Axis Bank Savings Account Interest Rates 2024 – Open Account Online

Incorporated in 1994, Axis Bank has consistently grown to be the 3rd largest private sector bank in India. Customers find great confidence in depositing their earnings in savings accounts offered by the bank, among a plethora of other banking services. The Axis Bank savings account comes with attractive interest rates applicable on deposited amounts, providing customers with an incentive to maintain their idle funds within the bank. 

In this blog, we will walk you through the prevailing Axis Bank savings account interest rates and other associated details that customers find appealing. 

Latest Axis Bank Savings Account Interest Rates 2024

The latest Axis Bank savings account interest rates have been in effect from 1st July 2023 and there has been no change in the rates to date. Following are the savings account interest rates offered by Axis Bank, based on the account balance.

Axis Bank Savings Account Minimum Balance Required

Axis Bank offers various types of savings accounts, with different minimum balance conditions for different types. Now that you know the current Axis savings account interest rate, let us find out the different types of savings account, and the minimum balance requirement for each.

Axis Bank Savings Account Charges 2024

Applicable charges for different kinds of enquiries, requests and transactions for different types of Axis Bank savings accounts are as follows:

Applicable Axis Bank charges for savings account in case of not maintaining the minimum required balance are as follows:

Axis Bank Savings Account Penalty Charges 2024

Why Choose an Axis Bank Savings Account?

Other than attractive Axis Bank savings interest rate and a hassle-free account opening experience, some of the main reasons to open a savings account with Axis Bank are as follows:

• Convenient and efficient internet and mobile banking facility
• Regular SMS alerts to keep you updated with your account status, transactions, debit and credit information 
• Easy tracking of account activity through hassle-free passbook updates and monthly e-statements
• Every year you get one payable-at-par chequebook for free
• Access to over 11,500 Axis Bank ATMs and 2,300 Axis Bank branches 
• You get a complimentary Rupay debit card with a high withdrawal limit of ₹40,000

Key Benefits of Axis Bank Savings Account

Some of the key benefits of opening a savings account with Axis Bank are as follows:

• 24/7 internet and mobile banking facilities
• A wide range of savings accounts, each catering to different financial requirements
• Documentation requirements are minimum
• No maximum threshold for cash deposits

Additional Benefits Associated with Axis Bank Savings Account

Apart from the key benefits, some additional benefits of Axis Bank savings accounts are as follows:

• Funds transfer facility through NEFT and RTGS
• Withdrawal is allowed at any ATM across the country
• Free passbook and chequebook
• Multiple zero-balance savings account options 
• Complimentary debit card
• High liquidity, i.e, your savings account does not have any lock-in period for the money deposited in it and is withdrawable anytime via ATM or cheque

How to Open an Online Axis Bank Savings Account?

Follow the steps below to avail the Axis Bank interest on savings account online. 

• Step 1: Visit Axis Bank’s official website, click on ‘Explore Products’, and then click on ‘Savings Account’ under the ‘Accounts’ section. 
• Step 2: Choose a type of savings account from the available options that suit your financial objectives. 
• Step 3: Click on ‘Open Online’.
• Step 4: Click on ‘Apply Now’. 
• Step 5:  Undergo the verification process by providing your PAN Card, Aadhaar Card and mobile number (for KYC through video call), and click on ‘Proceed’.
• Step 6: Fill in all necessary details in the application form.
• Step 7: Get your KYC done through a video call.
• Step 8: Deposit the minimum amount required to open an account.    

Your Axis Bank savings account will be opened and you will receive the passbook, debit card, and chequebook via courier.

How to Open an Axis Bank Savings Account Offline?

Follow the steps below to open an Axis Bank savings account offline. 

• Step 1: Visit the nearest branch of Axis Bank and obtain an account opening application form from the bank counter. You can obtain the same by downloading it from the official website of Axis Bank. 
• Step 2: Fill up the form and attach the supporting documents. 
• Step 3: Submit the form to a bank representative. 

Once you go through the above steps, the bank will process your application form and verify your documents. Upon successful verification, you will be notified about the account activation via your registered mobile number. 

Eligibility Criteria to Open Axis Bank Savings Account

To be eligible to open a savings account and start reaping benefits from Axis Bank savings interest rates, you need to fulfil the following criteria.

• You should be a citizen of India.
• You can apply for a  joint account if you are a member of a Hindu Undivided Family.
• You, as an applicant, need to be 18 years or above except in the case of a minor savings account.
• You must submit all the KYC documents, including ID and address proof, along with the account opening form.

Documents Required to Open Axis Bank Savings Account

To open an Axis Bank savings account, the following documents are necessary:

Individuals

• Identity proof (Aadhaar Card, Driving License, Passport).
• PAN Card
• Form 16 (in case PAN card is not available)   
• Address proof (Voter ID, Utility Bills)
• Latest passport-size photographs 

Hindu Undivided Families (HUFs)

• Identity and address proof of the Karta
• Karta’s declaration form
• Prescribed Joint Hindu Family letter that is signed by all the adult holders
• PAN card copy
• Form 16 (in case PAN card is not available)

Joint Applicants

• Latest passport-size photographs
• Identity and address proof of both individuals.

Note – Primary holder’s address proof will be enough, for married couples.  

Types Of Axis Bank Savings Account and Its Features

Different types of savings accounts offered by Axis Bank are as follows:

Steps to Open Axis Bank Video KYC Savings Account

Video KYC (vKYC) is the process of verifying ‘Know Your Customer (KYC)’ documents through video calls. It is a feature that banks offer as a convenience to their customers. Follow the below-mentioned steps to perform vKYC for the Axis Bank savings account.

• Step 1: Enter your PAN, Aadhaar or Voter ID and mobile number on the verification page, after clicking on ‘Apply Online’ for your chosen savings account.
• Step 2: Show yourself on the screen and display all the required details to complete your profile information to set up your account.
• Step 3: The vKYC page opens after completing your profile information. On the video call, a bank representative will ask you a few questions to verify your identity.

Axis Bank Savings Account Transaction Limit

Take a look at the following table to find out the applicable transaction limit on different Axis Bank savings accounts. 

How to Close an Axis Bank Savings Account?

You can close your Axis Bank savings account by following these simple steps:

• Step 1: Download and fill in the Axis Bank Savings Account Closure Form from the ‘Download Forms‘ page. 
• Step 2: Fill it out and submit it to the nearest Axis Bank branch along with your debit card cut into four pieces, and your unused cheque leaves.

Axis Bank Savings Account Onboarding Kit

The Axis Bank Savings Account Onboarding Kit contains the following:

• Welcome letter 
• Cheque Book (wherever applicable) 
• Debit Card (wherever applicable) 
• Code of Bank’s Commitment to Customers
• Passbook 
• Most Important Terms and Conditions of Debit Cards

Final Word

Axis Bank’s wide range of savings accounts along with their unique features allow you to plan and choose the scheme as per your financial goal. Now that you know the Axis Bank savings account interest rates and all the benefits and features offered by each kind of savings account, you will be able to make informed decisions in selecting a suitable savings account for yourself.

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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.