Axis Bank Zero Balance Savings Account

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Axis Bank offers different zero balance savings accounts to customers as per their goals. So, if you’re looking for a savings instrument, visit Axis Bank and open a zero-balance savings account. What is an Axis Bank Zero Balance Savings Account? As the name implies, the depositor doesn’t need to maintain Axis Bank Savings Account Minimum Balance. This means the account will stay active and allow you to deposit without any charges. Learn more about the Zero Balance Savings Account Axis Bank by reading the page further.

Types of Axis Bank Zero Balance Savings Account

There are three types of Zero Balance Savings Accounts –

  • Government Scholarship Savings Account
  • Basic Savings Account
  • Small Basic Savings Account

Government Scholarship Savings Account

You can open this zero balance savings account and get benefits like –

  • Free RuPay Debit Card for transactions
  • Monthly e-statements, passbook and SMS alerts
  • Open it singly or jointly
  • INR 40,000 per day withdrawal limit at ATMs
  • INR 1 Lakh limit for shopping transactions

Note – You need to close your existing savings accounts with the bank if you want to do Axis Bank zero balance account opening online. When the existing accounts aren’t closed within 30 days of opening a Government Scholarship Savings Account, the bank will freeze operations and close the account. After opening a zero balance savings account, you can’t open any other savings account with Axis Bank.

Basic Savings Account

Axis Bank provides 3-4% interest per annum on your daily balances. The interest gets credited to your account every quarter. In addition, customers get access to 14,000 ATMs and 4000 bank branches in India for hassle-free services. There are also internet banking and phone banking services available to the customers. When you open this zero balance savings account, the bank provides you with –

  • Free cash deposit
  • Free RuPay Debit Card
  • Monthly e-statements
  • Passbook
  • SMS alerts

Note – The withdrawal limit for this account is the same as the Government Scholarship Savings Account.

Small Basic Savings Account

In this account, you’ll get the benefit of savings with a personal accident cover of INR 1 Lakh. This benefit is available to you when you use the debit card once every 45 days. But this zero balance account has some limitations like –

  • All combined withdrawals and money transfers should not exceed INR 10,000
  • The combination of all credits in a financial year is subject to a maximum of INR 1 Lakh
  • Axis Bank Zero Balance Savings Account balance shouldn’t be more than INR 50,000 at any point in time
  • Money transfer from India to abroad is not allowed
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What are the Zero Balance Savings Account Interest Rates of Axis Bank?

Axis Bank Savings Account Minimum Balance requirement is NIL for this account, but the interest rates are quite attractive. Check out the table below to know the applicable savings account interest rates.

Account Balance (In INR)Rate Effective from 1st April 2021 (per annum)
< 50 Lakh3.00%
50 Lakh to < 10 Crore3.50%
10 Crore to < 100 CroreRepo + (-0.65%) Floor rate is 3.50%
100 Crore to < 200 CroreRepo + (-0.50%)
200 Crore to 2,500 CroreRepo + (-0.50%)

The floor price for all the repo-linked slabs is 3.50% p.a. The interest is calculated based on your account balance. For an amount of INR 2,500 Crores and above, contact the bank branch official. The interest will be credited to your zero balance savings account on the first day of the next quarter, except for the fourth quarter wherein the interest is paid on the last day of the quarter.

What is Meant by Online Bank Account Opening with Zero Balance?

Axis Bank provides you with online services by which you can do an online bank account opening with zero balance. For this, you need to follow the below steps –

  • Visit the official website of Axis Bank
  • Select the ‘Apply Now’ option
  • Click on the ‘Digital Savings Account
  • Choose the zero balance account from the available options
  • Click on the ‘Apply Now’ button
  • Click on the ‘Continue’ button
  • Enter PAN number, Aadhaar number and mobile number
  • Agree to the terms and conditions
  • Click on the ‘Proceed’ button
  • Provide your details like name, address, etc.
  • Complete the KYC via video call

So why wait in the long queues when you can open your Axis Bank Zero Balance Savings Account online by following the simple process shown above?

How to Do Axis Bank Zero Balance Savings Account Opening Offline?

Yes, you can locate your nearest branch office and open a savings account there. To open a zero-balance account, you don’t need to do an initial deposit. Follow the below steps for opening a zero balance account offline –

  • Visit the bank branch
  • Ask for the zero balance account from the bank representative
  • Choose a savings account
  • Now, the bank representative will hand you an application form
  • Fill in the form and submit the same along with the required documents
  • When the account is open, you’ll get a notification on your mobile or registered email ID

List of Documents Needed for Axis Bank Account Opening Online & Offline

To open a zero balance savings account at Axis Bank, you need the following documents –

Government Scholarship Savings AccountBasic Savings AccountSmall Basic Savings Account
Passport size photographs
Address and ID proof
This zero balance account falls under Direct Benefit Transfer so an Aadhaar update is necessary
A letter from the Institute or Government for receipt of the Scholarship
For Individuals -

Passport size photographs
Address and ID proof

For Hindu Undivided Familes (HUFs) -

Aadhaar Card Copy or Form 60 of HUF
Declaration from the Karta
ID and address proof of Karta
Prescribed Joint Hindu Family Letter signed by all the adult members
For Joint Account:
ID and address proof
Address proof of the first holder only as long as it is supplemented by a relationship proof between both the account holders
For Individuals -

Photo ID and Address proof
Passport size photographs.
Submit actual KYC documents within 24 months of opening the zero balance account.

