Axis business banking: All you need to know

Wise

Axis bank was launched in 1994 and is now the 3rd largest private sector bank in India, with over 4,050 branches across the country¹. They offer a simple business banking catalog of current accounts and services. If you have your own business in India and are thinking of changing banking partners, read on to learn more about how Axis bank could be the right partner for you.

If you are looking for ways to receive payments from your international clients for your business in India, then get account details in 8 different foreign currencies with Wise Business Account today

Axis offers 7 different options of current accounts for different levels of Indian businesses. They are divided into 3 categories- Prime, Priority and Wealth. Each category is determined by the Monthly Average Balance, or MAB, and allots different benefits and charges. Take a look at our table below to see which category and account your business would fit in.²

Current Accounts Monthly Average Balance (MAB) Cash Deposits Limit DD/PO Issuance Cheque Book Indent
Prime Normal ₹10,000 ₹2,00,000 No Free Limit No Free Limit
Prime Advantage ₹25,000 ₹3,00,000 No Free Limit 50
Prime Select ₹50,000 ₹12x MAB No Free Limit 100
Prime Business Classic ₹1,00,000 ₹12,00,000 Unlimited 200
Priority Business Privilege ₹5,00,000 ₹60,00,000 Unlimited 500
Priority Channel One ₹10,00,000 ₹1,20,00,000 Unlimited 1000
Wealth Club 50 ₹50,00,000 ₹2,00,00,000 Unlimited Unlimited

All accounts come with online and digital banking options, NEFT/RTGS transactions, and bank transactions for free. There are also options for specific business segmentsas well as an option to have a fully customizable current account. Reach out to Axis bank to learn more.

Axis provides a full range of banking services that businesses would need. Besides the current accounts, you can have access to Cash Management Systems- including payments and collections, Capital Market Service, Treasury Service, Trade and Forex, and GST services. The bank also offers working capital loans. Axis also has a hand mobile app to be able to access your accounts and needs any time of day.

How do you open an Axis business account?

You can start the process to open a current account with Axis by submitting your name and contact details on the Axis business website. A representative from Axis will give you a call to follow up on the next steps.

It isn’t possible to apply for an Axis current account fully online. A representative will need to call and speak with you to take it forward.

Doing business overseas and need to receive international business payments? Wise could save you money.

The world has gotten smaller and that means your business can reach new customers and teams better than ever. Receive and make payments easier and cheaper with Wise Business. With just one upfront fee and the real exchange rate, you can save money on every transfer versus leading providers. Try our comparison tool now to see how much you can save.

Get started with a Wise Business Account 🚀

Requirements to open a business bank account with Axis?

For all current accounts, you will need to submit a proof of identity and proof of address of the account owner. The proof of identity can be a PAN card, voter ID card, passport or driving license; a telephone or electricity bill qualifies for the proof of address.

Beyond the individual identity, you will need to provide company documents. Here is the list of documents needed depending on the type of company you have³:

Public or private limited companies

  • Certificate of Incorporation and Commencement of Business
  • Memorandum and Articles of Association
  • Board resolution authorising the opening and operation of the account
  • PAN or General Index Registrar (GIR) number or completed Form 60
  • List of Directors with residential addresses

Partnership Firms

  • Partnership Deed and Registration Certificate
  • Shop and Establishment Certificate
  • Letter from partners approving the persons concerned to open and operate the account

Proprietorships

  • Certificate from a State Government or Statutory Body or Trade License or Sales Tax Certificate or Shop and Establishment Certificate
  • Letter of proprietorship, duly signed by the proprietor in his or her individual capacity (with a rubber stamp)
  • PAN or GIR number or completed Form 60
  • Latest passport-size photographs of all the authorised signatories

Trusts

  • Copy of the trust deed
  • Copy of the registration certificate
  • Copy of the resolution by the trustees authorising the members concerned to open and operate the account
  • List of trustees with residential addresses
  • Photographs of the members operating the account associations or clubs
  • Bye-laws of the association or club
  • Certificate of Registration
  • Copy of the resolution by the Board authorising the members concerned to open and operate the account
  • Photographs of the members operating the account

Fees for an Axis business bank account?

The fees for an Axis business bank account depend on the type of account you choose. Here is a quick table on initial charges for each account⁴:

Current Accounts Cash Deposits Charges DD/PO Issuance- Charges Cheque Book Indent Account maintenance charges
Prime Normal ₹4/1000 ₹2/1000 ₹2/leaf ₹50
Prime Advantage ₹4/1000 ₹2/1000 ₹2/leaf ₹50
Prime Select ₹3.5/1000 ₹2/1000 ₹2/leaf ₹50
Prime Business Classic ₹3/1000 Nil ₹2/leaf ₹50
Priority Business Privilege ₹3/1000 Nil ₹2/leaf Nil
Priority Channel One ₹2/1000 Nil ₹2/leaf Nil
Wealth Club 50 ₹2/1000 Nil Nil Nil

There are additional charges that may occur and GST is applicable on all fees.

How can I contact Axis business banking support team

Axis has asupport page to help answer any questions you have. If you would rather speak with someone, you can give them a call at 1860 419-5555 or 1860-500-5555

You can alsofind your local Axisbranch and meet with their business banking representative to ask any questions and take the process forward.

Let Wise take care of your international payments

Nowadays, businesses come in all shapes and sizes. So if you are a freelancer, a startup or an established business but are thinking about taking your business global, we make it easy for you at Wise. And the best part is that our fees are upfront. So with Wise, having customers or a team around the world doesn’t mean putting a dent in your wallet.

Open your Wise Business Account

Sources used for this article:

  1. About Axis Bank
  2. Axis Bank Current Accounts
  3. Axis Bank Current Accounts Documents
  4. Axis Bank Current Account Fees

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Tips, news and updates for your location