At Axis Bank, earn up to 7.10% interest rate, but there's a catch

Axis Bank has launched a new benefit for customers where it is offering them a zero balance account through their Axis Asap application and in return they have the opportunity to earn up to 7.10% interest rate per annum. The bank has launched a teaser where it says, ‘Balance Free, Worry Free’ asking customers to open a zero balance account. These are considered under fixed deposits accounts. Axis Bank recently increased rates for deposits of less than Rs 5 crore and Rs 100 crore and above. A customer will receive 7.10% interest rate for deposits below Rs 1 crore in a tenure 1 year and above. As for deposits from Rs 1 crore to below Rs 5 crore, one will earn 7.30% interest rate for the same tenure.

One can open Axis Asap account in just three steps. 

All they need to do is provide information of their mobile number, Aadhaar number and PAN card number. Once provided this information you will be able to open you zero balance account. 

Zero balance account do not have any condition for maintaining a minimum monthly average balance or quarterly average balance. Despite no worries of maintaining any balance, any zero balance account holder will get their own debit card which can be used worldwide. They even have complimentary passbook and also free cheque book of fixed amount of leaves per year. 

They even have access to internet banking and online transactions. 

However, there is always a limit for free transaction which varies from bank to bank, and once this limit is surpassed a user will be eligible for service charge. 

Under Axis Asap, it need to be noted that one can only earn 7.10% interest on balance above Rs 10,000. There are more than 3,700 branches of Axis Bank all over India. 

For 1 year deposits, a senior citizen would get 7.75% and 7.95% interest rate for deposits made below Rs 1 crore and Rs 1 crore to below Rs 5 crore respectively.