When opening a salary account your choice is limited to the two or three banks that your employer has a tie-up with. Since most banks today offer 3.5-4% for savings bank accounts (some offer up to 6% if you keep higher balances, usually upwards of
Rs. 1 lakh), not much thought goes into the choice of banks.
Salary accounts are generally one’s basic transaction account, used largely for making payments. These would include EMIs towards home or auto loans, household expenses, children’s
school fees, insurance premiums, investments, etc. In addition, you may keep a certain amount to meet any unforeseen emergency. But once the payments are done the remaining amount lies idle in the savings account and continues to earn the minimum
What if you could earn higher interest on your Savings Bank accounts and also earn discounts and deals on making transactions? That too by opening an account with no documentation and paper work. And to top it all, enjoy the same benefits your salary
account offers, that is, no minimum balance requirement. Axis Bank’s ASAP account is a digital only account that offers all these benefits.
While there is no minimum balance requirement, any amount above Rs 20,000 is automatically swept into its auto-FD feature and fetches you higher interest rates. This combined with the feature to set financial goals can set you on course to investing
your money and wealth creation.
Once you open an Axis ASAP account you can transfer the balance amount left in your salary account after all payments are done. In addition, you can also enjoy discounts and offers when using your ASAP debit card for purchases.
Ease of opening
Your Axis ASAP account can be opened in a few minutes using your Aadhaar and PAN details. For all you know, you may be able to open this account faster than you open your salary account! The only condition is that the initial funding for the Axis
ASAP account has to be Rs 10,000 and this should be done only from your own Full KYC account and not a Third Party Account. This done, your Axis ASAP account is good to use. All you need to do is visit any of our Axis Bank branches within 1 year
to regularize your account.
Any balance more than Rs 20,000 in the Axis ASAP account earns higher interest rate thanks to the auto FD feature. This amount is liquid and available for withdrawal anytime. This means that the funds in your account after all regular payments are
done, will fetch you higher returns without you having to do anything. No need to fill applications for opening an FD, etc. This inbuilt feature of Axis ASAP is a
good way to add to your investment corpus.
Axis ASAP also has a feature that allows you to set financial goals and contribute an amount towards it. This amount too can be withdrawn whenever you require. So there is no fear of your money being locked up. This is a good option to save for, say,
a new mobile phone you want to buy after six months or a foreign trip you are planning after a year or even for down payment for your car after two years. If you have just started working, this is a good option to cultivate a habit of saving.
The automated goal feature ensures that you to save and invest a part of your salary every month, with minimum effort.
Deals and offers
If you maintain a certain balance in your Axis ASAP account you can enjoy offers and deals from ecommerce firms such as Amazon, Bigbasket, Bookmyshow, and so on. These will help take care of your regular monthly household needs as well as your movies
and entertainment options. And you continue to earn points while making these payments, which in turn mean further deals and discounts.
Axis ASAP is truly a new-age digital account with no paperwork and documentation, right from opening the account to carrying out transactions. You enjoy almost nil charges on basic account services and enjoy all benefits of a full-fledged savings
account. So open your Axis ASAP account now.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author 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.