Axis Bank Easy Access Savings Account
|Axis Bank Easy Access Savings Account|
|Monthly Average Balance (MAB)||
|Interest Rate||3.00% to 3.50%|
Axis Bank Easy Access Savings Account provides simple tracking of account activities with personal accident insurance cover, Secure Plus Debit Card, and other features. It offers a high daily withdrawal limit of Rs. 50,000 at ATMs. The daily transaction limit for shopping is Rs. 1, 25, 000. You can earn an interest of up to 3.50% on your account balance. The eligible applicants are resident individuals and Hindu Undivided Families.
In this post, we will discuss Axis Bank Easy Access Savings Account features, eligibility criteria, and interest rates, documents required, fees and charges, and frequently asked questions.
Features of Axis Bank Easy Access Savings Account
Here are the features of this Axis Bank Savings Account:
- The minimum opening amount for deposits in metro branches is Rs. 16,000.
- Get monthly e-statements on your registered email address.
- Receive 1 payable at par cheque book for free every year on request.
- The monthly average balance for metro branches is Rs. 15,000.
- Mobile banking and internet banking are available
- Low issuance fee Rs. 350 for a Secure plus Debit Card.
- The annual fee for this Debit Card is Rs. 300.
- On swiping the card once every 90 days, get a personal accident insurance cover of up to Rs. 5 lakhs.
- The security extends to consumer durable purchases and is insured against natural calamities, housebreaking, fires, burglary, etc up to 90 days from the purchase date, on which you are eligible for up to Rs. 50,000 Purchase Protection Plan.
- The daily withdrawal limit at ATMs is Rs. 50,000.
- The daily shopping transaction limit is Rs. 1, 25, 000.
- The first 10 non-financial and 5 financial transactions are free at ATMs of Axis Bank.
- The first 5 transactions are free at non-bank ATMs of non-metro locations.
- The First 3 transactions are free at non-Axis Bank ATMs in metro locations.
Eligibility Criteria for Axis Bank Easy Access Savings Account
Here are eligibility norms:
- Resident individuals
- A HUF (Hindu Undivided Family)
Axis Bank Easy Access Savings Account Interest Rates
Axis Bank Savings Account interest rate is between 3.00% and 3.50%. The Floor Price for all slabs linked to the Repo Rate is 3.50% per annum. The calculation of interest is based on incremental account balance slabs. If the SB account balance is over Rs. 2,500 crores then contact the branch office for preferential interest rates.
|Account Balance||Interest Rate|
|Less than Rs. 50 lakhs||3.00% per annum|
|Rs. 50 lakhs and up to less than Rs. 10 crores||3.50% per annum|
|Rs. 10 crores and up to less than Rs. 100 crores||Repo + (-0.65%) with applicable Floor rate of 3.50%|
|Rs. 100 crores and up to less than Rs. 200 crores||Repo + (-0.50%)|
|Rs. 200 crores and up to less than Rs. 2,500 crores||Repo + (-0.50%)|
Documents for Axis Bank Easy Access Savings Account
Here are the documents you need to open an Axis Bank Savings Account:
- Duly filled and signed account opening form.
Individual Account Holders:
- Two latest passport-size photographs.
- Government-recognized identity and address proof.
