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Axis Bank Savings Account Interest Rate & Minimum Balance 2024

By Adnan Ali

Updated on: Jul 4th, 2024

9 min read

Axis Bank is one of India’s leading banking and financial services institutions. It is the third largest private sector bank in terms of assets and the fourth largest in market capitalisation. Established on 3 December 1993 in Mumbai, this bank has 5100+ branches all across India and serves almost 1 billion customers.

Additionally, Axis Bank provides 3.00% p.a. interest to its savings account holders for deposits less than Rs.50 lakh. So, if you are planning to open a savings account, check out the Axis Bank savings account interest rate, available schemes and more.

Axis Bank Savings Account

Axis Bank offers a wide variety of savings account options, allowing customers to save their money and gain interest at attractive rates. The minimum deposit amount depends on the account type, while there is no maximum threshold for the upper limit.

Axis Bank Savings Account Types

At Axis Bank, you will find multiple savings account options which you can opt for as per your requirements. Some of the most popular ones are as follows:

Basic Savings Account

Axis Bank’s Basic Savings Account mitigates the need to maintain a minimum balance. It features free cash deposits, a RuPay debit card, and mobile and internet banking, along with access to multiple ATMs and branches all across India.

Easy Access Savings Account

The Easy Access Savings Account enables you to conduct all your transactions with a few clicks on your smartphone. It has a low opening deposit and comes with a Secure Plus debit card and personal accident insurance cover.

Senior Privilege Savings Account

For all the senior citizens out there, the Axis Bank Senior Privilege Savings Account can be a perfect choice. It offers the following benefits:

Up to 0.75% additional interest rate for recurring and fixed deposits.
24/7 banking assistance.
Power-packed debit card.
Low opening deposits.
Exclusive Senior ID card for priority and preferential treatment at branches.
Bill payment facility at branches.
Personal accident death cover up to Rs.2 lakh and more.

Liberty Savings Account

With the Liberty Savings Account, you have the freedom to either spend Rs.25,000 or keep Rs.25,000 as the minimum balance per month. The Liberty debit card provides flat 5% cashback on weekend spends like travel, food, entertainment and shopping.

Prestige Savings Account

Prestige is one of the premium savings bank account schemes Axis Bank offers. The Prestige Cashback Debit Card offers cashbacks worth Rs.1,500 per quarter on shopping, travel and fuel. Moreover, you get express 24/7 banking assistance, higher transaction limits, entertainment benefits and convenient pricing on lockers.

Priority Digital Savings Account

The Axis Bank Priority Savings Account aims to provide you with the most elite banking experience. You get a complimentary Axis Bank Instant Virtual Debit Card with 1% cashback on online spends. Furthermore, you can get exclusive offers on lifestyle, travel and more with Priority Debit Card.

Burgundy Digital Savings Account

If you are a Non-Resident Indian (NRI), the Burgundy savings account is for you. This account is available in NRO and NRE variants and offers complimentary airport lounge access, wealth management solutions and more.

Apart from these, Axis Bank offers several other savings bank accounts like:

Prime Savings Account
Woman Savings Account
Youth Savings Account
Future Stars Savings Account
Pension Savings Account
Infinity Savings Account, etc.

Axis Bank Savings Account Interest Rate

The ongoing Axis Bank savings account interest rate is as follows:

Account Balance	Interest Rates
Lesser than Rs.50 lakh	3.00% per annum
Rs.50 lakh to less than Rs.2,000 crore	3.50% per annum
Rs.2,000 crore and above	Overnight MIBOR + 0.70%

The Axis Bank savings account interest rate for senior citizens is the same as provided above.

