Are you searching for a zero-balance savings account with essential banking services? The Axis Bank Basic Savings Account (BSBDA) is designed for individuals who need a simple banking solution without worrying about maintaining a minimum balance.
With the Axis Bank BSBDA Account, you enjoy free ATM withdrawals, internet banking, and a RuPay debit card without hidden charges. Whether you’re a student, a homemaker, or someone new to banking, this account provides easy access to financial services.
Table of contents
- What is Axis Bank Basic Savings Account?
- Features of Axis Bank BSBDA Account
- Benefits of Axis Bank Basic Savings Account
- Interest Rate on Axis Bank BSBDA Account
- Eligibility Criteria to Open Axis Bank Basic Savings Account
- Axis Bank Basic Savings Account Opening Process
- Documents Required for Axis Bank BSBDA Account
- Axis Bank BSBDA Account Limits
- FAQs
What is Axis Bank Basic Savings Account?
The Axis Bank Basic Savings Account, also known as the Axis Bank BSBDA Account, is a zero-balance savings account designed to offer essential banking services without any maintenance charges.
With the Axis BSBDA Account, customers can enjoy benefits like free ATM withdrawals, a debit card, and internet banking facilities. Since it is a zero-balance account, there is no need to worry about maintaining a minimum balance.
This makes it a great choice for students, salaried individuals, and those new to banking.
Features of Axis Bank BSBDA Account
The Axis Bank Basic Savings Account (BSBDA) is designed to provide essential banking services without the burden of maintaining a minimum balance. It is a great option for individuals who need a zero-balance account with convenient banking features. Here are the key benefits:
No Minimum Balance Requirement – Enjoy stress-free banking without the need to maintain a minimum balance.
Complimentary RuPay Debit Card – Get a free RuPay debit card for seamless transactions and ATM withdrawals.
Free ATM Withdrawals – Avail 4 complimentary ATM withdrawals every month within the Axis Bank cash withdrawal limits at any ATM across India.
Personal Accident Insurance – Get an INR 1 lakh insurance cover in metro cities, offering financial security.
Free Passbook – Keep track of your transactions and account balance with a free passbook facility.
Benefits of Axis Bank Basic Savings Account
The Axis Bank Basic Savings Account is a beneficial option for individuals looking for easy access to banking services. Individuals can seek a hassle-free banking experience without the burden of maintaining a minimum balance. Here are the key benefits of the Axis Bank Basic Savings Account-
No Restrictions on Age, Income, and Account Balance
There are no restrictions on age, income, or account balance when opening a Basic Savings Account, making it accessible to a wide range of customers.
Extensive Banking Network
Customers can enjoy access to over 15,000 Axis Bank ATMs and more than 5,100 branches across India. Additionally, the account provides seamless access to internet banking, mobile banking, and phone banking services, ensuring convenience in managing finances.
No Charges for Inactive Accounts
There are no charges for non-operation or activation of an inoperative Axis Bank BSBDA account, allowing customers to maintain their accounts without worrying about fees.
Higher Withdrawal Limits
The account offers higher withdrawal limits of up to INR 40,000 at ATMs and up to INR 1,00,000 for shopping transactions, providing flexibility for customers needing access to larger amounts of cash.
Interest Earnings
Customers can earn interest on their savings at rates ranging from 3.0% to 4.0%, calculated on daily balances and paid quarterly. This feature helps customers grow their savings over time.
Also Read: Check out this blog on Axis Bank Credit Cards with International Lounge Access to enjoy a stress-free travel experience.
Interest Rate on Axis Bank BSBDA Account
The Axis Bank zero balance account offers interest ranging from 3% to 4% per annum. Interest is calculated daily and credited quarterly or semi-annually. Check out how it is calculated-
How is Interest Calculated?
Axis Bank follows the simple interest formula to compute the interest on savings accounts:
Daily Interest = Daily Balance × (Interest Rate / Days in a Year)
For example, if you maintain a daily balance of INR 5,00,000 and the interest rate is 3% per annum, the calculation is:
- Daily Interest = INR 5,00,000 × (3/100) ÷ 365 = INR 41.09 per day
- Monthly Interest (assuming balance remains the same for 30 days):
INR 5,00,000 × (3/100) × (30/365) = INR 1,232.87 per month - Yearly Interest:
INR 5,00,000 × (3/100) = INR 15,000 per year
TDS on Savings Interest
Banks do not deduct TDS (Tax Deducted at Source) on savings account interest.
If the total interest exceeds INR 10,000 in a financial year, it becomes taxable as per your income tax slab.
Under Section 80TTA of the Income Tax Act, individuals under 60 years and Hindu Undivided Families (HUFs) can claim a tax exemption of up to INR 10,000 on interest earned.
Eligibility Criteria to Open Axis Bank Basic Savings Account
The Axis Bank Basic Savings Account (BSBDA Account) is designed to offer essential banking services without requiring a minimum balance. However, not everyone is eligible to open this account. Axis Bank has specific criteria to ensure that only those who truly need a zero-balance account can avail of its benefits.
To qualify for an Axis Bank Basic Savings Account, you must meet the following conditions:
- You must be a resident of India and provide valid identity proof.
- You cannot have an existing savings account with Axis Bank. If you already hold one, you need to close it before applying for the BSBDA account.
