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
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
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