Axis Bank Minimum Balance for Savings Account

The minimum balance required for different Axis Bank savings accounts is:

Account Type	Minimum Balance
Basic Savings Account	Nil
Easy Access Savings Account	Rs.12,000 for metro and urban locations Rs.5,000 for semi-urban locations Rs.2,500 for rural locations
Senior Privilege Savings Account	Rs.12,000 for metro and urban locations Rs.5,000 for semi-urban locations Rs.2,500 for rural locations
Liberty Savings Account	Rs.25,000 per month
Prestige Savings Account	Rs.75,000 monthly average
Priority Digital Savings Account	Rs.2 lakh quarterly average
Burgundy Digital Savings Account	Rs.10 lakh quarterly average

Penalty for Not Maintaining Minimum Balance in Axis Bank Savings Account

Account Type	Applicable Charges
Basic Savings Account	Nil
Easy Access Savings Account	Varies depending on the balance amount as follows: - Between Rs.600 to Rs.50 in metro and urban locations - Between Rs.300 to Rs.50 in semi-urban locations - Between Rs.150 to Rs.75 in rural locations
Senior Privilege Savings Account	Varies depending on the balance amount as follows: - Between Rs.600 to Rs.50 in metro and urban locations - Between Rs.300 to Rs.50 in semi-urban locations - Between Rs.150 to Rs.75 in rural locations
Liberty Savings Account	Varies between Rs.600 to Rs.250 depending on the balance amount
Prestige Savings Account	Rs.600
Priority Digital Savings Account	Rs.600
Burgundy Digital Savings Account	NA

Axis Bank Saving Account Charges

The various applicable Axis Bank savings account charges are mentioned in the table below:

Particulars	Types of Account	Applicable Fees
DD Issuance Charges	For all savings accounts except Burgundy account	Upto Rs.10,000 - Rs.50 Rs.10,000 to Rs.20 Lakhs - Rs.5 per 1000 (min Rs.75 and max Rs.7,500) Rs.20 lakhs to Rs.1 cr - Rs.5 per 1000 (max Rs.10,000) Above Rs.1 cr - Rs.5 per 1000 (max Rs. 15,000)
Cheque Return - financial reasons	For all savings accounts except Burgundy account	1st return - Rs.500 2nd return onwards - Rs.550
Cheque Return - non-financial reasons	For all savings accounts except Burgundy account	Rs.150 per instance
NACH Debit Failure	For all savings accounts except Burgundy account	1st return - Rs.500 2nd return onwards - Rs.550
Branch NEFT Charges	For all savings accounts except Basic Savings account and Burgundy account	Upto Rs.10,000 - Rs.2 Rs.10,001 to Rs.1,00,000 - Rs.4 Rs.1,00,001 to Rs.2,00,000 - Rs.14 More than Rs.2,00,000 - Rs.24
Branch RTGS Charges	For all savings accounts except Basic Savings account and Burgundy account	Rs.2 lakh to 5 lakh - Rs.20 More than Rs.5 lakh - Rs.45
Deliverable return charges	For all savings accounts except Burgundy account	Rs.50 per return

Axis Bank Saving Account Transaction Limit

Mentioned below are the monthly cash withdrawal limits for Axis Bank savings accounts:

Particulars	Monthly Withdrawal Limits
Monthly free cash transaction limit (sum total of deposits and withdrawals)	4 per month with a max of Rs.1 lakh
Monthly free limit for third party cash transactions	Free monthly limit - Rs.25,000 Post free limits - Rs.10 per Rs.1,000 or part, subject to a minimum of Rs.150

How to Open a Saving Account in Axis Bank?

Here are the steps you can follow to open a savings account at Axis Bank:

Step 1 – Navigate to Axis Bank’s official website, tap on ‘Explore Products’, ‘Accounts’ and then on ‘Savings Account’.

Step 2 – Select a savings account that aligns with your financial goals.

Step 3 – Click ‘Apply’ or ‘Get a Call Back’.

Step 4 – Fill out the application form.

Step 5 - After this, the bank officials will contact you to verify all your documents and move forward with the application.

Step 6 – Make a cash deposit to fulfil the minimum balance requirement.

Your Axis Bank savings account is open!

After this, you will receive the debit card, passbook and chequebook via courier.

Documents Required for Opening Savings Account in Axis Bank

The documents required to open an Axis Bank savings account are as follows:

Individuals
- PAN card
- Identity proof – Voter ID, Aadhaar card, passport, driving license, etc.
- Address proof – Aadhaar card, Voter ID, utility bills, etc.
- Form 16 (in case PAN card is not available)
- Latest passport-sized photographs.
Joint Applicants
- Identity and address proof of both individuals.
- Latest passport-sized photographs.

Note - For married couples, only the primary holder’s address proof will be necessary.

