Our Verdict
Axis Bank Savings Account
KYC verification on a video call
No need to visit a branch
Virtual Debit Cards
KYC verification on a video call
No need to visit a branch
Virtual Debit Cards
- Easy to open an account.
- Partnerships with good brands to provide discounts.
- Cashback on purchase.
- Very complicated method to calculate interest on deposits after 10 crore.
- No debit card is provided to digital accounts.
Axis Bank has multiple options in the savings bank account space. There are accounts that can be opened instantly (digitally) and there are accounts that may take more time to be activated. The facilities in these accounts vary keeping in mind the different needs of customers. With the advancement in technology in banking services in India, one can open a bank account just by getting on a video call.
Featured Partners
1
AU Bank Savings A/C
Interest rate:
Upto 7.25%
Balance required:
INR 2,000 onwards
Special feature:
Monthly interest payouts
2
Kotak 811 Zero Balance Savings Account
Interest rate:
Upto 7% p.a. with ActivMoney
Balance required:
Zero
Special feature:
Zero-contact, Video KYC Savings Account
Norms related to the account:
We are going to discuss both instant savings accounts and conventional saving accounts.
Following are the interest rates given by the bank on any kind of savings account:
Axis Bank Instant (Digital) Savings Accounts
Procedure: These accounts can be instantly opened after one applies for them on the internet. The bank authorities get on a video call with the applicant and immediately open the account.
Requirement: KYC verification is done on a video call, the only requirement is the PAN card and the Aadhaar card. There is no paperwork involved in it.
Virtual Debit Cards (E-Debit Card): These accounts will work exactly the same way as others and will have a debit card as well, but this debit card will be a virtual one, which can only be used for online transactions and not to take out money from ATMs and other facilities where a hard debit card is required.
1. Easy Access Digital Savings Account
Cashback and discounts:
- 1% cashback on online spends
- 10% cashback on Amazon and Flipkart via GRAB DEALS
- 5%-45% cashback on 30+ brands via GRAB DEALS
Additional:
- Insurance for air accident and baggage
- 250+ banking services
2. PRIME Savings Account
Cashback and discounts:
- 1% cashback on online spends
- 12.5% cashback on Amazon and Flipkart via GRAB DEALS
- 5%-45% on 30 other brands via GRAB DEALS
Additional:
- Insurance for air accident and baggage
- 250+ banking services
3. LIBERTY Savings Account
Cashback and discounts:
- 1% cashback on online spends
- 12.5% cashback on Amazon and Flipkart via GRAB DEALS
- 5% – 45% on 30 other brands via GRAB DEALS
Additional:
- Insurance for air accident and baggage
- 250+ banking services
4. Prestige Digital Savings Account
Cashback and discounts:
- 1% cashback on online spends
- 1% cashback on fuel
- 2% on shopping
- 3% on travel
- 12.5% cashback on Amazon and Flipkart via GRAB DEALS.
- 5% – 45% cashback on 30+ brands via GRAB DEALS.
Additional:
- 48-hour service guarantee on select service requests.
- Discounts on demat, lockers, banking privileges.
5. Priority Digital Savings Account
Cashback and discounts:
- Flat 15% cashback on Amazon and Flipkart via GRAB DEALS.
- Up to 45% cashback on 30+ brands via GRAB DEALS.
Additional:
- Dedicated relationship manager contactable via the mobile app.
- Complimentary airport lounge access up to eight times in the year.
- Up to 50% discount on annual locker rent.
- 10% discount with family banking.
- 24-hours service delivery guarantee on select service requests.
6. Burgundy Digital Savings Account
Cashback and discounts:
- Flat 15% cashback on Amazon and Flipkart via GRAB DEALS
Additional:
- Complimentary golf rounds.
- One Glance statement with a complete overview of your wealth.
- BookMyShow movie ticket offers.
- Complimentary airport lounge access.
- Dedicated relationship manager and wealth specialist via 24×7 toll-free number (No IVR).
- Up to 60% discount on annual locker rent.
- 10% discount on family banking.
Axis Bank Conventional Savings Accounts
Other than the digital or instant saving account there are conventional savings accounts as well, these accounts take a little longer to open and differ in the facilities from the digital credit card.
Procedure: These accounts can not be immediately, one applies for them on the internet. The bank authorities give a call back to the applicant and then the formalities are done manually.
Requirement: Following documents are required to open this account.
For Individuals:
- Duly filled and signed application form along with the necessary documents.
- Two latest passport size photographs.
- Passport or Aadhar Card as address and identity proof.
- If mailing address and permanent address are different then address proof documents for both are required.
Documents for a Hindu Undivided Family (Family account)
- Copy of Aadhar Card or Form 60 of the Hindu Undivided Family.
- Declaration from the Karta (applicant on behalf of the family).
