Azure Storage General purpose v2 accounts and BlobStorage accounts (Legacy) provides multiple Access Tiers which allows storing data in a cost effective way. The access tiers include:
a) Hot - Holds data that can be accessed more frequently. Hot access tier has higher storage costs than cool and archive tiers, but the lowest access costs. Can be set at account level.
b) Cold - Holds data that is infrequently accessed and stored for at least 30 days. Cool access tier has lower storage costs and higher access costs compared to hot storage. Can be set at account level.
c) Archive - Optimized for storing data that is rarely accessed and stored for at least 180 days. The archive access tier has the lowest storage cost. But it has higher data retrieval costs compared to the hot and cool tiers. Data in the archive tier can take several hours to retrieve.
You can change the access tier using the Azure Portal, Azure Storage Explorer as well as using Azure CLI.