
The minimum balance for this Axis Bank savings account is Rs 12,000 for metro cities, to be maintained on a quarterly basis. The required ratio is lower in rural and semi-urban branches. The daily ATM withdrawal limit for the Senior Privilege debit card is Rs 40,000.
This Axis Bank savings account gives its account holders a higher Fixed Deposit (FD) rate, i.e., senior citizens. The account holders also get one free multi-city chequebook annually.
The Senior Privilege debit card gives high discounts on medicines and healthcare services.
Future Stars Savings Account
The Future Stars Savings Account is made for children (anyone under the age of 18). Its primary purpose is for parents to save up for their children. It also helps children build a foundation of financial and banking knowledge.
The initial amount required to open this account is Rs 1,500 to Rs 3,000, depending on the location of the branch. Free debit cards are given to all account holders under the age of 10 years.
Pension Savings Account
The Pension Savings Account serves the pensioners of the country. This Axis Bank savings account was made for the employees of the central government, defence ministry, and civil ministries.
The pensioners will have to pay an initial fee of Rs 1,000 to open this account. However, there is no minimum balance to be maintained.
The account holders are also eligible for DD and PO services at no cost.
Saving For a Secure Future
There is no doubt that savings accounts are beneficial for all. You can open a savings account for yourself or a joint account with family members. You can even start a savings account in your children’s name and start saving up for their future.
Axis Bank offers many savings account types to cater to people from all walks of life. To know more about these accounts and how to open one, visit Axis Bank.
Frequently Asked Questions
How can I open a savings account?
You can open an Axis Bank savings account by visiting your nearest branch. A customer representative will guide you through the whole process.
Another way of opening an Axis Bank savings account is by visiting www.axisbank.com. Digital savings accounts can be opened without paperwork, and KYC can be done through a video call.
Or, you can download the Axis Bank mobile app called Axis Mobile. Through this app, you can open a digital savings account and avail all features of mobile and net banking.
What will I need to open an Axis Bank savings account?
For an Axis Bank savings account opening, you will require identification proof like an Aadhaar card, PAN card, etc.
In case of opening a digital savings account, make sure you use a device with a good camera, a mic, and a stable internet connection.
Ensure you have the funds required to make the initial payment/deposit. This can be done through a debit card, net banking or UPI.
What is the minimum balance required for a savings account?
An Axis Bank savings account minimum balance depends on the type of account you have or are trying to open.
For some savings accounts (like the Easy Access Digital account or the Senior Privilege savings account), the minimum balance will depend on the location of the branch. The minimum balance for these accounts will be higher in urban areas than in rural ones.
You can even open a zero-balance saving account like the Basic Savings Account.