What is an Easy Access Savings Account?
An Easy Access Savings Account offers a convenient way for you to fulfil your banking needs. An
easy-access
savings account enables you to save your money, earn interest on your savings, transfer and
withdraw your
money with ease and make various payments from the comfort of your home.
Easy Access Savings Account not only lets you save your money but also allows you to access the
funds as
and when you need to make any payments. The Axis Bank Savings Account offers features such as Internet
Banking, free
monthly e-statement and much more to ensure that your banking needs are met with ease.
How Does an Easy Access Savings Account Work?
You can open an Easy Access Savings Account online and deposit a minimum amount. After opening
the account,
you can execute the transactions online, check your balance and interest rate and view your
balance at any
time and from anywhere.
An easy access savings account enables you to withdraw money from the account with a daily
withdrawal
limit. You can also earn annual interest on this account, depending on the easy access savings
account
interest rates.
The Axis Bank Easy Access Savings Account lets you earn daily interest of 3-3.5% on the daily
balance on a
quarterly basis.
Advantages of an Easy Access Savings Account
These are some of the benefits you can enjoy when you open an easy access savings account:
- You can earn regular interest on your account balance even when you access the funds for
making
transactions.
- The easy access savings account offers security to your funds and the liquidity for
withdrawing these
funds.
- Handling your money can be easier and safer than having cash if you have a debit card linked to your easy
access savings
account.
- You can pay through multiple digital channels such as Unified Payments Interface (UPI),
Immediate
Payment Service (IMPS), National Electronic Funds Transfer (NEFT) or Real-Time Gross
Settlement (RTGS).
- You can also invest by starting a trading and demat
account, a Fixed
Deposit, a Recurring
Deposit or a Systematic Investment Plan for a mutual fund
through your
easy access savings account.
- Get access to value-added benefits, services and discounts to save more on your online
purchases.
How to Maximize Earnings from an Easy Access Savings Account?
Your easy access savings account enables you to save your money and earn interest on the same,
depending on
the current interest rate. Here is what you can do to maximise your earnings from your easy
access savings
account:
- Keep a check on your expenses through the monthly e-statement so that you can plan your
finances
better.
- Earn interest on the daily account balance at the current rate of 3.0%-3.5% per annum.
- Create a target for your financial goals and save your money to meet those goals.
- The easy access savings account is a secure avenue to save surplus funds that can be used
for further
investments.
Easy Access Savings Account Interest Rates
You can earn interest on the balance maintained in your easy access savings account at the
current rate of
3% and 3.5%.
To check the latest savings account interest rate, click here.
How to Open an Easy Access Savings Account Online?
To open your Easy Access Savings Account Online with Axis Bank, here are the documents you need
to submit
along with a filled and signed application form:
- Go to the Axis Bank homepage and click on Open Digital A/c.
- Submit your Aadhar Card and PAN Card details and your mobile number.
- You will get a call from the authorised bank officials to proceed with the opening of the
Easy Access
Savings Account.
If you are a Hindu Undivided Family (HUF) and want to open an account online, these are the
documents you
need to submit:
- A copy of your PAN Card / Form 60 of the Hindu Undivided Family
- Proof of declaration from the Karta
- Address proof and identity proof of the Karta
- A joint HUF letter with signatures of all adult holders
Dos and Don'ts for Easy Access Savings Account
Here are a few simple do’s and don’ts when it comes to your easy access savings account:
- Protect your username and password
When you open an easy access savings account, be sure to protect your
account password at all
times. The PIN or the password used for making digital transactions
should not be shared with
anyone, especially when you are out in public. Set a password that is
easy for you to remember
but cannot be guessed or hacked by anyone else.
- Maintain the minimum account balance
You will have to maintain a minimum savings account balance at all times.
This minimum account
balance will not only help you avoid penalty fees charged on low
balances but will also enable
you to earn daily interest on your average daily balance. While making
digital payments, ensure
that you are able to keep the minimum balance in your account.
- Avoid shared electronic devices
It is advisable to not log into your easy access savings account from
anywhere except for
your personal devices. And when using a public computer to make
digital transactions, always
log out of your account without fail and avoid saving the password
on the page.
- Don’t fall for fake messages
If you get messages, calls or emails from anyone other than the
authorised officials from
your bank, it is best to avoid these communications. Genuine bank
officials will never ask you
for sensitive personal and financial information such as your debit
card number, account
number, username or passwords through any form of communication.
Frequently Asked Questions
Starting 01 April 2022, the minimum balance in your Axis Bank Easy Access
Savings Account should
be ₹12,000 for metro and urban locations (Only digitally opened accounts),
₹5,000 for Semi Urban and ₹2,500
for Rural.
While there is an initial deposit requirement and a monthly average balance
limit on your Axis
Bank savings account, there is no upper limit on how much you can deposit to
your account.
The interest rates as per the existing norms and regulations are calculated
on the daily account
balance, and the cumulative interest earned on balance is paid out to the
easy access savings
account on a quarterly basis. For latest interest rates, please click
here.
The interest on an easy access savings account is earned on the daily account
balance and is paid
out on a quarterly basis.
The Average Monthly Balance of an easy access savings account is calculated
by taking the daily
closing balance in the account for a given month. The average is then
divided by the total number
of days in the month. The formula for the same is: Average Monthly Balance =
(Sum of all daily
closing balances) / (No. of days in a month)
The Axis Bank Easy Access Savings Account allows you to maintain a monthly
average balance
requirement of ₹ 12,000 if you are carrying out online banking from a metro
city. The minimum
opening deposit in your account will be ₹ 16,000 (Only digitally opened
accounts).
With an easy access savings account, you can easily make your payments for
your utility bills
online, access your funds from anywhere and at any time and enjoy a number
of value-added
benefits, services and discounts on your online purchases. An easy access
savings account saves
you from the hassle of handling cash payments.
To deposit money into your easy access savings account, you can fill in the
deposit slip with
details like your name, account number, date, and amount of money to be
deposited and submit it to
your bank. Once account is opened you can credit your account via Online
mode of payments as well.
The interest earned on your account balance is credited to your easy access
savings account on a
quarterly basis.
You can receive your easy access savings account statement on a monthly
basis. You can choose to
receive the e-statement of your account or opt for the physical statements.
In a few easy steps, you can complete the video KYC (Know Your Customer)
verification of your
Axis Bank Easy Access Savings Account:
- You will need your PAN card and Aadhar card for verification.
- Fill in your personal details on the online form.
- Update your account with initial funding of ₹ 16,000 (Only digitally
opened accounts).
- Get your KYC verified on a video call from our officials.
You can easily withdraw funds from your easy access savings account by using
your debit card
linked to the bank account at an ATM (Automated Teller Machine) or through
internet banking while
making online payments.
