“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of
order, trains to forethought, and so broadens the mind.” -- Thornton T. Munger
This beautiful and thought-provoking quote by a pioneering research scientist for the U.S. Forest Service in the
Pacific Northwest, known for founding research operations at the Wind River Experimental Forest, is relevant even to
the world of
personal finance.
If you are disciplined in handling money, every penny saved will be a penny earned. Saving hard-earned money can
enable you to lead a healthy financial life.
Money saved diligently, should be parked in a savings account. Everyone, irrespective of the economic strata, what
you do for a living, and residential status, should open a savings bank account. For minors too, a savings bank
account should be
opened by their parents/guardians, so that they too learn to save at an early age, and value money.
A savings account is fundamental to manage personal finances: pay utility bill, transfer money, withdraw, to shop, to
address contingency needs, to invest, to receive money, and so on. And the balance in the savings bank account can
earn you interest
at the rate of 3.5%-6% per annum, as opposed to it lying idle and perhaps unsafe at home.
Moreover, Section 80TTA of the Income Tax Act, 1961 provides a deduction upto Rs 10,000 in respect of interest income
earned on savings account. This deduction is available to Individuals and Hindu Undivided Families (HUFs). Further,
for senior
citizens, this year in the union budget 2018, the exemption for interest income earned on deposits with banks and
post offices is increased from Rs 10,000 to Rs 50,000.
There are various types of saving bank accounts today, with frills and no-frills, with distinguishing features
catering to your needs. A regular savings account, salary account , senior citizen savings account, youth savings account, women’s
saving account, zero balance savings account, linked savings account are some of the types of savings bank accounts.
Axis Bank, for instance, offers a diverse range of savings account to serve specific needs. Here’s the list:
- Basic Savings Account
This savings
account offer a zero balance facility as you save. Plus, it facilitates you to transact with ease and
track the account with ease with
monthly e-statements, passbook, and SMS alerts. You also get a free RuPay Debit Card, which can be used to
withdraw money at ATMs and shopping. The daily withdrawal limits is Rs 40,000 at ATMs and Rs 1 lakh for shopping
transactions.
The basic savings account can be opened by resident individual and Hindu Undivided
Family (HUF) by furnishing
necessary documents along with account opening form.
However, the condition to open this account is, the applicant should not have any existing savings account with
Axis Bank prior to the opening of Basic Savings account. If any existing savings account is available or active,
the customer needs
to close it by providing a closure request.
- Easy Access Savings Account
The minimum deposit to open this savings account is Rs 10,000 (in metros) and this is the average monthly
balance requirement too.
Along with this account you get:
- RuPay Platinum Debit Card at a nominal issuance fee of Rs 200 ( Annual fee of Rs 200 in metro/urban and
Semiurban)
- Daily withdrawal limit is Rs 40,000 at ATMs, and Rs 1 lakh on shopping
- One, free, payable-at-par chequebook per quarter
- A personal accident insurance cover of upto Rs 2 lakh if the card is swiped once in every six months
- Access to internet and mobile banking services.
The EasyAccess Savings Account can be opened by resident individuals and
Hindu Undivided
Families by furnishing the necessary documents along with account opening form.
- Prime Savings Account
This savings account provides you with enhanced access and higher transaction limit. It comes with benefits
such as:
- Unlimited (free) cheque books, without any charge
- Unlimited (free) Demand Draft (DD), without any charge
- A Secure Plus Debit Card, at a zero issuance fee
- Daily withdrawal limit of Rs 50,000 at ATMs
- Daily limit of Rs 75,000 on shopping transactions
- Earn Axis eDGE Reward points
- Emergency Travel & Hotel Assistance of up to Rs.80,000 (while travelling abroad)/Rs.40,000 (while
travelling in India)
- Emergency Cash Assistance of up to Rs 5,000
- A fraud protection cover of Rs 75,000
- Personal accident insurance cover upto Rs 5 lakh with Secure Plus Debit Card
- Access to internet and mobile banking
- E-monthly statement, SMS alerts to track your transactions
The minimum amount of deposit to open the Prime Savings Account is Rs 25,000 (in metros), which is
also the average monthly balance requirement.