- Once you open an Axis Bank BSBDA Account, you are not allowed to open or maintain any other savings account with Axis Bank. This ensures compliance with the Reserve Bank of India’s (RBI) guidelines for Basic Savings Bank Deposit Accounts.
Axis Bank Basic Savings Account Opening Process
Opening an Axis Bank Basic Savings Account (BSBDA Account) is a simple and hassle-free process. The bank offers two convenient ways to open this account:
- Offline Method – You can visit the nearest Axis Bank branch, submit the required documents, and complete the formalities in person.
- Online Method – You can apply through the official Axis Bank website, fill in the required details, and upload documents digitally for a seamless experience.
Check out the steps below-
- Offline Method: Branch Visit
- Step 1: Visit the nearest Axis Bank branch.
- Step 2: Request the Basic Savings Account Opening Form.
- Step 3: Fill in the required details such as name, address, date of birth, and PAN/Aadhaar number.
- Step 4: Attach passport-size photographs and submit KYC documents (Aadhaar, PAN, Voter ID, etc.).
- Step 5: The bank representative will verify your documents and process your application.
- Step 6: Once approved, you will receive your account number, passbook, and RuPay debit card.
- Online Method: Official Website
- Step 1: Visit the official Axis Bank website.
- Step 2: Navigate to the Basic Savings Account section.
- Step 3: Click on “Apply Now” and fill out the online application form.
- Step 4: Upload scanned copies of KYC documents (Aadhaar, PAN, etc.) and passport-size photographs.
- Step 5: Complete the video KYC process (if applicable) for document verification.
- Step 6: Once the verification is successful, your account will be activated, and you will receive the account details via email/SMS.
Both methods provide a smooth way to open an Axis Bank BSBDA Account, allowing customers to choose the most convenient option based on their preferences.
Documents Required for Axis Bank BSBDA Account
To open an Axis Bank Basic Savings Account, you need to submit a set of documents that verify your identity and address. The bank follows strict Know Your Customer (KYC) guidelines to ensure transparency and security.
Having the correct documents ready in advance will make the account opening process quick and hassle-free. Check out the documents required to open a BSBDA/ zero-balance account with Axis Bank-
- Two recent passport-size photographs
- Proof of identity and address (Aadhaar Card/ PAN Card/ Voter ID/ Driving License)
- If a document (e.g., Aadhaar or Passport) serves as both identity and address proof, you need to submit only one copy.
- If your mailing address differs from your permanent address, you must provide valid proof for both.
Make sure to carry original documents for verification along with photocopies when visiting the branch. This will help in faster processing of your Axis Bank BSBDA Account application.
Also Read: Here is everything you need to know about Axis Bank Forex cards for students including eligibility, card charges, and more.
Axis Bank BSBDA Account Limits
The Axis Bank BSBDA Account follows RBI guidelines, imposing certain transaction limits. These limits apply to withdrawals, deposits, and account balances.
If these limits are exceeded, the account may be frozen until the customer converts it into a regular savings account by submitting full KYC documents.
Below is a table summarizing the key limits for the Axis Bank Basic Savings Account-
| Limit Type | Axis Bank Basic Savings Account Limits |
| Withdrawal and Transfer Limits | INR 10,000 per month for total withdrawals and transfers |
| Total Credit Limits | INR 1,00,000 per year for total deposits |
| Account Balance Limits | INR 50,000 at any time |
If you frequently need transactions exceeding these limits, consider upgrading to a regular Axis Bank savings account by providing the required KYC documents.
To sum up, the Axis Bank Basic Savings Account (BSBDA Account) is a great option for individuals looking for a zero-balance savings account with essential banking features.
It offers free ATM withdrawals, a RuPay debit card, and no minimum balance requirement, making it an ideal choice for students, low-income individuals, and first-time account holders.
However, it comes with certain transaction and balance limits. If your banking needs exceed these limits, you can easily convert it into a regular savings account by submitting full KYC documents.
Whether you prefer online or offline account opening, Axis Bank provides a hassle-free process to get started. If you need a simple, cost-effective, and secure banking solution, the Axis Bank BSBDA Account is worth considering!
FAQs
It is a zero-balance savings account that provides essential banking services without maintenance charges.
– No minimum balance requirement
– Free RuPay debit card and ATM withdrawals
– Personal accident insurance up to INR 1 lakh
– No charges for inactive accounts
– Interest earnings of 3-4% per annum
The interest rate ranges from 3% to 4% per annum, credited quarterly or semi-annually.
Yes, the Axis Bank BSBDA Account is a zero-balance savings account.
Indian residents with valid identity proof can apply. They must not have an existing savings account with Axis Bank.
– Aadhaar, PAN, Voter ID, or Driving License (for identity and address proof)
– Two passport-size photographs
There is no minimum balance requirement in an Axis Bank Basic Savings Account. It’s one of the popular zero-balance accounts in India.
– Withdrawals & transfers: INR 10,000/month
– Total deposits: INR 1,00,000/year
– Maximum balance: INR 50,000 at any time
– Offline: Visit a branch, submit KYC documents, and complete verification.
– Online: Apply through the official website, upload documents, and complete video KYC.
Yes, you can upgrade by submitting full KYC documents if your transactions exceed BSBDA limits.
You get four free ATM withdrawals per month. Additional withdrawals may incur charges.
No, there are no charges for inactive accounts.
No, as per RBI guidelines, you can hold only one BSBDA account.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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