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Axis ASAP: Axis Bank's Zero Balance Account

Savings Account is an essential financial product. It is nearly next to impossible to think about a life without a savings account. While a regular savings account is okay, there are few characteristics of a regular savings account that may not go well with everyone.

One of the characteristics is the requirement of the minimum average balance.  Customers of such savings account are penalised for not keeping a minimum average balance.  Zero balance accounts aim to cater to customers that don’t want to keep a minimum balance in their bank account.

Few banks have come with online zero balance savings account. Axis Bank’s ASAP Account is one of the zero balance savings accounts where customers don’t have to think about keeping any particular money in the bank account.

What is Axis Bank’s ASAP?

axis asap

Axis ASAP is an online zero balance savings account from Axis Bank. It has all the benefits of regular savings account without the need to keep any balance.

How to open Axis 0 balance account

Investors can open an Axis 0 balance account instantly through the Axis Mobile app or by visiting the ASAP page. Customers need to enter their Aadhaar, PAN card number along with other basic details.

You are eligible to open an Axis ASAP account if:

  • You are an Indian citizen above 18 years
  • Have a valid PAN and Aadhaar number
  • Have a valid mobile number linked to your Aadhaar

Currently, if you have open Axis ASAP Account, you get 10% discount on movie spends on Bookmyshow.com through ASAP Account.

Features of Axis ASAP account

Instant savings account: Axis Bank’s ASAP Account can be opened within a few minutes and customers receive the account details such as account number instantly.

Zero Balance Account: Axis ASAP is a zero balance savings with no minimum balance requirement.

Get higher interest on higher balance: Through the auto FD feature, balances above Rs. 10,000 are automatically created as FDs. These FDs receive the prevailing one-year interest rate on FD which is higher than the savings rate. Flexi Fixed Deposit feature is the default option for every Axis ASAP customer.

Let us assume that your balance in your ASAP account is Rs. 11,400. You will earn the prevailing savings account on Rs.10,400 and the rest Rs. 1,000  will be transferred to an FD and earn the current 1-year interest rate.

Read: All you need to know about Auto sweep facility

Free Funds Transfer: Online transactions are a part and parcel of the digital age. Customers of Axis ASAP account can transfer funds online through internet banking without any charge through NEFT or IMPS.

New account holders can register for internet banking by logging in using the debit card details. To log-in through the customer ID, customers can do so after a day of account opening by registering as ‘First time user’ on the internet banking login page.

Online Rewards debit card: ASAP customers can also avail the benefits of online rewards debit card. Online Rewards Debit Card comes with discounts on movie tickets, dining and special eDGE Loyalty Rewards. Higher transactional limits in the range of up to Rs. 50,000 for daily withdrawals, up to Rs. 4 Lakhs for daily purchase and a special insurance cover of Rs. 5 Lakhs are some of the other benefits of Online Rewards debit card.

Offers: Customers get Rs.150 off on their first transaction through BookMyShow and an incremental 10% off every month. A 20% off is also applicable while shopping on BigBasket.

KYC process of Axis ASAP

‘Know Your Customer’ or KYC is a process that checks the genuineness of their customers such as their identity and address. This ensures that the services of the bank are not misused and money laundering is kept at bay.

As Axis ASPA is an online savings account, a full KYC process is mandatory for all bank holders. Without completing the full KYC, the account is valid for only one year. Certain restrictions are placed on a limited KYC account.

Read: Why you should complete the KYC process of your online savings account?

Opened a digital bank account? Know the difference between Full KYC and e-KYC

There are two ways to complete the KYC process: Biometric authentication and presenting original documents.

To complete the KYC process through biometric authentication, bank representatives will collect your biometrics such as fingerprint.

You can also present your PAN card with any of the documents mentioned below:

  • Valid Driver’s license
  • Valid passport
  • Election card/Voter’s ID card
  • National Population Register letter confirming the name, address
  • Job card issued by NREGA
  • Aadhaar card issued by the government of India

After the KYC process is complete, the account balance limitation of Rs 1 lakh and Rs.2 lakh of account credit limitation are no longer at play.

Interest Rate on Axis ASAP account

The interest rate on Axis ASAP for balances up to Rs. 10,000 is the current savings interest rate. However, for balances above Rs.10,500, FD is automatically made into an FD and fetches 1-year interest rates. The Flexi fixed deposit is made in multiples of Rs.500.

ASAP Goals

Goals are important in your life. It gives a sense of purpose and direction in our lives. Axis ASAP account lets you set any short term financial goal. It is only available on the Axis app and you can create only one goal.

The time horizon of these goals can be anywhere between 3 months and less than 3 years.

Here are the steps that you need to take to set up an ASAP goal:

  • Login to your Axis Mobile App
  • Click on ASAP goals tile on the homepage
  • Tap on set goals
  • Choose any goal from others
  • Choose a goal amount or the amount that you would like to save.
  • Choose a time horizon
  • Tap on start tracking

To revise your goal type, goal date and goal amount by using the edit goal feature on ASAP goals. There are no charges or penalty for missing a payment or not hitting your savings goal.

Physical and Virtual Debit Cards

The virtual debit card is similar to the physical debit card. Customers get a virtual debit card on opening the Axis ASAP account. Currently, the physical debit card is issued to all new customers.  Physical or virtual debit cards can be used for online transactions such as shopping, booking tickets online, and transferring funds. The only difference between a physical debit card or virtual debit is that you can’t swipe your virtual debit card at retail stores or withdraw cash.

Charges of Axis ASAP Account

Savings accounts also have a couple of fees and charges.

While the account does not have an average balance, customers have to pay Rs.1000 as a part of initial funding requirement.

The cost of each cheque book which is applicable after the completion of the KYC process is Rs. 50.

You may also want to close your Axis Bank ASAP account. To do that you need to visit an Axis bank Branch and submit a written application to close your bank account. You may have to pay Rs. 500 as account closure charges.

Conclusion:

Axis ASAP is one of the few zero balance online savings accounts. It is extremely easy to open and hardly takes a few minutes.  However, before you decide on opening an account with Axis ASAP, you should compare the different types of digital bank accounts.


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