This account can be opened by resident individuals and Hindu Undivided Families by furnishing account opening
form.
- Prime Plus Savings Account
The Prime Plus Savings Account makes you feel exclusive, as you enjoy higher transaction limits, preferential
pricing, and entertainment benefits.
The salient features of this account are:
- Free Prime Plus Debit Card
- Two, free, payable-at-par chequebooks per quarter
- 10% cash-back on movie ticket bookings (subject to a maximum of Rs 1,000 per year)
- 25% discount on locker rent for the first year
- High cash transaction limit every month
- Unlimited free ATM Withdrawals at Axis and other Bank's ATMs
- High daily withdrawal limits of Rs 50,000 at ATMs
- Daily limit of Rs 1 Lakh on shopping transactions
- Earn Earn Axis eDGE Reward points
- Enhanced Combined Lost Card Liability and Purchase Protection Liability of upto Rs 75,000 to protect
debit card from fraudulent use and also cover for damage or loss of articles purchased using debit card
- Access to internet and mobile banking
- Monthly e-monthly statement, SMS alerts to track your transactions
The minimum deposit to open the Prime Plus Savings Account is Rs 1 lakh across locations. And you have the
flexibility to maintain an average monthly balance, it can be: Rs 1 lakh; or a Total Relationship Value (TRV) of
Rs 5 lakh across your
savings accounts and fixed deposits, for a minimum tenure of 6 months.
This account can be opened by resident individuals and Hindu Undivided Families by furnishing account opening
form.
- Women’s Savings Account
This savings bank account can be opened by all women residing in India. It empowers them with financial
independence. The minimum deposit to open a Women’s Savings Account is Rs 10,000 (in metros), which is
also the minimum average monthly balance requirement.
This account offers:
- One, free, payable-at-par chequebook per quarter
- A Visa Classic Debit Card at nominal issuance fee of Rs 200 ( Annual fee of Rs 200 in metro/urban and
Semiurban)
- Daily withdrawal limit of Rs 40,000 at ATMs
- Daily limit of Rs 1 Lakh on shopping transactions
- Personal accident insurance cover of upto Rs 2 lakhs, if card is swiped once, every six months
- Combined Lost Card Liability and Purchase Protection Liability of upto Rs 50,000 to protect debit card
from fraudulent use and also cover for damage or loss of articles purchased using the debit card
- Access to internet and mobile banking
- Monthly e-monthly statement, SMS alerts to track transactions
Furnish your necessary documents along with the account opening form to open this account today for your
financial independence and experience simplified banking.
- Future Stars Savings Account
This account is perfect for children below 18 years the future stars! For children below 10 years, the
account can be operated by guardian for children.
Opening a savings account for children can inculcate the habit of saving and help them recognise the value of
money from an early age.
The minimum deposit to open Future Stars Savings Account is Rs 2,500 (in metros),
and this is also the minimum average monthly balance requirement. However, the minimum balance requirement
can be waived-off if you maintain a fixed deposit of Rs 25,000 for 6 months or Recurring Deposit of Rs 2,000
for a year.
This account comes with the following features:
- Visa Classic Debit Card at a nominal issuance fee of Rs 200 (Annual fee of Rs 200 in metro/urban and
Semiurban locations)
- Free ATM card for children below 10 years of age, with a daily withdrawal limit of Rs 1,500
- Children above 10 years can get an image on their choice printed on the card
- One, free, payable-at-par chequebook per quarter, in the child’s name or guardian’s name if the child is
below 10 years of age
- Personal accident insurance cover of upto Rs 2 lakhs, if card is swiped once, every six months
- Combined Lost Card Liability and Purchase Protection Liability of upto Rs 50,000 to protect debit card
from fraudulent use and also cover for damage or loss of articles purchased using the debit card
- Free SMS alerts and internet banking services
- Monthly e-statement to track transactions
Furnish the necessary documents along with your account opening form and give your child a bright financial
start.
