Axis Bank Small Basic Savings Account
|Axis Bank Small Basic Savings Account
|Minimum Average Balance
||3.00% to 3.50%
||Free RuPay Debit Card
||Those who cannot submit KYC documents for the first 24 months and have an existing relationship with Axis Bank
Axis Bank Small Basic Savings Account is a zero minimum balance account. It offers several benefits such as monthly e-statements, personal accident insurance worth Rs. 1 lakh on using the card once in every 45 days, free RuPay Debit Card, SMS alerts, passbook, and a lot more. You get the chance to earn 3.00% to 3.50%% interest on a daily balance every quarter. On the RuPay Debit Card, you can enjoy a daily shopping limit of Rs. 1 lakh and a daily withdrawal limit of Rs. 40,000.
In this post, we will discuss Axis Bank Small Basic Savings Account features, eligibility criteria, interest rates, documents required, fees and charges, and frequently asked questions.
Features of Axis Bank Small Basic Savings Account
Here are the features of this Axis Bank Savings Account:
- The maximum account balance should be up to Rs. 50,000 only at any point in time.
- The interest rate is applicable on daily balances and credited quarterly.
- The highest rate of interest is 3.50% depending on the account balance.
- Foreign inward remittance is not permissible.
- The aggregate of all credits must not exceed Rs. 1 lakh in a financial year.
- The aggregate of all the transfers and withdrawals in a month is restricted to Rs. 10,000.
Eligibility Criteria for Axis Bank Small Basic Savings Account
Here are the eligibility norms for the following account:
- Individuals living in India but do not have an existing Axis Bank savings account before opening the basic savings account.
- Entities can also open this SB account.
- Also, if you have the basic SB account in Axis Bank, you can apply for a regular savings account by submitting the documents of the former small basic SB account and the filled and signed application form for the new account.
Axis Bank Small Basic Savings Account Interest Rates
Axis Bank Small Basic Savings Account Interest Rate ranges between 3.00% and 3.50%. It is based on daily balance. The interest earned gets to your account every quarter. So, you can expect the interest accumulated on the first day of every quarter. Interest earned up to Rs. 10,000 from a savings account currently free of tax.
- The interest rate on a daily balance of less than Rs. 50 lakhs in a year is 3.00%.
- The interest rate is 3.50% per annum if you maintain a daily balance of Rs. 50 lakhs and up to less than Rs. 10 crores.
- The same is 3.50% per annum for a balance of Rs. 50 lakhs and up to less than Rs. 10 crores.
- If the balance is Rs. 10 crores and up to less than Rs. 100 crores, then the rate applicable is Repo + (-0.65%), with a floor rate of 3.50%.
- For the balance of Rs. 100 crores and up to less than Rs. 200 crores, the rate applicable is Repo + (-0.50%).
- For Rs. 200 crores and up to less than Rs. 2.500 crores balance, the rate applicable is Repo +(-0.50%).
Documents Required for Axis Bank Small Basic Savings Account
Here are the documents needed for an individual:
- The applicant has to submit the KYC documents.
- If the same is not available, then the applicant must submit a photo ID and address proof as per the list of documents requested by the bank.
- Two latest passport-size photographs.
- If no KYC documents are submitted at the time of account opening, the same has to be submitted within 24 months of account opening.
- If the applicant’s permanent address is different than the mailing address, then address proof of both the places is required by the bank.
Here are the documents required for a joint small basic SB account:
- Identity proof and address proof of both the applicants.
- It is possible to only submit the address proof of the primary account holder if the same is established with relationship proof between both the account holders.
Here are the documents that a Hindu Undivided Family has to submit:
- Declaration from the Karta.
- Form 60 or copy of the Aadhaar Card of HUF.
- Prescribed joint Hindu family letter that is signed by all the adult account holders.
- Address proof and identity proof of the Karta as per individual’s documents.
Axis Bank Small Basic Savings Account Fees and Charges
Here are the fees and charges for this Axis Bank Savings Account:
- For the issuance of My Design Card, the fee is the original card’s issuance cost + Rs. 250 + GST.
- The card with the angry bird image costs Rs. 500 + GST.
- Every quarter you get 1 free-of-cost cheque book. After which every leaf costs Rs. 2.5.
- Free unlimited cash deposits in any of the Axis Bank branches. But free withdrawals are applicable for 4 transactions up to Rs. 10,000 per month for transactions in any other bank ATMs apart from that of the parent bank.
- The cash withdrawal fee beyond the free limit at Axis/Non-Axis Bank ATM is Rs. 20 per transaction.
- Rs. 500 is the cost for account closure. Charges apply if you close the account between 14 days and 12 months. No charges apply otherwise.
- If the account does not have any transactions continuously for 17 months, then a one-time fee of Rs. 100 applies in the 18th month.
- Rs. 1,000 is NetSecure with a 1 Touch Issuance fee.
- Up to 4 free-of-cost DD/PO issuance in a month is included within the overall 4 withdrawal transactions.
Frequently Asked Questions on Axis Bank Small Basic Savings Account
Here are the Axis Bank Small Basic Savings Account FAQs:
For semi-urban and rural branches, the monthly cash transaction free limit is 4 withdrawals of up to Rs. 10,000 per month/ Rs. 5 per Rs. 1,000 or Rs. 150, whichever is higher, applies on cash withdrawals and deposits above the specified free limit.
There is no fee for IMPS if it falls within the free 4 withdrawal transactions in a month. After the free limit is allowed in a month, the charges are Rs. 2.5 per transaction of up to Rs. 1,000. Rs. 5 per transaction value of Rs. 1,000 to Rs. 1 lakh. Rs. 15 per transaction of value Rs. 1 lakh to Rs. 2 lakhs.
The speed clearing fees do not apply for a cheque value of up to Rs. 1 lakh. But over this limit, the fee is Rs. 150 per instance.
The annual charges are Rs. 750 for the Demat Account linked to your savings account. If not linked, then the charges are Rs. 2,500. On opening the small basic SB account, the annual maintenance charges for the Demat account are waived for the first year.
The foreign currency outward remittance by Swift/TT/Wire is Rs. 1,000. The foreign currency outward remittance by Demand Draft is Rs. 250 or 0.3%, whichever is higher.
The cross-currency mark-up in transactions using the international debit card is 3.50%.