Joint Account Holders:
- Identity and address proof of both the applicants
- Address proof of the primary holder is enough if there is a relationship proof submitted between both the account holders
- Form 60 of HUF or copy of Aadhaar Card
- Prescribed joint HUF letter signed by all the adult account holders
- Declaration from the Karta
- Proof of address and identity of the Karta
Fees and Charges of Axis Bank Easy Access Savings Account
Here are the charges for the Easy Access Axis Bank Savings Account:
|Initial deposit amount||
|Average monthly balance for all locations||
|Issuance fee for NetSecure with 1 touch||Rs. 1,000|
|Debit Card||Secure + Debit Card|
|Debit Card Issuance Fee and Annual Fee||
|Issuance of My Design Card||
|Joint Debit Card and its issuance and annual fee||
|Card replacement fee||Rs. 200|
|Duplicate Passbook||Rs. 75 per instance|
|Stop payment of ECS and Cheque||
|Physical statement of prior quarters at the branch||Rs. 75|
|DD/PO revalidation/cancellation/duplicate||Rs 100 per instance|
|Account closure||Rs. 500|
|Speed clearing||There are no charges for a cheque amount of up to Rs. 1 lakh. But over this limit, you have to pay Rs. 150|
|Demat A/C annual charges||
|Value-added SMS alerts||Per SMS the charge is Rs. 25 paise. The maximum cap is Rs. 15 per quarter per customer for non-mandatory SMS|
|The convenience fee for depositing cash at a cash deposit machine||After banking hours between 5:00 PM to 9:30 AM, the charge per transaction is Rs. 50. The same fee applies if the deposit is on state holidays or bank holidays for deposits over Rs. 5,000 per month either through multiple or single transaction|
|Replacement fee for NetSecure with 1 Touch||Rs. 800|
|ECS Debit Failure||Rs. 375 for first return and Rs. 425 for second return and Rs. 500 from third return onward|
|Outstation cheque collection||
|Inward cheque return - non-financial||Rs. 50 per instance|
|International balance enquiry (ATM)||Rs. 25|
|Outward cheque return||Rs. 100 per instance|
|Inward cheque return - Financial Reason||Rs. 500 per instance due to insufficient funds|
|International cash withdrawal (ATM)||Rs. 125|
|Branch transactions (fair usage fees)||You can avail of 15 transactions for free in a month. After this, every transaction will carry a fee of Rs. 75|
|Outstation cheque return||Rs. 150 per instance|
|Standing Instruction failure for Credit Card dues and Loan EMIs||Rs. 200 per instance|
|ECS/NACH transaction||Rs. 25 per transaction, subject to a cap of Rs. 100 in a month|
|ATM cash withdrawal decline due to insufficient funds||Rs. 25 per instance for non-Axis Bank ATMs and no charges for the same at Axis Bank ATMs|
|Transaction declined due to insufficient funds at POS terminals||Rs. 25 per instance|
Frequently Asked Questions for Axis Bank Savings Account
Here are the Axis Bank Easy Access Savings Account FAQs:
1. What is the Maximum Transaction Count Limit on ATM Transactions?
You can make up to 30 transactions in a month. This includes financial transactions at Axis Bank ATMs as well as non-financial and financial transactions at other bank ATMs. After this, a flat fee of Rs. 20 per transaction is applicable.
2. What is the Fee for Photo Attestation, Address Confirmation, Photo Verification, and Balance Certificate?
The fee is Rs. 50 for each of these aspects. The fee is counted per instance.
3. What is the Foreign Currency Fee?
Rs. 1,000 for foreign currency (FC) outward remit by Swift/TT/Wire. Rs. 250 for FC inward remittance fee per instance. Rs. 250 or 0.3%, whichever is higher for FC outward remit by DD. Rs. 100 for FC inward remit FIRC/traveller cheques and currency notes/deposit at branches. Rs. 250 for FC cheque IRM commission. Rs. 50 for FC cheque courier charges.
The FC cheque base charges are 0.25% of INR value plus GST (minimum Rs. 111). FC cheque additional charges for direct collection are as per the drawee bank. The same is as per correspondent bank for FC cheque of FCS only. For reimbursement collection, the charges are on receipt as per the drawee bank and $13 as per the correspondent bank.
4. What is the Account Service Fee?
The monthly Service Fee (MSF) is Rs. 5 for a shortfall of every Rs. 100 + Rs. 75 is the balance required or you need to maintain Rs. 500 (metro and urban locations), Rs. 300 (semi-urban locations), Rs. 250 (rural locations), whichever is lower. The minimum fee is Rs. 75. These are applicable to waivers if you maintain an average monthly balance.
5. What is the Daily Shopping Limit and Withdrawal Limit?
The daily POS transaction limit is Rs. 1, 25,000. The daily withdrawal limit on ATMs is Rs. 50,000.
6. How Much is the Cash Handling Fee?
For a bundle of 1000 notes, Rs. 100 per instance. 10 packets make 1 bundle. This is valid for notes of lower denominations – Rs. 10/20/50.
7. What is the Free Limit for Monthly Cash Transactions?
For metro and urban locations, monthly cash transactions are free for the first 4 instances or Rs. 2 lakhs, whichever happens, earlier. Cash transactions up to Rs. 25,000 are allowed per day at the non-home branch. If this exceeds, then the fee of Rs. 5 per Rs. 1,000 is applicable or part thereof, subject to Rs. 150 at the least. Charges on withdrawals and cash deposits over this limit are Rs. 5 per Rs. 1,000 or Rs. 150, whichever is higher.