Axis Bank Small Basic Savings Account

Axis bank small savings account offers one such basic savings account which has no frills and very minimal documentation requirements. Having a savings account is the best way to earn some interest on the money you have presently. You have the option to withdraw it whenever you like to without interruptions.

Highlights of the Axis Bank Small Basic Savings Account

  • It does not have any minimum balance condition
  • You earn 4% daily on balance paid quarterly
  • You are offered a RuPay debit card with no annual fee or insurance

Services provided with the account

  • SMS alerts
  • Monthly e-statements
  • Passbook and cheque
  • Personal accident cover which you can avail using your debit card at ATM or POS. You should use it at least once in 45 days.
  • Eligibility Criteria and Documentation obligatory for opening an Axis Bank Small Basic Savings Account

Any resident of India is eligible for the account. The documentation required are:

  • Photo Identity Proof
  • Address Proof
  • Two latest passport size photographs
  • Hindu Undivided Family (HUF) accounts require documentation such as Form 60 of HUF, Proof of ID and address of Karta, a copy of a PAN, Declaration from the Karta, prescribed Joint Hindu Family Letter, etc.

In the case of joint accounts, you will need ID proof for both the people along with address proof for the first person if it is an established relationship between both the holders.

Charges and Fees of Axis Bank Small Basic Savings Account

  • You are allowed a maximum of 4 free withdrawal transactions from Axis Bank and any other ATM
  • Beyond this limit, you will be charged ₹20 for every financial transaction and Rs. 8.5 for every non-financial transaction.
  • In case of Additional branch cash withdrawal transaction, you will be charged, Rs. 5 for Rs. 1000 or Rs. 150, whichever is more
  • The Aggregate of all transfers and withdrawals every month shouldn't exceed Rs. 10,000
  • Further, the Balance at any point of time Should be not more than Rs. 50,000