Axis Bank is the amongst the top three largest private sector banks in India. It offers an exhaustive list of financial products. It is head quartered at Mumbai and has its registered office at Ahmedabad. It has 3300+ branches and 14,000+ ATMs across the country. It also has nine international offices at Singapore, Hong Kong, Dubai, Shanghai, Colombo and representative offices at Dhaka, Dubai and Abu Dhabi. The bank employs over 55,000 people and had a market capitalisation of INR 1.28 trillion (US$20 billion).
Axis Bank started off as UTI Bank in 1993. The Bank was promoted in 1993 jointly by the Administrator of the Unit Trust of India, Life Insurance Corporation of India, General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company. In 2007, UTI Bank changed its name to Axis Bank and came out with the new and modern brand elements. It currently offers a plethora of services ranging from retail banking to corporate banking to international banking. In the recently concluded Banknote Demonetisation drive, a few of the Axis Bank employees were arrested for being involved in illegal money laundering.Axis Bank has one of the lowest interest rates in the country amongst most of the modern private banks. Axis Bank offers an interest rate of merely 3.5% per annum for savings account balance of INR 50 lakh and less than that. For balance in the savings bank account of INR 50 lakhs and above, Axis Bank gives an interest of 4% per annum. Axis Bank has more than 15 different types of savings account schemes. A few important ones out of these 15 are EasyAccess savings account, Prime savings account, Future Stars savings account, Youth account, Prime Plus savings account, Women savings account, Senior Privilege savings account, Pension savings account etc. EasyAccess savings offers an interest rate of 4% on the daily balances, which is paid quarterly. Future Stars savings account is targeted at children aged below 18 years and requires to be operated by a parent or a guardian.