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:
DO’S
- Protect your username and password
- Maintain the minimum account balance
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.
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.
DON’TS
- Avoid shared electronic devices
- Don’t fall for fake messages
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.
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
What is the minimum balance in Axis Bank Easy Access?
Starting 01 April 2022, the minimum balance in your Axis Bank Easy Access Savings Account should be ₹12,000 for metro and urban locations, ₹5,000 for Semi Urban and ₹2,500 for Rural.
What is the limit of Axis Bank’s saving account?
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.
How does the monthly interest credit for an easy access savings account work?
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.
What is the frequency of interest pay-out?
The interest on an easy access savings account is earned on the daily account balance and is paid out on a quarterly basis.
How Easy Access Savings Account Average Monthly Balance (AMB) is calculated?
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)
What is the minimum balance that I need to maintain in my Easy Access Savings Account?
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.
Why should you open an Easy Access Savings Account?
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.
How do I deposit money into my easy access savings account?
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.
When is interest credited to the Easy Access Savings Account?
The interest earned on your account balance is credited to your easy access savings account on a quarterly basis.
When will I receive my Easy Access savings account statement?
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.
What is the verification process for an Easy Access savings account?
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.
- Get your KYC verified on a video call from our officials.
How to withdraw funds from your Easy Access Savings Account?
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.
