Here's How You Can Open a Savings Bank Account ASAP

5 MinsApril 13, 2019

Saving account

You would agree that the internet and technology have become a boon; playing the role of an enabler. In a digital world that we live in, “do it online” is the buzz phrase. And over the years, banking also has witnessed a sea change. Today, backed by technology and powered by the internet, many banking activities like generating account statements, fund transfer, utility bill payment and so on can be done online –– right from online savings account opening.

Having a Savings Account and saving enough is the first step to live a healthy financial life. And when a savings account can be opened online with ease and convenience from the comfort of your home, office, café, or wherever you are; banking can be so much fun.

Axis ASAP is a new age Digital Savings Account offered by Axis Bank. Here are some of the key features of Axis ASAP:

  • The savings account is opened instantly within a few minutes and your account number is generated immediately
  • Instantaneous access to your account on Axis Mobile app
  • Earn a higher interest rate
  • Without a minimum balance requirement
  • Comes with a Debit card with exciting online shopping offers (that helps you save money)
  • Facilitates instantaneous fund transfers (via UPI/ RTGS/NEFT/IMPS) to/from friends and family (send and receive money)
  • Online Bill payment facility for all your utility bills
  • Provides the option of e-statements and SMS alerts to keep track of your transactions
  • Create savings goals to plan and track your future expenditure on Axis mobile app.

How do I earn a higher interest rate?

The money in your Savings Account earns you interest. Any balance above Rs 20,000 in the Axis ASAP savings account, is auto-swept into a flexi Fixed Deposit which gives you a higher rate of interest.To know more about the auto FD, click here. How does this work?
Illustration: If the balance in your account is Rs 22,400 you will earn the prevailing savings account interest of 3.5% on a balance of Rs 20,400 and Rs 2,000 will be automatically transferred to a flexi deposit for 1 year where you earn the prevailing one-year FD rate.

ASAP offers the liquidity of a Savings Account with the interest of a Fixed Deposit! So, it’s a fully loaded savings bank account that enables you to bank smartly.

Axis ASAP Instant Savings Account offers a stress-free banking experience. The account can be literally opened in a few minutes by following these simple steps:

Do note that Section 80TTA of the Income Tax Act, 1961 allows deduction of upto Rs 10,000 in respect of interest income earned on a savings account.

What are the eligibility criteria to open an Axis ASAP account?

  • You need to be 18+ years of age;
  • A resident of India;
  • Have a valid PAN
  • Have an Aadhaar number (though not mandatory);
  • Have a mobile number linked to your Aadhaar

The maximum amount that is permitted to be kept in this account, at any given point of time, is Rs 1 lakh. If the overall cumulative amount in the account exceeds Rs 2 lakh, complying with all the formalities of a ‘full KYC account’ is must within a year. Full KYC can be completed by walking into your nearest Axis Bank branch.

Once your full KYC formalities are complete, you can update your signature and avail the cheque book on request as well.

Here are the options to deposit money into your Axis ASAP Account:

  • Simple fund transfer through RTGS or NEFT or IMPS;
  • Via a payment gateway using your debit card;
  • Cheque; or
  • UPI

Axis ASAP serves as a virtual vault that holds money for you without having to worry about monthly/quarterly average balance. And this can be a big relief when you have a number of outgoings to handle and in times of emergency.

Moreover, since it’s an online instant bank account, you can have better control over your personal finance, can link to investments, save time and energy, access statements online, and handle your hard-earned money efficiently on-the-go.

What are you waiting for; open your Axis ASAP Account today! You can also open the Axis ASAP account by downloading the Axis Mobile App.

Disclaimer: This article has been authored by PersonalFN, 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...