Hindu Undivided Families (HUFs)
- Karta’s declaration form.
- Identity and address proof of the Karta.
- Copy of PAN card.
- Form 16 (in case PAN card is not available)
- Prescribed Joint Hindu Family letter that is signed by all the adult holders.

How to Close Axis Bank Savings Account?

You can close your Axis Bank savings account in two simple steps:

Step 1: Download and fill in the Axis Bank Savings Account Closure Form.

Step 2: Submit it to your home branch or nearest Axis Bank branch along with your unused cheque leaves and your debit card cut into four pieces.

Axis Bank Saving Account Features

Listed below are some of the features of Axis Bank savings accounts:

Safe and secure place to store your hard-earned money.
Debit cards with exclusive features, large transaction limits and complimentary chequebooks.
Deals and discounts on travel, online shopping and movie tickets.
Special accounts for women, children and senior citizens.

Axis Bank Saving Account Benefits

Here are some of the benefits of opening a savings account at Axis Bank:

Wide array of savings account schemes to choose from as per your financial goals.
Minimum documentation requirements.
24/7 mobile and internet banking facilities.
Attractive interest rates with no maximum threshold for cash deposits.

Now that you know the latest Axis Bank savings account interest rates and the types of available schemes, you are ready to make an informed choice. Additionally, do not forget to add a nominee while opening your account. Doing so will enable your spouse or children to access your funds in case of your unfortunate demise.

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Frequently Asked Questions

Which is the best savings account in Axis Bank?

Axis Bank has a plethora of savings account schemes like Basic, Easy Access, Prestige, Liberty and Burgundy. You can check out all of them and choose one which best suits your financial needs.

What is the minimum balance in the Axis Bank savings account?

The minimum balance for the Axis Bank Easy Access Savings Account is Rs.12,000, Liberty Savings Account is Rs.25,000, Prestige Savings Account is Rs.75,000, Priority Savings Account is Rs.2 lakh, and Burgundy Savings Account is Rs.10 lakh.

What if the minimum balance is not maintained in Axis Bank?

For non-maintenance of the minimum balance, a penalty of shortfall of the minimum balance is chargeable. The penalty varies depending on the type of account and the minimum balance.

What is Axis Bank savings account interest rate?

For deposits lesser than Rs.50 lakh, interest at 3.00% per annum is applicable, for Rs.50 lakh to less than Rs.2,000 crore - 3.50% per annum and for Rs.2,000 crore and above - Overnight MIBOR + 0.70%.

How many types of savings accounts are there in Axis Bank?

Axis Bank offers 15+ types of savings accounts. Some of the most popular ones are – Basic, Easy Access, Liberty, Prestige, Priority and Burgundy.

What is the most premium savings account in Axis Bank?

The Priority Savings Account is the most premium savings account in Axis Bank. It provides complimentary debit and credit cards, a comprehensive health insurance policy and dedicated relationship manager and much more.

What are the benefits of an Axis Bank savings account?

Axis Bank savings accounts come in various types to suit the varying financial needs of customers. There is no maximum threshold for cash deposits, and individuals can operate their accounts 24/7 via internet and mobile banking.

How to close an Axis Bank savings account?

You need to download the Axis Bank Savings Account Closure Form, fill in the details and submit it along with your debit card and unused cheque leaves to the nearest branch.

Does Axis Bank allow two-step authentication in savings accounts?

Yes, Axis Bank allows two-step verification in savings accounts. You can enable it in your account by logging into your MyAxis account and clicking on Account Settings, then Security Settings and clicking on ‘enable 2-step verification’.

About the Author

Adnan Ali

Senior Content Writer

I am a curious person, and Finance is at the top of my list of interests. With more than 5 years of experience in fintech, I am an expert in lending, investment and personal finance. I believe the Devil lies in details, so I dig a lot before writing anything and armed my writing pieces with figures and facts. Read more

Quick Summary

Axis Bank, established in 1993, offers various savings account options with attractive interest rates. The bank has over 5100 branches, serves 1 billion customers, and provides diverse account types like Basic, Easy Access, Senior Privilege, and more. The bank's interest rates range from 3.00% p.a. for deposits under Rs.50 lakh. Minimum balance requirements and penalties vary for different account types. Axis Bank also offers various services and charges associated with savings accounts.