A current account is the backbone of a business. With more features than a savings account, it is the first choice for every businessperson. So, banks try their best to gain the top position by offering innovative features. In the previous blog, you read about Yes Bank Current Account. They were pretty remarkable, weren’t they? In this article, you will know about Axis Bank Current Account.
Let’s get started.
Table of Contents
- Common Benefits of Axis Bank Current Account
- Types of Axis Bank Current Account
- Business Specific Current Accounts
- Key Takeaways
- Frequently Asked Questions
Common Benefits of Axis Bank Current Account
Various types of current accounts have their features. But all of them have some the following benefits:
- Anytime, anywhere banking with mobile/internet banking
- You get access to 4400+ branches and 17000+ ATMs across the country
- Unlimited RTGS/NEFT transactions (with applicable charges)
- Enhanced cash withdrawal and shopping limits
- Debit Cards, Cash Management Services, and Trade-Forex solutions
Types of Axis Bank Current Account
Being one of the top 10 banks in the country, Axis Bank offers a plethora of variety for everyone. Here are the types of current accounts offered by Axis Bank:
Current Account Normal
It is the most basic offering of all. So, it is suitable for a small business like a retailer or an MSME. Here are the features:
- Cash Deposit up to Rs 2 Lakh p.m. without any charge
- You get a Business Classic Debit Card. Even though it is ordinary, it has features like accident insurance and personalized design.
- Free Cheque Book, Demand Drafts, and Pay Orders and Standing Instructions
- You also get alerts and a Certificate of Balance
- The minimum Monthly Balance is Rs 10k.
To know about the applicable charges, click here.
Current Account Advantage
It is like the current account normal.
- But its cash deposit limit of Rs 3 Lakh per month makes it suitable for wholesalers as well.
- Even the applicable charges are the same.
- But everything comes at a price. So, the minimum monthly balance requirement is Rs 25k.
- What’s more, you have to pay Rs 750 for not maintaining the minimum balance against Rs 600 in Normal Current Account.
So, there is no ‘advantage’ in this current account, except in its name.
Current Account Select
Although most of the features are the same as above, it has one vital difference.
- Here, the cash deposit limit is ten times the minimum monthly balance maintained. For example, if you maintain a balance of Rs 1 Lakh, you can deposit cash up to Rs 10 Lakh. That is why traders prefer this account over the above ones.
- The minimum monthly balance requirement is Rs 50k. But look at the bright side as well. You will get a deposit limit of Rs 5 Lakhs per month, for sure. And it can extend up to Rs 50 lakhs per month.
Current Account Classic
This account is no different from the ones mentioned above.
- The minimum monthly balance requirement is Rs 1 Lakh.
- And the charges for non-maintenance are Rs 1500.
- The only difference is that it has a cash deposit limit of Rs 12 Lakhs. And the charges for depositing cash are Rs 3 per Rs 1000 deposited, subject to at least Rs 50 per transaction. Let’s understand with an example.
Suppose you deposit Rs 15 Lakhs in a month (assuming entirely in one transaction). There will be no charges up to Rs 12 lakhs. Above that, you would have to pay the applicable charges on the excess amount (3 Lakhs). It comes to Rs 900 [300000*(3/1000)].
Current Account Privilege
As its name suggests, there are some privileges with this current account. They make it suitable for large firms and small corporates. Here are the features that distinguish it from the other account:
- Monthly Cash Deposit Limit of Rs 60 Lakhs
- Free NEFT and RTGS transactions
- No monthly charges for operating the account
- The minimum monthly balance requirement is Rs 5 Lakhs.
Current Account Channel One
It is an extended version of the Current Account Privilege, as it has all the above features.
- But the monthly cash deposit limit is Rs 1.2 Cr. So, it is suitable for large distributors, manufacturers, and service providers.
- The charges are the same, except that the cash deposit charges are Rs 2 per 1000, subject to a minimum of Rs 50 per transaction.
Current Account Club 50
This account is yet distinguished from others until now. It is so because the difference in deposit limits and the minimum balance is not the sole differentiation factor.
- Besides them, you get the Business Platinum Debit Card. It is superior as compared to the Business Classic Debit Card. There are increased limits on transactions and insurance.
- You also get complimentary lounge access and Edge Reward Points.
- What’s more, the minimum balance requirement is quarterly in this case, against the monthly balance in other accounts.
- And the amount is Rs 50 Lakhs. With a cash deposit limit of Rs 2 Crore per month.
- That is why it is suitable for large corporates and MNCs.
