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Standard Storage V2 (general purpose v2) is the most cost-effective option for archiving large amounts of on-premises data. This storage account type is designed to support a wide range of use cases, including high-volume data access and storage requirements, while keeping costs low.

The cost-effectiveness of Standard Storage V2 comes from its tiered storage model, which allows you to take advantage of different access tiers such as Hot, Cool, and Archive. For archiving data, the Archive tier is particularly beneficial, as it offers significantly lower storage costs compared to other tiers. This tier is ideal for data that is infrequently accessed, making it suitable for long-term storage of large datasets that do not require immediate retrieval.

Additionally, Standard Storage V2 supports features such as redundant storage, integration with other Azure services, and scalability, which enhances its suitability for handling large volumes of data efficiently. This flexibility and lower overall costs make it the preferred choice for organizations looking to archive large quantities of data in Azure.