Axis Bank ASAP Review
Avail all the benefits of a savings account, and more, with this digital savings account.
Axis Bank’s ASAP account is a digital only account that offers all the benefits of a regular savings account. Set goals, earn rewards, and make the most of your banking experience from the comfort of your home.
In this review of Axis Bank’s ASAP account, we break down all the features, costs and limits to find out if this account is the right one for you.
₹10
Account Service
₹10,000
Average Monthly Balance (AMB)
₹0 p.a.
Physical Debit Card
Details
- Axis Bank EASY ACCESS Savings Account
- Axis Bank PRIMESavings Account
- Axis Bank PRIORITY Savings Account
- Axis Bank BURGUNDY Savings Account
| Product Name | Axis Bank EASY ACCESS Savings Account |
|---|---|
| Monthly Account Service | ₹10 |
| Average Monthly Balance (AMB) | ₹10,000 |
| Interest | Up to 3.5% p.a. |
| Physical Debit Card | ₹0 p.a. |
| Virtual Debit Card | ₹0 |
| Fund Transfer | IMPS, NEFT, RTGS |
| Mobile payments | Google Pay, Samsung Pay |
| More Info |
How does Axis Bank ASAP account work?
Axis Bank’s ASAP account is a completely digital savings account that brings the bank to your doorstep. It offers all the benefits of a regular savings account with almost no additional charges for basic account services.
All you need to open an account is your Aadhar card, PAN card, and a few minutes of your time. You can choose from five different account options, each with its own benefits and deals. Transactions made using the account earns you points that can be used to avail various rewards and discounts on e-commerce websites including Amazon, Bigbasket, and BookMyShow.
Key features
The Axis Bank ASAP account comes equipped with a lot of features and benefits, including:
- Minimal documentation. All you need is your Aadhar card, PAN card, and a few minutes of your time to open an account.
- Video KYC. You will be connected with an Axis Bank employee via video call during the account opening process to verify your details.
- Auto FD feature. Any balance above ₹20,000 is automatically moved to a fixed deposit and will earn higher interest rates. These funds are liquid and can be withdrawn at any time.
- Set and achieve goals. You can set financial goals and fund them via the account. This amount is not locked and can be accessed at any time.
- Earn points, avail rewards. With each transaction you can earn points that can be used to avail special offers and deals from various e-commerce websites like Amazon, Bigbasket, BookMyShow, and so on.
- Exclusive cashback. Earn up to 45% cashback on every purchase made on the GRAB DEALS platform with your Axis Bank ASAP Debit Card. The cashback percentage may vary depending on the account type.
What are the account options?
Axis Bank currently offers five different account types: Easy Access, Prime, Prestige, Priority, Burgundy.
Fees and limits
There are a few different costs, fees and limits associated with the Axis Bank ASAP account, including:
- An initial fund is required to open the account, starting at ₹16,000 for the Easy Access account. Depending on the type of savings account, the amount may vary.
- There is a limit to the amount that can be withdrawn per month, starting at ₹50,000 for the Easy Access savings account.
- There is a limit to the number of free transactions available per month for each account type, starting at 4 Transactions or ₹2 lakhs (whichever is earlier) for the Early Access savings account.
Pros and cons
Pros
- Quick account opening. Open a completely digital savings account in 4 easy steps.
- Spend and earn. 1% additional cashback on all online spend and up to 45% cashback on transactions made via the GRAB DEALS platform.
- Completely digital banking experience. Avail of all 250+ banking services online.
- Cardless withdrawals. Get your virtual Debit card instantly on account opening.
Cons
- Long verification times. Account verification may take between one hour to a few days.
- Account is only valid for a year. The account must be converted into a regular savings account within one year of opening.
- Minimum balance requirement. The required account balance may vary depending on the account type (Early Access, Prime, Prestige, etc.)
Verdict
The Axis Bank ASAP is a completely digital account that offers all the banking services from the comfort of your home. It offers a lot of choice in terms of account types, each with its own set of benefits and drawbacks. It is important to choose the right account type depending on your specific banking needs.
The account opening process is quick and easy. All you need is your Aadhar card and PAN card details to get started. However, the verification process may take a bit longer depending on various factors. Also, depending on the account type you choose, the fees and limits may vary. So make sure you read all the terms and conditions before opening an account.
How to sign up for the Axis Bank ASAP Account
Eligibility criteria
- You should be an Indian citizen
- You must have an original PAN and Aadhaar number
- Your Aadhaar must be linked to a valid mobile number
- You must be at least 18 years of age
- You should be applying for account opening from India
Sign-up process
You can sign up for the Axis Bank ASAP Account in 5 simple steps:
- Visit the Axis Bank website and choose your preferred account type from the five available options
- Enter your Aadhar and PAN card details
- Fill out other required information
- Complete the online KYC process
- Transfer funds to your account to get started