A savings account is a type of account where the account holder deposits a sum of amount at bank or other financial institution and earn interest over the deposited amount. It is the most basic type of banking instrument offered by almost every bank to an individual as it ensures easy and convenient banking habits, in order to access your hard earned money if and when needed. One can deposit funds either through cash or cheques and even transfer funds to their savings account using IMPS, NEFT, RTGS, or UPI. In general, the applicable rate of interest usually ranges between 3.5% to 7%, which can vary from bank to bank and account to account.
Axis bank saving account
Axis bank is the third largest private sector bank established in 1993 as UTI bank. The bank offers a wide range of financial services including savings account that are tailored to meet every specific need. Savings account lets you have easy and convenient access to your savings with added benefits and no hidden charges.
Choose Axis bank saving account from a wide range of offerings from Easy access to Prime Savings account and enjoy the liberty to choose the right account based on your needs and get add-on benefits on every transaction. Hence, with a gamut of savings account, the bank offers services to make your banking simple and easy.
Types of Savings account
Zero Balance Savings Account is a kind of savings account, which is generally the primary service, offered by banks to people to work openly without the strings of keeping up any base parity. Not at all like different bank account, are account holders not required to keep up any base parity as zero balance savings accounts don’t accompany the limitation of keeping up a minimum account balance. To open such an account, applicants should submit a few documents including basic KYC documents.
Regular/Basic Savings Account – A regular bank account includes the basic banking facilities and basic interest rates. However, the accountholder has to ensure to keep up the specified minimum balance in their Axis bank account in order to avoid any penalty charges.
Salary Account – It is another type of savings account, which is generally opened by a salaried individual and most organizations straightforwardly prefer such account to deposit their employee’s monthly salary into their account. A key feature of the salary account is that it is a zero balance bank account, which suggests that you don’t have to keep up a minimum balance in the savings account. In case, the salary is not credited into the account for at least 2 to 3 months, the account automatically gets converted into a regular savings account.
For more details, visit https://www.applykaroo.com/saving-account/axis-bank-saving-account.