Digi Current Account
If you have read till here, you will realize that all of them are traditional current accounts. But we are living in the digital era, aren’t we? So, it is only natural that our current accounts get digital too. And the case with Axis Bank is no exception.
- They have facilitated digitalization through this current account as well.
- You can open it at the comfort of your home through video KYC.
- The best part is that there are no monthly charges and exciting rewards.
You also get the following benefits:
- Complimentary Times Prime Membership if you complete three transactions within 60 days of account opening.
- Complimentary movie tickets (Buy One Get One Offer) every month.
- Assured cashback of 1% on the virtual debit card, up to Rs 200 per month
- 5 to 15% cashback while shopping on Grab Deals on 20+ famous brands.
- No monthly service charges
Keeping that aside, the minimum monthly balance requirement is Rs 10k. And the cash deposit limit is Rs 1 Lakh per month. In short, you can call it a digital version of Current Account Normal.
Business Specific Current Accounts
Besides these generic accounts, Axis Bank also offers business-specific current accounts. They are:
Current Account- Trusts
As the name suggests, it is specific for trusts and societies.
- The best thing is that they are zero-balance accounts, with a cash deposit limit of Rs 50 Lakhs per month.
- Also, there are no charges for cash withdrawal, NEFT/RTGS transactions, and account maintenance.
- The other features are similar to Current Account Normal. But the above benefits do give it an edge over others.
Current Account- Jewellers
They are similar to current account- trusts with more cash deposits and minimum balance limits. In this case, they are Rs 3 Lakhs and Rs 25k. Due to these increased limits, they become a suitable match for the jewellers.
Current Account- Arthiyas
In English, arthiyas are popularly known as middlemen. In India, They are the commission agents of farm mandis and APMCs. No doubt that they play an essential role in the supply chain of agricultural goods. That is why Axis Bank has dedicated a current account for them.
- Here, the unique feature is that the cash deposit limit depends on the average monthly balance maintained (25 times).
- And the minimum balance requirement is Rs 5000 monthly.
- The other features are similar to the previous business-specific current accounts.
Current Account- Global Business
Exporters are the principal source of earning foreign exchange. That is why the government has given various relaxations in many aspects. And the case with Axis Bank is no different. It has a specialized current account for global businesses.
- The best feature is that there are no minimum balance requirements.
- But there is one factor that differentiates from the other accounts.
- The cash deposit limit depends on the average balance maintained.
- Even the cash withdrawal limit and the account maintenance charges depend on the average balance. If you wish to read it in detail, click here.
Current Account- New Economy Group
In today’s era, unicorns are not so rare, especially among startups. A startup becoming a unicorn has become daily news. It has led to the craze among Gen-Z and the thriving of startup culture. And banks are also trying to support them to the fullest.
That is why Axis Bank has launched this current account: especially for startups. As they are vital to the economy, the account is unique as well. There are the following benefits:
- No minimum balance requirements
- Free Business Platinum Debit Card for the account
- Monthly Cash Deposit Limit of Rs 10 lakhs
- Cash Deposit Charges are Rs 1.5 per 1000 deposited over the limit. And there are no minimum transaction charges.
- Free account statement and duplicate statement as well
- Free account maintenance charges and cash withdrawal
- The signature verification and speed clearing facilities are also free
- You also get a free trial. How? Well, there are no account closure charges if you close the account within 14 days.
Axis Bank has a wide range of offerings. So, they may confuse you. Don’t worry. Here is a summary.
|Details||Normal||Advantage||Select||Classic||Privilege||Channel One||Club 50|
|AMB||10k||25k||50k||1 Lakh||5 Lakh||10 Lakh||50 Lakh|
|Cash Deposit||2 Lakh||3 Lakh||10 times MAB||12 Lakh||60 Lakh||1.2 Cr||2 Cr|
To know about them in detail, visit here.
Frequently Asked Questions
Q1. How to open a Current Account?
Opening a current account is no rocket science. Now, it has become possible to open current accounts online as well. You have to fulfil the following procedure:
Firstly, download the form from the bank’s website. Or get it from any branch of the bank. Then, fill the prescribed form with the necessary details. Then, complete the KYC process by submitting the required documents. After verification, the bank will open the current bank account.
Q2. Who can open a current account?
Anybody can open a current account. Be it an individual, HUF, partnership firm, LLP, company, and even trusts and societies.
Q3. What are the documents required for current account opening?
You need to have documents to prove the existence of the business. And the identity of the owner. Click here to know all the documents required.
Q4. Is GST required for current accounts?
No, GST is not mandatory for current accounts. You can open an account without the GST number also.