How to Open Axis Bank Minor Account Online – 2024

Opening a bank account for minors is important for developing their banking habits from a young age. This blog discusses the process of opening an Axis Bank minor account. Axis Bank offers special accounts catering to the needs of young account holders to help them learn financial skills. The blog covers eligibility rules, required documents and account features to help parents/guardians make an informed choice.

Axis Bank Account for Minors 

An Axis Bank minor account is a savings account that can be opened for children who are below 18 years of age. The account allows parents/guardians to start saving and investing for their child’s future needs like education or marriage.

The minor account can be opened by the parents/guardians on behalf of the child. Parents will operate and monitor the account activities until the child attains majority at 18 years of age. A debit card is issued on completion of 18 years to help manage finances independently. 

How to Open Axis Bank Minor Account Online? 

Opening a minor savings account with Axis Bank can be done easily online from the comfort of your home. Here are the simple steps to follow:

• Visit Axis Bank website and select “Open an Account” option.
• Choose “Minor Account” and enter basic details like name, DOB and relation with minor.
• Upload scanned photos and address proof of parent/guardian along with minor’s identification documents.
• Agree to terms and conditions and complete one-time password verification received on registered mobile.
• Transfer initial deposit online using net banking or debit card.
• Login credentials and debit card will be sent to registered address within 7-10 working days.
• Parents can access account statements and carry out transactions through internet and mobile banking.

How to Open Axis Bank Minor Account Offline? 

For parents who prefer the traditional way of opening a minor account without Internet, Axis Bank provides the offline method as well. Follow these basic steps:

• Visit the nearest Axis Bank branch with minor’s identification proof like birth certificate or passport.
• Fill the application form providing details of parent/guardian and minor.
• Submit scanned photo and address proof documents.
• An initial deposit can be made through cash, cheque or fund transfer at the branch.
• Verification will be done by bank officials and welcome kit containing login details will be given on the spot.
• In 7 to 10 working days, debit card and cheque book (if requested) will be delivered.
• Parents can track account activity and transact through cheque leaves and branch visits.

Types of Axis Bank Savings Account 

Axis Bank offers different types of savings accounts to suit various customer needs. Here are some of the major account types:

1. Regular Savings Account

• Suits general saving and spending needs.
• No minimum balance requirement.

2. Axis Bank Salary Account

• Dedicated account for salaried individuals.
• Cashbacks on certain offerings.

3. Axis Bank Kids Account

• Savings account for children below 18 years.
• Managed by parents until coming of age.

4. Axis Bank Super Saver Account

• Offers high interest rates for balances above Rs. 25,000.
• Limited withdrawals allowed.

5. Axis Bank Basic Savings Account

• Basic banking facilities with low balance requirements.
• Affordable account for new customers.

6. NRI Savings Account

• Non-resident Indian focused savings account.
• Offers forex services and remittance facilities.

7. Services With Axis Bank Savings Account for Minors 

An Axis Bank minor savings account offers various services to help children’s financial growth.

• ATM-cum-Debit Card on attaining 18 years. Card linked to saving account.
• Unlimited free ATM withdrawals at Axis Bank ATMs.
• Limited free transactions at other bank ATMs in a month.
• Online and mobile banking for account management on parents’ login.
• SMS alerts for transactions over predefined limits.
• Deposit schemes and insurance cover options available.
• Investment services like mutual funds, fixed deposits.
• Educational scholarship programs for account holders.
• 24×7 customer support via call centers and branches.

Fees and Charges 

Along with the benefits, it is important to be aware of applicable fees and charges for Axis Bank minor savings account.

Documents Required 

Opening a minor savings account with Axis Bank requires certain basic documents from both the minor and the parent/guardian.

• Minor’s documents:
  • Recent passport size photos
  • Birth certificate or equivalent age proof
  • PAN card (if available)
• Parent/guardian documents:
  • ID proof like Voter ID, passport, PAN
    -Address proof like utility bill, Aadhaar card
    -Employment proof for salaried individuals
• Signature of parent/guardian

Digital colored copies of these KYC documents are sufficient if applying online. Or originals can be carried to the nearest Axis Bank branch for verification during offline account opening. Having the required paperwork handy makes the process smooth.

Transaction limit of Axis Bank Minor Account 

Axis Bank has set certain transaction limits for operational ease of minor accounts. These are dynamically managed based on account usage.

• Monthly Cash Deposit Limit: Maximum 3 transactions up to Rs. 50,000 cash deposit allowed.
• Monthly Cash Withdrawal Limit: Maximum Rs. 10,000 cash withdrawal from ATMs using debit card.
• Monthly Debit Card Usage Limit: Total debit card spends capped at Rs. 50,000 per month.
• Online Banking Transfer Limit: Fund transfers through internet banking are limited to Rs. 50,000 per day.
• NEFT/RTGS Transaction Limit: One-time transfers below Rs. 2 lakhs through NEFT or RTGS allowed.

Axis Bank Minor Account Opening Application Form 

To apply for an Axis Bank minor savings account, the duly filled application form along with required documents need to be submitted. Parents can download the form online and submit through these methods:

• Online application form: Available on Axis Bank website to apply digitally – https://www.axisbank.com/retail/accounts/savings-account/future-stars-savings-account/downloads 
• Offline application form: Can be collected from any Axis Bank branch near you.

Eligibility Criteria for Axis Bank Minor Account 

To open an Axis Bank minor account, there are some basic eligibility criteria that need to be fulfilled:

• The minor must be between 10 to 18 years of age. 
• One of the parents/guardians needs to open the account on behalf of the minor by visiting any Axis Bank branch along with necessary documents. 
• The parent/guardian must be an existing customer of Axis Bank. 
• Minimum initial deposit required to open the account is ₹1000. Photographs and address proof of both the minor and parent/guardian are mandatory. 
• An initial investment of ₹500 is required to be maintained in the account at all times. 
• Debit card can be issued to operate the account but limited to ₹10,000 per month withdrawals.

Final Word 

Axis Bank minor accounts are specifically tailored for children and teenagers. The simple rules ensure safety of their funds with parental oversight. Maintaining the minimum balance also teaches them responsibility. The debit card exposure under limits builds cash management skills. Thus, an Axis Bank minor bank account provides a foundation for kids to handle money matters efficiently from a young age.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.