Axis Bank Basic Savings Account

Axis Bank Basic Savings Account
Monthly Average Balance (MAB) Zero balance account
Interest Rate 3.00% to 3.50%
Debit Card RuPay Debit Card

Axis Bank Basic Savings Account is a zero-balance facility. You can access convenient banking through mobile and internet banking services, ATMs, branches, free cash deposits, and more. You can also keep track of your transactions with ease, and receive SMS alerts for the same. Get a passbook for free every quarter. The daily POS transaction limit is Rs. 1 lakh. The daily ATM withdrawal limit is Rs. 40,000.

In this post, we will discuss Axis Bank Basic Savings Account features, interest rates, eligibility criteria, required documents, fees and charges, as well as FAQs.

Features of Axis Bank Basic Savings Account

Here are the features of this Axis Bank Savings Account:

  • Get a complete waiver on the account maintenance charges for the first year for the Demat account
  • There is no requirement for a minimum balance
  • 4 free cash withdrawals every month
  • Earn interest on the daily closing balance
  • No fees apply for cash deposit
  • You will receive a RuPay Debit Card for no charge
  • Get monthly e-statements and SMS alerts
  • Get one free chequebook every quarter
  • Keep a check on your account balance through internet banking

Axis Bank Basic Savings Account Interest Rates

Here are the details of Axis Bank Basic 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 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%)

Eligibility Criteria for Axis Bank Basic Savings Account

Here are the eligibility norms:

  • A resident citizen of India with no existing savings account in Axis Bank before applying for the Basic SB Acc.
  • If there is an account already with Axis Bank, then you have to close it to be eligible for the Basics Savings Account

Documents for Axis Bank Basic Savings Account

Here are the documents you need to open this Axis Bank Savings Account:

1. Documents for Individual Applicants

  • Two latest passport-size photographs.
  • Identity proof and address proof papers e.g., Aadhaar Card, Voter ID Card, Passport, etc.
  • If permanent and mailing addresses are different, then you have to submit address proof of both.

2. Documents for Hindu Undivided Family

  • Declaration from the Karta.
  • Form 60 of HUF/Copy of Aadhaar Card.
  • Identity and address proof of the Karta.
  • A prescribed family letter signed by all account holders (adults).

3. Documents for Joint Applications

  • Identity and address proof of both the applicants.
  • You can also submit address proof of the first account holder if you provide relationship proof between both the holders.

Fees and Charges for Axis Bank Basic Savings Account

Here are the fees for this Axis Bank Savings Account:

  • The account closure fee is Rs. 500. This is applicable if you close the account between 14 days and 12 months. After this, no fee applies to closure.
  • Above the free limits, per cheque leaf, the cost is Rs. 2.5
  • The NetSecure with 1 Touch Issuance fee is Rs. 1,000
  • The NetSecure with 1 Touch Replacement fee is Rs. 800
  • If the Demat account is lined with your SB account, then the charge is Rs. 750. If the same is not linked with the SB account, then you have to bear Rs. 2,500
  • Over the allowed limit, the IMPS charges are Rs. 2.5 per transaction for up to Rs. 1,000. The same is Rs. 5 for Rs. 1,000 to Rs. 1 lakh and Rs. 15 for Rs. 1 lakh to Rs. 2 lakhs
  • Rs. 20 per transaction applies for cash withdrawal at Axis/non-Axis ATM, beyond limits
  • Cross Currency Mark-up is 3.50% on International Debit Card Transactions.
  • Speed cleaning is free up to Rs. 1 lakh cheque amount. Over this limit, the fee is Rs. 150.
  • ECS debit failure fee for 1st return is Rs. 375. The same is Rs. 425 and Rs. 500 from 2nd and 3rd return onward, respectively
  • Inward cheque return for a financial reason (insufficient funds) will apply a charge of Rs. 500 per instance.
  • Due to lack of funds, if ATM cash withdrawal fails, then the fee is Rs. 25 per instance at non-Axis Bank ATM. No charges apply for the same at Axis Bank ATMs
  • Rs. 200 per instance of Standing Instruction failure on Credit Card dues and Loan EMIs
  • The fee is Rs. 75 per instance for a physical statement at a branch for the prior quarter
  • DD/PPO cancellation/revalidation/duplicate is Rs. 100 per instance
  • Rs. 100 for ECS (stop payment instruction)
  • The fee for additional DD/PPO is Rs. 50 for up to Rs. 10,000. The same is Rs. 5 per Rs. 1,000 if over the specified limit. The minimum fee, in any case, is Rs. 75. The maximum charge is Rs. 10,000
  • The fee for cheque stop payment instruction is Rs. 50 per instance with Rs. 100 at the most for series (>2)

Axis Bank Basic Savings Account FAQs

Here is the Axis Bank Basic Savings frequently asked questions:

If you do not make transactions for 17 months continuously, then the one-time free from the 18th of the month is Rs. 100.

The fee for the issuance of the original card is Rs. 250 + GST. For Angry Birds Images, the fee is Rs. 500 + GST.

The fee is Rs. 50 for each of these aspects. The fee is counted per instance.

The charge for such an instance is Rs. 5 per Rs. 1,000. Or, it is Rs. 150, whichever is higher.

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 high 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.

FC cheque base charges 0.25% of INR value plus GST (minimum Rs. 111). FC cheque additional charges for direct collection is as per the drawee bank. The same is as per correspondent bank for FC cheque of FCS only. The charges are on receipt for reimbursement collection as per the drawee bank and $13 as per the correspondent bank.