- YOUth Savings Account
This savings account is for the youth, i.e. resident individuals between 18 to 25 years of age. It offers them
the convenience of YOUth Mobile App that facilitates: checking account balance, transfer funds, settles accounts
with friends holding
Axis Bank account/s (without needing their bank account number) and recharging prepaid mobile phones.
In addition, the account offers customisable YOUth Debit Card (a choice of image on the card) loaded with feature
viz.:
- Multiple deals and discounts
- Daily ATM cash withdrawal limit of Rs 40,000
- Daily limit of Rs 1 lakh on shopping transactions
- A combined Lost Card Liability and Purchase Protection Liability of upto Rs. 50,000 to protect debit card
from fraudulent use and also cover for damage or loss of articles purchased using the debit card
- Access to internet banking and SMS alerts
- Monthly e-statement to track transactions
To know more about the necessary document required to open this account, click here.
- Senior Privilege Savings Account
This account is for over resident individuals who are 57 years age or older, and the account holder will get
priority treatment at Axis Bank branches to move up the queue.
The minimum deposit to open a Senior Privilege Savings Account is Rs 10,000 in metro and urban centres; Rs
5,000 in semi-urban centres; and Rs 2,500 in rural centres.
A power-packed debit card is issued at a nominal fee of Rs 200, and personalized Senior’s ID Card for
availing discount at health-care centres and emergency use.
You are eligible to receive discounts upto 50% at 200 diagnostic centres, and upto 15% off on medicine
purchases at 1400 Apollo pharmacies. You can access
the complete list of diagnostic centres and pharmacies, here.
Further, for the benefit of senior account holders, who may not be tech savvy, there’s also a bill payment
facility at the bank’s branches. There are over 146 billers registered across seven categories like
electricity, gas,
telephone, and more.
All you got to do is a simple one-time registration. Once that’s done, you, the account holder, will get an
SMS when the bill is generated, and the payment will automatically be processed from your account. And in
case you wish to
stop the automatic payment, it is possible with intimation to the Axis Bank call centre.
The daily ATM cash withdrawal limit is Rs 40,000 and shopping limit upto Rs 1 lakh
When you move money from this savings account to a bank FD and/or recurring deposit
(RD), you earn an additional 0.50% interest rate over the nominal rate of interest for the chosen tenure.
To keep track of your transactions, besides access to e-statements, you also have the option of getting one
free pass book on request.
Moreover, this account provides free personal accident insurance cover of Rs 2 lakhs upon swiping your card
once every 6 months. Also, a combined Lost Card Liability and Purchase Protection Liability of upto Rs.
50,000 to protect debit
card from fraudulent use and also cover for damage or loss of articles purchased using the debit card.
To open Senior Privilege Savings Account and know the documents required, click here.
- Pensions Savings Account
This account is suitable if you wish to enjoy stress-free banking post retirement. It is designed to access
Central Civil Pension for existing and prospective pensioners of Central Government, Civil
Ministries/Departments and Defence Ministry.
You receive communication on receipt of the Pension Payment Order (PPO).
The Pension Savings Account can be opened by resident individuals who are employees of central government and
civil ministries, employees of armed forces, employees of establishments with a workforce of more than 20,
members of the EPS
95 scheme, and a member of Employees Family Pension Scheme.
The Pension Savings Account offers enhanced banking benefits such as:
- Free and unlimited chequebooks
- Free and unlimited transactions at all Axis Bank and non-Axis Bank ATMs
- Nil charges on DD/PO issuance
- Unlimited cash transactions with no cap on value
- No average minimum balance quarterly balance requirement
- Visa Classic Debit Card issued at nominal fee of Rs 200 (Annual fee of Rs 200 in metro/urban and
Semi-urban locations)
- High daily withdrawal limits of Rs 40,000 at ATMs
- Daily limit of Rs 1 lakh on shopping transactions
- Free personal accident insurance cover of Rs 2 lakhs upon swiping your card once every 6 months
- A combined Lost Card Liability and Purchase Protection Liability of upto Rs 50,000 to protect debit card
from fraudulent use and also cover for damage or loss of articles purchased using the debit card
- Access to internet banking, mobile banking and free SMS alerts to keep track of your transactions.
