Axis Bank Future Stars Savings Account

What is the Axis Bank Future Stars Savings Account?

The Axis Bank Future Stars Savings Account is a savings account meant for children below the age of 18. It helps children learn the importance of saving and develop the basics of banking while they are still young. This is one of the best savings account options for minors, with benefits such as a low balance requirement and access to personal accident insurance coverage for up to ₹2 lakh.

Features and Benefits of Axis Bank Future Stars Savings Account

The Future Stars Savings Account is an Axis Bank savings account for children that comes with the benefits of premium banking and the features of everyday banking.

• Interest Rate: The account earns interest daily. Axis Bank currently offers an interest rate of 2.50% for a savings account. For the Future Stars Savings account, if interest earned in one financial year is up to ₹10,000, the interest is tax-free.
• Debit Card: The bank charges ₹200 to issue a Visa Platinum Debit Card. Account holders also have to pay ₹200 annually as a charge for the debit card. The daily ATM withdrawal limit is set at ₹5,000, and the purchase limit is ₹ 10,000.
• Insurance Benefits: This savings account offers Personal Accident Insurance Cover of up to ₹2 lakh along with ₹50,000 coverage for Lost Card Liability and Purchase Protection. The debit card must be swiped at least once every 90 days to enjoy this benefit.
• Free Chequebook: A free payable-at-par chequebook is issued under the name of the minor or the guardian in case the minor is below 10 years of age.
• Low Opening Deposits: If you are from a rural place, the initial deposit is set at ₹1,500. While, customers from urban or metro areas need to deposit ₹3,000.
• Average Monthly Balance: The minimum required balance is ₹2,500 for metro, urban and semi-urban areas. For rural locations, the average monthly balance is ₹1,000. If customers have a Fixed Deposit of ₹25,000 for 6 months or a Recurring Deposit of ₹2000 for a year, a monthly balance is not required.
• Axis Mobile App: You can use the mobile app to maintain your account online. For instance, an Axis Bank balance check can be easily done through the app.
• EDGE Loyalty Reward Program: Through this program, account holders can earn points from their transactions. These points are then used to earn rewards.
• Personalised Card: Account holders can add one image of their choice to their debit card.

Eligibility Criteria and Documents Required

The Future Stars Savings Account can be opened by children under the age of 18 with the consent of their guardian. For children below 18 years, guardians can open the account. The documents that are required include:

• Relationship proof of the minor and the guardian.
• The minor's identity and address proof.
• Guardian's address and identity proof.
• PAN card or Form 60 of guardian and minor (if available).
• Recent passport-size photograph of both the guardian and the minor.

How to Open the Axis Bank Future Stars Savings Account

Opening an account with Axis Bank can be done easily either at a bank branch or through online means.

• Visit Branch or Website: Apply online through Axis Bank Future Stars Savings Account page or visit your nearest Axis Bank Branch.
• Application Information: Fill the online/offline application form with your personal details.
• Complete KYC: Provide KYC details of the minor and the guardian.
• Initial Funding Deposit: Get your account activated with initial funding by doing a deposit of ₹1,500 for rural locations and ₹3,000 for other locations.

Fees and Charges for the Axis Bank Future Stars Savings Account

The table below summarises the key charges and minimum balance requirements for the Future Stars Savings Account.