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.
Who can open an Easy Access Savings Account?
Easy Access Savings Account can be opened by any individual residing in India or a HUF. It can be opened only at Axis Bank branches in Semi-Urban and Rural locations.
This account is currently not being offered at Metro and Urban locations.
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 Savings Account should be Rs 12,000 for Metro / Urban locations, Rs 6,000 for Semi-Urban locations and Rs 2,500 for Rural locations.
Currently, we do not allow opening Easy Access Savings Account from Metro or Urban locations. However, if your branch is in a Semi-Urban or Rural location, you can visit the branch to open account.
Alternately, you can check the Easy Access Digital Savings Account and open a digital account from any location, without any assistance.
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 Easy Access Savings Account requires you to maintain a monthly average balance of Rs 12,000 for Metro / Urban locations, Rs 6,000 for Semi-Urban locations and Rs 2,500 for Rural locations.
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.