To know the documents required for opening a Pension Savings Account, click here.
- Insurance Agent Account
This account is specifically for insurance agents. It can be opened with a concessional minimum deposit of Rs
5,000 (in metros), and comes with high withdrawal limits and low balance requirements.
Some of the salient features of this account are:
- Visa Classic Debit Card at a issuance fee of Rs 200 (Annual fee of Rs 200 in metro/urban and Semiurban
locations)
- Daily withdrawal limit of Rs 40,000 at ATM
- Daily limit of Rs 1 lakh on shopping transaction
- One, free, payable-at-par chequebook per quarter
- Free personal accident insurance cover of Rs 2 lakhs upon swiping your card once every 6 months
- A combined Lost Card Liability and Purchase Protection Liability of upto Rs 50,000 to protect debit card
from fraudulent use and also cover for damage or loss of articles purchased using the debit card
- Access to internet banking and mobile banking to keep track
Visit the link to know the documents required to open the Insurance Agent Account.
Trust/NGO Savings Account
For Trust and NGOs to power their efforts for social good, Axis Bank offers special services and complete banking
experience. We offer a choice of Platinum Trust Account, Gold Trust Account, Silver Trust Account, and Standard
Trust Account
based on the trusts requirement.
Let’s look at the salient features of each of these accounts:
- Platinum Trust Account :
- The average monthly balance requirement for this account is Rs 30 lakh, or balance across Savings
and Term Deposits of Rs 1 crore.
- It offers unlimited access to funds, corporate internet banking, SMS alerts, and e-statements.
Further, there is free locker and safe custody facility for Trusts, discounts on commercial vehicles
and education loans, and special
privileges viz. Burgundy accounts for trustees and salary disbursement solutions for trust
employees.
- Gold Trust Account :
- The average monthly balance requirement for this account is Rs 5 lakh, or balance across Savings and
Term Deposits of Rs 25 lakh.
- Like the Platinum Deposit Account, this account too, offers unlimited access to funds, corporate
internet banking, SMS alerts, and e-statements.
- However, locker and safe custody facility is at 50% discount; not free. Likewise, discounts are
extended for commercial vehicle loan and education loans. Upto 20% discount can be availed on on
setup and transaction charges for
collection solutions such as Easy Pay online, EDC machines, and Payment Gateway. And there are
discounts on payment solution, PayPro as well.
- In addition, there are special privileges for easy and convenient disbursement of Trust employees
and free membership for Trustee to Axis Bank’s premium savings programme.
- Silver Trust Account :
- The average monthly balance requirement for this account is Rs 25,000, even as the benefits of free
unlimited access to funds, corporate internet banking, SMS alerts, and e-statements remain.
- But, there aren’t any discounts and special privileges extended as in the case of platinum and gold
account.
- Standard Trust Account :
- The average monthly balance requirement for this account is Rs 10,000, even as the account offers
free unlimited access to funds, corporate internet banking, SMS alerts, and e-statements. However,
discounts and special privileges
aren’t extended to this account.
To precisely know who are eligible to open any of these accounts, and the documents required, click here and
visit us to know more about the savings account interest rates.
To conclude…
There are a galore of savings bank and accounts. But you should opt for ones that best suit your needs and offer
a host of benefits.
Make sure not to compromise on the safety of your hard-earned money, and therefore do thorough background checks
before you park your hard-earning money. Apt customer service and tools are essential to make it a delightful
banking experience.
Technology is an enabler; so opt for internet and mobile banking services for banking on-the-go and have better
control over your personal finances. Even you can opt for online savings account opening.
Select your savings bank account wisely and lead a healthy financial life.
Happy Banking!
Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial
Planning and Mutual Fund research firm known for offering unbiased and honest opinion on investing. Axis
bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be
responsible for any direct / indirect loss or liability incurred by the reader for taking any financial
decisions based on the contents and information. Please consult your financial advisor before making any
financial decision.