- Identification and address proof of the Karta as per documentation for individuals.
- Letter signed by all the adult holders.
Documents for Joint Savings Account
- Documents for address and identity proofs for the applicants.
- A single address proof of the primary account holder may work if it is supplemented by a relationship proof between both holders.
When Do I Get A Debit Card?
The following kinds of accounts allow the consumer access to a proper physical debit card unlike in the case of instant accounts where only virtual debit cards are provided.
1. Government Scholarship Savings Account
This account is to facilitate students getting government grants and scholarships.
Features
- RuPay Platinum debit card with daily ATM withdrawal limit of INR 40,000.
- Unlimited cash deposit and 4 free withdrawals per month free of charge.
- Zero balance account.
2. Easy Access Savings Account
This account is to facilitate savings as the name suggests in general.
Features:
- Secure Plus debit card available with ATM withdrawal limit of INR 50,000.
- One cheque book free per year.
- First four transactions or two lakh, whichever is earlier.
- Minimum 15% off at all our partner restaurants.
3. Liberty Savings Account
This account gives the flexibility to either maintain a monthly average balance of INR 25,000 or spend INR 25,000 in a month (in both the cases the account will remain active).
Features:
- 5% cashback on Liberty debit card.
- Shopping limit of INR 3 lakh and ATM withdrawal limit of INR 50,000 a day.
- Gift voucher worth INR 750 on quarterly spends of INR 60,000.
- Unlimited free ATM transactions at any bank’s ATM.
4. Prestige Savings Account
This account comes with a cashback debit card, providing cashback for fuel, shopping and travel.
Features
- Prestige Cashback debit card daily ATM withdrawal limit of INR 1,00,000.
- Unlimited cheque books and DD, PoS free.
- Unlimited branch transactions per month.
- Cashback of 1% on fuel, 2% on shopping, 3% on travel.
- No debit card issuance fee.
5. Senior Privilege Savings Account
This account is for senior citizens providing them with higher FD rates, up to 15% discount on medicines and other purchases at Apollo Pharmacies.
Features
- Visa Platinum debit card daily ATM withdrawal limit of INR 40,000.
- First four transactions or INR 2 lakh whichever is earlier.
- Discounts at health care services.
6. Future Stars Savings Account
This account is for children and provides an accident insurance cover of INR 2 lakh for the account holder and a Visa Platinum debit card. If the account holder is over 10 years of age, parents can get an image of their choice printed on the card.
Features
- Visa Platinum debit card with a daily ATM withdrawal limit of INR 1,500 and daily shopping limit of INR 1,000.
- One free cheque book per year.
- First four transactions or INR 2 lakh, whichever is earlier.
- One Image debit card.
- Free ATM card for children under 10 years of age.
Pension Savings Account
This account is for pensioners, and with the ATM withdrawal limit of INR 40,000, it also provides a personal accident insurance cover of INR 2 lakh.
Features
- Visa Classic debit card with a daily ATM withdrawal limit of INR 40,000.
- Unlimited cheque city cheque books.
- No charges on DD, PO issuance.
- Unlimited Cash transactions without any charge.
7. Insurance Agent Account
This account is for insurance agents, and provides low minimum balance requirements and higher withdrawal limit, personal accidental insurance cover of INR 2,00,000 and reward points for transactions.
Features
- Visa Classic debit card with daily ATM withdrawal limit of INR 40,000
- One free cheque book in a year
- First four transactions or two lakh, whichever is earlier
- Higher fixed deposit rates
- 15% discount at over 4,000 restaurants
8. Basic Savings Account
This account is for basic savings and a zero minimum balance account, free cash deposits.
Features
- RuPay debit card with a daily ATM withdrawal limit of INR 40,000.
- Unlimited cash deposit and 4 free withdrawals per month free of cost.
9. Small Basic Savings Account
This account is for small and basic savings and is a zero minimum balance account and provides personal accident insurance cover of one lakh.
Features
- RuPay Debit card with daily ATM withdrawal limit of INR 40,000.
- Free cash deposits.
- Only four cash withdrawals allowed up to INR 10,000 per month free of charge.
Frequently Asked Questions (FAQs)
What is Repo Rate and Floor Rate and what has it got to do with the interest rate in Axis Bank?
We’ll have to understand these terms first:
• Repo rate is the interest at which the central bank of a country (RBI in India) lends money to other banks.
• Floor rate refers to an agreed-upon interest rate range preferably on the lower side associated with a floating rate.
Some banks in India have started considering both these values (fluctuating) to decide the interest rate offered by them on their savings accounts. At this point in time, Axis Bank only considers repo rate and floor rate for deposits of more than INR 10 crore rather than giving a flat rate of interest. These are known as repo-linked deposits and there is no particular mandate or a standardized formula for it as yet. Majority of banks in India have their own version of it and the formula differs from bank to bank.