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Benefits Of A Zero-Balance Savings Account


Time to read: 6 Mins | January 23, 2018

When means are limited and inflation erodes the purchasing power of our hard-earned money, a zero-balance savings account can be a big boon.

Sanjay, a person with limited earnings and three family members dependent on him, is thankful that he holds a zero-balance savings account with Axis Bank.

His zero-balance account benefits him in the following way:

  • Saves him the hassle of maintain the monthly/quarterly average balance;
  • Takes care of liquidity needs;
  • Helps manage expenses (utility bills, transfer funds to his parents, etc.) efficiently;
  • The debit card offered earns him reward points, discounts, cash-backs, etc. as he shops for his family; and
  • Encourages savings and investing

And above all, with his smartphone (powered by a high-speed internet connection) he does a number of banking transactions online, which adds to the ease and convenience of a stress-free banking experience.

Want to know which type of savings account Sanjay holds?

Yes?

It’s the Axis ASAP Account.

The Axis ASAP account can be opened anytime, anywhere. All you need to open this account is: your Adhaar (UID) and PAN. And interestingly, physical documentation isn’t required. It’s all online involving the simple steps mentioned below:

  • Go on to: https://digital.axisbank.co.in/AxisDigitalBanking/html_pages/main.html
  • Enter your name
  • Enter you mobile number, Aadhaar, and PAN
  • Enter the OTP shared on your registered mobile number
  • Finally, your AXIS ASAP account is opened with a number assigned to it

It takes just around 3 minutes to open the Axis ASAP account.

Is there an eligibility criteria

Yes, there is:

  • You need to be 18+ years of age;
  • A resident of India;
  • Have a valid PAN and Aadhaar number;
  • Have a mobile number linked to your Aadhaar; and
  • Provide FATCA (Foreign Account Tax Compliance Act) declaration

And How Can You Deposit Money Into Your Axis ASAP Account Once Opened?

Here are the options:

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

The maximum amount that is permitted to be kept in this account, at any given point of time, is Rs 1 lakh.

How Axis ASAP account can help you save and invest

The Axis ASAP account is linked to Encash 24 Deposit Account, where automatic transfers to fixed deposits (also known as term deposits) will be done. Balance in savings account beyond Rs 10,000/- will be transferred to fixed/term deposits which will earn a greater rate of interest.

So, say you have a balance of Rs 12,000 in your Axis ASAP account. An amount of Rs 2,000 will automatically become a fixed deposit for 1 year earning you a better interest rate.

If you wish to withdraw partially from Encash 24 Deposit Account to meet payments, it’s permissible (in multiples of Rs 500/-) and that’s automatic. Of course, the units withdrawn will cease to earn the interest that is applicable to Encash 24 Deposit.

So, in addition to zero-balance here are the benefits of Axis ASAP Account…

  • Special FD interest rates when account balance exceeds Rs 10,000;
  • Get your bank account number instantly;
  • Link your account to a branch of your choice;
  • Online debit card with exciting online shopping offers (you have the option to opt for a physical debit card too);
  • Convenient to utility bill payments;
  • Book flight tickets and hotels;
  • Earn Axis eDGE reward points;
  • Get benefits of Axis Internet and Mobile Banking; and
  • Get detailed account statements

[Know more about Axis ASAP Account here…]

Pradhan Mantri Jan-Dhan Yojana Account

To ensure financial inclusion and give maximum people the access to affordable banking/savings and deposit accounts, remittance, credit, insurance, and pension services in rural and urban areas; the government has introduced Pradhan Mantri Jan-Dhan Yojana (PMJDY).

This is a Basic Savings Bank Deposit Account (BSBDA) that can be opened by any individual above the age of 10 years.

The documents required to open a PMJDY Account are:

Aadhaar

If Aadhaar is not available, one of the following Officially Valid Documents (OVD) is required:

  • Voter ID Card
  • Driving License
  • PAN Card
  • Passport
  • NREGA Card

And if the aforesaid OVD are not available, and an individual is categorised as ‘low-risk’ by banks, one of the following documents is required:

  • Identity Card with applicant’s photograph issued by Central/State government departments, statutory/regulatory authorities, public sector undertakings, scheduled commercial banks, and public financial institutions
  • Letter issued by a gazette officer, with a duly attested photograph of the person

The benefits of PMJDY Account are:

  • There is no minimum balance requirement;
  • You get a free ATM-cum-debit card, passbook and cheque book;
  • You can even deposit and withdraw cash at bank branches;
  • Receipt/Credit of money through electronic payment channels or by means of collection/deposit of cheques;
  • Earns you interest on the balance maintained in the account;
  • An overdraft facility upto Rs 5,000 (available to only 1 account holder per household, preferably lady of the household);
  • Accidental insurance cover of Rs 1 lakh;
  • Life insurance cover of Rs 30,000 payable on death of the beneficiary (subject to fulfilment of the eligibility condition);
  • Benefit of direct transfer from government schemes are credited to this account; and
  • You can easily transfer the account from one branch of the bank to another, in any city or town, as per your needs and choice

[Know more about Pradhan Mantri Jan-Dhan Yojana here…]

To conclude…

A zero-balance saving account can be big relief when you have a number of outgoings. It facilitates you to save money without being penalised for not maintaining the minimum balance.

Open a zero-balance account for your household help too and make difference in their life; empower them.

If you are a salaried individual and are enjoying a zero-balance facility on the salary account, ideally, keep your salary and saving account separate. Park your monthly savings in a ‘savings account’ and invest for future financial goals, and you can use your ‘salary account’ to defray the monthly outgoings. This will keep you organised and disciplined when handling your hard-earned money.

Happy Saving!

Happy Banking!

Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm known for offering unbiased and honest opinion on investing. 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.

NOTE WORTHY

The Axis ASAP account can be opened anytime, anywhere. All you need to open this account is: your Aadhaar (UID) and PAN

OPEN AXIS ASAP ACCOUNT


A zero balance savings account.

OPEN NOW

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