What is a basic savings account in Axis Bank?
Axis Bank's Basic Savings Account brings you the best-in-class banking services, without the need for any minimum balance requirement. The benefits of the Basic Savings Account include free cash deposits, convenient banking with access to multiple branches & ATMs across India and Internet & Mobile Banking services.
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.
How can I open a basic savings account in Axis Bank?
To apply for the Basic Savings Account, submit the completed application form along with the necessary documents at your nearest Axis Bank branch.
Yes. Axis Bank offers a Zero Balance Savings Account also called Basic Savings Account as part of the Pradhan Mantri Jan-Dhan Yojana Scheme. The account offers benefits such as free cash deposits, access to over 4000 Axis Bank branches and 14,000+ ATMs across India and Internet and Mobile banking services.
What is difference between regular and basic saving account?
This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month). The aim of the basic savings account is to provide primary banking services at a very nominal charge.
A savings account is an effective way to store your money in a secure location where it can earn interest. With a savings account, you can maintain your savings in a liquid state — meaning you can access your funds whenever you want — while also putting some space between your savings and your daily spending needs.
What if minimum balance is not maintained in Axis?
7.5 per 100 of the shortfall from AMB requirement or 600 whichever is lower. 7.5 per 100 of the shortfall from AMB requirement or 600 whichever is lower. 7.5 per 100 of the shortfall from AMB requirement or 300 whichever is lower.
You can be penalized for not keeping the minimum balance. There is no limit on the penal charges that a bank will charge for the non-maintenance of the minimum balance. The charges have to be approved by the bank's board. Charges will vary from bank to bank and from branch to branch as well.25-Feb-2022
What is free limit in Axis Bank?
Maximum Non-Home Branch Cash Deposit/withdrawal per day shall be 1 Lac.
Basic bank accounts are free for day-to-day banking, but still have a few fees. Banks can't charge you for the day-to-day running of a basic bank account. For example, you can't be charged for an unpaid direct debit or standing order, or charges for going into your overdraft (you won't have this facility anyway).04-Oct-2022
Who is eligible for a basic bank account?
* Basic bank accounts are intended for customers who qualify for a concession card issued by the Government such as a Pensioner Concession Card, Health Care Card or Commonwealth Seniors Health Card. They are aimed at ensuring those on lower incomes have access to affordable banking services.
Best Zero Balance Savings Account 2022
Which bank has lowest minimum balance?
IndusInd Bank - Indus Online Savings Account Any Indian citizen above the age of 18 years is eligible to open this savings account with no minimum balance. Transfer funds for free via NEFT, IMPS, and RTGS. Avail of WhatsApp banking services and a free passbook, chequebook, and debit card.
With a zero-balance savings account, most of the banks offer a free ATM-cum-debit card, passbook and cheque book. Also, facilities like internet and mobile banking are offered by several banks.
What is monthly service fee in Axis Bank?
Key fees on your Account
Disadvantages of a basic bank account
What is the limit of basic saving account?
Total credits in such accounts should not exceed one lakh rupees in a year. Maximum balance in the account should not exceed fifty thousand rupees at any time.
The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.22-Sept-2022
What is a basic savings account called?
What is BSBDA? The Basic Savings Bank Deposit Account or BSBDA is a Savings Account that does not have a minimum balance. In contrast, a BSBDA has a maximum account balance that has to be maintained. The BSBDA holder will get an ATM cum Debit Card as a part of the account opening formalities.
Basic savings accounts pay a nominal interest rate, but offers the most flexibility and has a low minimum balance requirement. They are one of the most “liquid” options, meaning you can withdraw your money at any time without limit or waiting.
What is a disadvantage to putting your money into a basic saving account?
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What is a basic savings account in Axis Bank?