Benefits of A Zero balance Savings Account of Axis Bank

A zero balance account can save the account holder the hassle of having to keep the required balances throughout the month and quarter. Axis Bank has become one of the leading banks of the country in less than 3 decades. It
offers the whole gamut of asset and liability products. In the savings accounts portfolio they
have a zero balance savings account as well. The zero balance savings account of Axis Bank
is called ASAP (which is an acronym for As Soon As Possible). Before we see what the
benefits of this account are, let us understand what zero balance savings accounts are.
A bank incurs several expenses when you open an account with it. Most of the specific
expenses are recovered by it in the form of charges and fees, like debit card annual fees,
ATM usage , cash withdrawal etc. For all the other expenses, and to make the account
profitable for the bank, another system has been put in place by banks. They require
account holders to maintain a minimum monthly average balance (MAB) or quarterly
average balance (QAB). These amounts are the respective sums of the daily closing balances
over the month or the quarter, divided by the number of days in the month or quarter.
While most banks have the minimum requirements of MAB and QAB, the zero balance
accounts are those which do not have any such conditions.
A zero balance account can save the account holder the hassle of having to keep the
required balances throughout the month and quarter. It provides increased liquidity to the
account holder and also allows him to juggle his expenses better without missing out on any
deadlines or dates on account of having to maintain a certain balance. And if the zero
balance account also offers attractive gifts on usage , then there’s nothing like it. Let us look
at the specific benefits of a zero balance savings account of Axis Bank.
 The ASAP account can be opened online easily, and you do not need to physically
visit any branch to initiate the documentation.
 The facility of opening the account online is only for ASAP accounts whose balance
would never exceed Rs. 1 lakh. But if you plan to exceed Rs. 1 lakh as your account’s
balance, then you would need to visit the branch for completing KYC process in
person.
 You get an offer-packed Rupay Platinum Debit Card with your ASAP account.
 The maximum amount you can shop for at a point of sale counter using this card is
Rs. 1 lakh daily. All spends would also give you the Edge reward points of Axis Bank.
 When you use this debit card for ATM withdrawals, your daily limit is Rs. 40000.
 The Rupay Platinum debit card also offers you dining discounts of 15% at Axis Bank
partner restaurants, or the equivalent amount as cashback A bank incurs several expenses when you open an account Let us look at the specific benefits of a zero balance savings account of Axis Bank .
 This account also has a flexible interest structure. For average balances less than Rs.
50000 you get 3.5%, but for balances higher than that you get 4% interest.
 All balances above Rs. 10000 would also get auto-swept into a fixed deposit with
much higher rate of interest.
 25 multicity cheques are issued free per quarter for this account, anything more than
that would attract charges.ATM usage; 
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