Axis Bank Future Stars Savings Account, specially designed account to empower children with the knowledge and habit of saving from an early age. With attractive features, low deposit requirements, and a range of benefits, this account serves as a stepping stone towards financial independence for kids. Let us explore the features, benefits, eligibility criteria, required documents, and the simple process of applying for this Future Stars Savings Account.
About Axis Bank
Axis Bank is one of the leading private sector bank in India, with a wide network of over 4,400 branches and 17,000 ATMs across the country, Axis Bank provides convenient banking services to millions of customers. Understanding the importance of financial education for children, Axis Bank has introduced the Future Stars Savings Account to nurture the savings habits of minors.
Features and Benefits
The Future Stars Savings Account offers an array of features and benefits tailored specifically for children below 18 years of age. Let’s take a closer look at what this account has to offer:
- Earn 3.0%-3.5%* Interest: Enjoy attractive interest rates on daily balances, paid quarterly. This encourages children to witness their savings grow over time.
- Low Opening Deposit: Start off on the right foot with a low minimum opening deposit requirement of Rs. 1,500 in rural locations and Rs. 3,000 in other areas. This makes it accessible to families from all backgrounds.
- Free Chequebooks: Receive one free payable-at-par chequebook per year in the child’s name or the guardian’s name if the child is below 10 years of age. This encourages the understanding of financial transactions at an early age.
- Convenient Banking: Access banking services at your convenience through Axis Bank’s vast network of 17,000+ ATMs and 4,400+ branches. Additionally, enjoy the convenience of internet and mobile banking services, making banking hassle-free.
- Low Average Monthly Balance (AMB): Maintain a low Average Monthly Balance requirement of Rs. 2,500 in metros. No AMB requirement if a Fixed Deposit of Rs. 25,000 for 6 months or a Recurring Deposit of Rs. 2,000 for a year is maintained.
- Visa Platinum Debit Card: Bank effortlessly with a Visa Platinum Debit Card, available at a nominal issuance fee of Rs. 200 and an annual charge of Rs. 200 in metro and urban locations. Children below 10 years of age receive a free ATM card with a daily withdrawal limit of Rs. 1,500. For children above 10 years, they have the option to personalize their debit card with an image of their choice.
- Transaction Benefits: Enjoy the first 5 financial transactions free and unlimited non-financial transactions at Axis Bank ATMs. Additionally, avail of the first 3/5 transactions free at Non-Axis Bank ATMs in metro/non-metro locations respectively.
Eligibility of Axis Bank Future Stars Savings Account
To open a Future Stars Savings Account for your child, the following criteria must be met:
- Child below 18 years of age.
- Parent/guardian must have an Axis Bank Savings Account.
Documents Required to Open Axis Bank Future Stars Savings Account
When opening a Future Stars Savings Account for a child below 18 years of age, the following documents are required:
- One latest passport size photograph of the child.
- Proof of the child’s date of birth.
- Address and identity proof documents.
How to Apply for Axis Bank Future Stars Savings Account?
Applying for a Future Stars Savings Account is a simple and straightforward process. Follow these steps to open Axis Bank Future Stars Savings Account for your child:
- Visit the nearest Axis Bank branch: Locate the nearest Axis Bank branch in your area and visit the branch with your child.
- Carry the necessary documents: Ensure that you have the required documents, including the child’s latest passport-size photograph, proof of the child’s date of birth, and address and identity proof documents as per the bank’s guidelines.
- Meet the bank representative: Approach a bank representative and express your interest in opening a Future Stars Savings Account for your child. They will provide you with the account opening form.
- Fill out the form: Carefully fill out the account opening form with accurate details.
- Submit the form and documents: Once you have completed the form, submit it along with the required documents to the bank representative. They will verify the information and guide you through the further steps.
- Deposit the opening amount: Make the minimum opening deposit of Rs. 1,500 in rural locations or Rs. 3,000 in other areas as specified by the bank. This amount will be deposited into your child’s Future Stars Savings Account.
- Receive your account details: After successful completion of the account opening process, the bank will provide you with the account details, including the account number, passbook and other account related information.
Axis Bank Customer Care
- Toll-free Number: 1800-419-5959.
- Email: [email protected]
FAQ
A: The Future Stars Savings Account is designed for children below 18 years of age.
A: For children below 10 years of age, the account can be operated by a guardian. Once the child reaches 10 years of age, they can actively participate in managing their savings account.
A: Yes, there is an issuance fee of Rs. 200 for the Visa Platinum Debit Card. Additionally, an annual charge of Rs. 200 applies for metro and urban locations.
A: Yes, children above 10 years of age have the option to customize their debit card with an image of their choice.
A: With this account, the first 5 financial transactions are free, and unlimited non-financial transactions can be performed at Axis Bank ATMs. Additionally, the first 3/5 transactions at Non-Axis Bank ATMs are free in metro/non-metro locations respectively.
A: Yes, the account requires a low Average Monthly Balance (AMB) of Rs. 2,500 in metros. However, if a Fixed Deposit of Rs. 25,000 for 6 months or a Recurring Deposit of Rs. 2,000 for a year is maintained, there is no AMB requirement.
Opening an Axis Bank Future Stars Savings Account is an excellent way to introduce your child to the world of banking and financial responsibility. Encourage them to save, spend wisely, and develop a secure financial future.
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