For Hindu Undivided Families (HUFs) -

Aadhaar Card Copy or Form 60 of HUF
Karta’s Declaration, ID and address proof
Prescribed Joint Hindu Family Letter signed by all the adult members
For Joint Account:
ID and address proof
Address proof of the first account holder is required as long as a relationship between both the account holders is proved
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Approved List of ID & Address Proof

  • Proof of Possession of Aadhaar Number
  • Passport
  • Driving Licence
  • Voters ID Card
  • Job Card by NREGA duly signed by an officer of the State Government
  • Letter issued by National Population Registry confirming your details such as name and address

Only a single copy of the above document is required. But if your mailing and permanent address are different, submit address proof for both addresses.

Are There Any Charges for Axis Zero Balance Savings Account?

Axis Bank Account Opening Zero Balance comes with the following charges –

Basic Charges

The following basic charges shall apply to your zero balance account.

Services Charges on the Zero Balance Account (In INR)
My Design Card Issuance Original Card Issuance cost + 250 +GST.
NOTE - Angry Bird images price is 500 + GST.
Cheque Book IssuanceOne free cheque book per quarter. After that INR 2.5 will be charged per leaf
Account Closure 500
NetSecure with 1 Touch Issuance fee 1000
Free DD/PO IssuanceFour per month if four withdrawal transactions are allowed

Note – For children below 10 years, a free ATM card is issued. so no issuance and annual fees are required. Overall, four withdrawal transactions are free per month, including the ones done at Axis Bank and other bank branches, Axis and other Bank ATMs, Micro ATMs, PoS, Ecommerce, DD/PO issuance, ECS, SI debits and NEFT/RTGS/Clearing.

The closure charge is levied if the account is closed between 14 days and 12 months. No charges would be levied on closing the account within 14 days of account opening or after 12 months.

Transaction Fees

The following transaction fees will apply to the zero balance savings account Axis –

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Services Fees Applicable on the Axis Zero Balance Account (In INR)
Daily ATM Withdrawal Limit 40000
POS transaction Limit 1 Lakh
Free Monthly Cash Transaction Limits (Semi-Urban or Rural) Free unlimited Cash deposits at any Axis bank branch and four free withdrawal transactions at Branch, Axis/Other ATM cash withdrawal, POS, Micro ATM, NEFT or RTGS, DD/PO, ECS or SI and IMPS debit transactions
IMPS FeesFree if comes under four withdrawal transactions. After for Upto 1,000 - 2.5 per transaction, 1,000 to 1 Lakh - 5 per transaction, 1 to Rs. 2 Lakh - 15 per transaction will be charged
Fees on Cash Deposits and Withdrawals5 per 1,000 or 150, whichever is higher (after free withdrawals)
Speed Clearing Fees Free up to 1 Lakh cheque, above 1 Lakh, you need to pay INR 150 fees
Axis or Non-Axis ATM Cash Withdrawal fees beyond free limits 20 per transaction
Cross Currency Mark-up on International Debit Card Transactions 3.50%

Transaction Failure Fees

In case your savings account transaction fails, you need to pay the following fees –

Axis Bank ServicesFees & Charges (In INR)
Inward Cheque Return (due to insufficient balance) 500 per instance
ECS Debit Failure375 for the first return
425 for the second return
500 for the third return and more
Standing Instruction Failure 200 per instance
ATM Cash Withdrawal Transaction Failure (due to insufficient balance) 25 per instance at a Non-Axis Bank ATM and NIL at Axis Bank ATM

Convenience Fees

For using the Axis Bank services, you need to pay the following charges –

ServicesFees & Charges (In INR)
Physical Statement 75 per instance
Stop Payment Instructions50 per cheque, subject to 100 for a series (>2). 100 for ECS
DD/PO Cancellation, Duplicate and Revalidation100
Additional DD/PO Fee50 for up to 10,000
5 per 1,000 for more than 10,000, subject to a maximum 10,000
Address Confirmation 50
Photo Attestation 50
Photo Attestation 50
Balance Certificate 50
NetSecure with One Touch Replacement fee 800

Foreign Currency Fee

If you’re sending money to a foreign country or receiving the money through this account, the following charges shall apply.

Services Basic Savings Account (In INR)Small Basic Savings Account (In INR)
Foreign Currency Outward Remit by Wire, TT or Swift 10001000
Foreign Currency Outward Remit by DD250 or 0.3% whichever is higher250 or 0.3% whichever is higher
Inward Wire Transfer250 processing chargeNil
Foreign Currency Instruments750 collection fee, 50 Courier Charges, USD 40 Correspondent or Drawee Bank Charges (FCS), actual for direct collectionNil
Dishonor Charges (Per Unit)100 + Charges imposed by the issuer or correspondent bank (if any)Nil
Cash Deposit at Branch100 per instanceNil

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