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How To Open An Axis ASAP Instant Savings Bank Account With Aadhaar & PAN


Time to read: 5 mins | January 17, 2018

A savings bank account is a fundamental requisite for all your transactions ––– be it paying utility bills, saving, and investing. With digitisation on the rise, having a digital savings account, which is hassle-free, has become essential, no matter what you do for a living or who you are.

Opening a savings bank account on the contrary is prudent and a safe way to handle your personal finances. Here are some benefits of a savings bank account:

  • Takes care of your liquidity needs (with cash withdrawals)
  • Help you manage expenses (utility bills, transfer funds, etc.) efficiently
  • The debit card offered can be used to shopping and earn reward points, discounts, cash-backs, etc.
  • Encourages you to save and earn interest
  • Is principal to your investment activity
  • Is principal to your investment activity

So, a savings bank serves as a virtual vault that holds money for you; which in case of some saving accounts, a zero-balance saving account,, can be withdrawn completely with no strings attached. Axis ASAP Instant Savings Bank Account, offers this convenience and comes with exciting benefits.

The Axis ASAP account can be opened anytime, anywhere simply using your PAN and Aadhaar details. Until a few years ago, your proof of address and Permanent Account Number card were enough to open a savings account. But now, as the Government intends to link Aadhaar to curb money laundering and tax evasion, Aadhaar is almost your primary id.

The most interesting part of the Axis ASAP account is that physical documentation isn’t required. You can literally open an account in just a few minutes, following three simple steps by entering your name, mobile number, Aadhaar, and PAN. A one-time password will be shared on your registered mobile number and a zero-balance savings account is opened with a number assigned. It is convenient and offers a stress free banking experience.

What’s more?

Axis ASAP offers a host of benefits in addition to zero-balance feature…

  • 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)
  • Pay utility bill payments;
  • Book flight tickets and hotels
  • Earn Axis eDGE reward points
  • Get full benefits of Axis Internet and Mobile Banking; and
  • Get detailed account statements

Axis-Asap-One-Page-Product-Guide-1

Is there an eligibility criteria?

Yes, it 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

FATCA declaration is required as per current RBI guidelines. The purpose of this declaration is to counter tax evasion by US taxpayers by requiring non-US financial institutions to report information on their US accountholders to the Internal Revenue Service (IRS) of the United States. Note that, the Government of India has signed Inter-Governmental Agreement with IRS on July 9, 2015 to implement FATCA in India.

How to deposit money into your Axis ASAP Account?

Here are the options:

Axis-Asap-One-Page-Product-Guide-2

  • 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. The overall cumulative in the account cannot exceed Rs 2 lakh, and if does exceed, complying with all the formalities of a ‘full KYC account’ is must within a year. Full KYC needs to be done through fingerprint verification at your nearest Axis Bank Branch within a year.

Once you convert Axis ASAP account to a full KYC account, transaction limits will stand increased:

Current(Rs) After KYC completion
Maximum balance allowed in the account 100,000 Unlimited
Sum of all credits allowed in the account in one year 200,000 Unlimited

What about the payments?

Once your full KYC formalities are done, you can avail the complimentary cheque book on request, which can facilitate you to make payment as in case of a normal savings bank account.

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. But 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 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.

The units withdrawn (in multiples of Rs 500/-) from Encash 24 Deposit Account to meet payments from Axis ASAP account will be automatic. And, of course the units withdrawn will cease to earn interest applicable to Encash 24 Deposit.

So, the Axis ASAP account provides the best of both, savings and investing!

In this digital age, don’t miss out on some of the obvious advantages of opting for a digital savings account, which are:

  • Banking on-the-go (it’s almost instant), powered with a high-speed internet connection on your device
  • Full benefits of Axis Internet and Mobile Banking
  • Link your account to a branch of your choice
  • No need to worry about banking hours
  • No need carry wads of cash
  • Can link to your investments in the endeavour to achieve your financial goals
  • Use it for contingency purpose (to meet expenses in case of an emergency)
  • Saves time and energy
  • No monthly maintenance fee
  • Less paper to handle because statements accessible online
  • Better control over finances on account easy accessibility

To put it simply, Axis ASAP Instant Savings Bank Account can result in efficient money management.

Remember, opening a savings bank account is the first step in the journey of wealth creation. To have long-term financial wellbeing, manage your hard-earned money efficiently with financial discipline and invest wisely.

Make the best of the services Axis Bank offers and enjoy cashless banking. Be smart, bank smart!

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.

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