Axis Bank Trust/NGO Savings Account

Axis Bank Trust/NGO Savings Account offers easy banking solutions to Trusts and NGOs. There are interesting features such as higher cash withdrawal and deposit limits, NEFT/RTGS, DD/PO, collection and payment services for donations, vendors, and added services for family banking, FCRA account, and salary accounts for the employees of Trust. The bank is adept in managing salary disbursement and has a corporate platform (iConnect) available 24 x 7 for internet banking SMS alerts and e-statements. The bank also provides customized solutions to hospitals, endowments, NGOs, educational institutes, and others.

In this post, we will discuss features of four different variants of Axis Bank Trust/NGO Savings Account, eligibility criteria, documents required, fees and charges, and frequently asked questions.

Features of Axis Bank Trust/NGO Savings Account

Here are the features of this Axis Bank Savings Account:

• There is a choice of four variants of Trust/NGO savings account as per your need.
• There are special accounts for Electoral Trusts, utilization accounts for FCRA donation, and collection of FCRA donations.
• Unlimited free bank transactions such as cheques, DDs, cash deposits and withdrawals, RTGS/NEFT.
• Trustees get free membership into Priority or Burgundy Premium Savings Program.
• PayPro is available, a wholesome payment solution.
• Special discounts and cash management services on transactions fee and setup on Payment Gateway and POS machines.
• Staff members are eligible for a salary disbursement solution.

Features of Axis Bank Platinum Trust Account

Here is what you must know:

• Free unlimited access to funds such as through cheque books, ATMs, Pay Order, Demand Drafts, branch cash deposit and withdrawal, branch NEFT/RTGS transactions.
• You have to maintain Rs. 30 lakhs as the average monthly balance or balance accumulative across savings, and a Term Deposit worth Rs. 1 crore.
• Salary disbursement solution for Trust employees.
• Free membership for Trustees into Burgundy Premium Savings Program.
• Discounts on education loans and commercial vehicle loans.
• You can perform 24 x 7 banking on iConnect – Corporate Internet Banking e-statement and SMS alert.
• Free safety custody and locker service for Trusts.

Features of Axis Bank Gold Trust Account

Here is more to note:

• Free unlimited access to funds such as through cheque books, ATMs, Pay Order, Demand Drafts, branch cash deposit and withdrawal, branch NEFT/RTGS transactions.
• You have to maintain Rs. 5 lakhs as the average monthly balance or balance accumulative across savings, and a Term Deposit worth Rs. 25 lakhs.
• You can perform 24 x 7 banking on iConnect – Corporate Internet Banking e-statement and SMS alert.
• Up to 20% discount on transaction charges and setup for collection solutions such as EDC machines, Easy Pay, and Payment Gateway.
• Free membership for Trustees into Premium Savings Program. Priority is given to the trustees. They are also eligible for discounts on PayPro, the payment solution.
• Discounts on education loans and commercial vehicle loans.
• 50% discount on safe custody and locker service for the Trustees.

Features of Axis Bank Silver Trust Account

Here are the features:

• Maintain an average monthly balance of Rs. 25,000 only. Also, there is a criterion for the low initial payment.
• Avail PayPro for salary disbursements and vendor payments.
• Free unlimited access to funds such as through cheque books, ATMs, Pay Order, Demand Drafts, branch cash deposit and withdrawal, branch NEFT/RTGS transactions.
• Get 24 x 7 banking on iConnect – Corporate Internet Banking e-statement and SMS alert.

Features of Axis Bank Standard Trust Account

Here is more information:

• Salary disbursement facility for Trust/NGO employees.
• Safe custody and locker service are available.
• Maintain an only average monthly balance of Rs. 10,000. There are however no current charges for the non-maintenance of this criterion.
• Avail 24 x 7 banking on iConnect – Corporate Internet Banking e-statement and SMS alert.
• Several collection and payment services exist. These include PayPro for salary disbursements and vendor payments, EDC machines, Payment Gateways, and Easy Pay Online for collections and payments.

Eligibility Criteria for Axis Bank Trust/NGO Savings Account

Here are the eligibility criteria for this savings account:

• Khadi and village industries boards.
• Bank-financed primary cooperative credit society.
• Agriculture product market communities.
• Section 25 Companies (as per Companies Act, 1956).
• Section 8 Companies (as per Companies Act,2013).
• Development of Women and Children in Rural Areas (DWCRA)
• Farmers' Clubs - Vikas Volunteer Vahini – VVV
• Entities or institutions whose income is exempt from paying the income tax under the IT Act, 1961.
• Registered or unregistered groups, self-help groups, directed towards promotions of savings habits in members.
• Societies registered under Societies Registration Act, 1860 or any other relevant law in force at a Union Territory or State, except societies registered under specific state enactment that creates Land Mortgage Banks or State Cooperative Societies Acts.
• Government bodies/departments/agencies in respect to subsidies/grants released for the introduction of various schemes/programs, and those sponsored by the State/Central government, but subject to authorization from the respective department of the government to open a savings account in a bank.

Documents Required for Axis Bank Trust/NGO Savings Account

Here is the general documentation for this Axis Bank Savings Account:

• Copy of PAN Card.
• Address proof of the entity.
• Registration Certificate of the Trust/Association/Society/Club.
• KYC documents of the authorized signatories.
• Beneficial Ownership declaration.
• Certified copy of the resolution to open and operate the SB account.
• Income Tax registration u/s 12A for entities according to the RBI circular
• Duly authenticated list of current Trustees/Office bearers on the letter-head of the entity
• Bye-laws/Trust Deed/Constitution Documents. If the entity is not registered, then a notarized copy for the same is necessary.

Axis Bank Trust/NGO Savings Account Fees and Charges

Here are these Axis Bank Savings Account fees and charges:

1. Charges for Platinum Trust Savings Account

Here is more information:

• The initial funding amount is Rs. 5 lakhs.
• The balance maintained across fixed deposits and savings should be otherwise Rs. 1 crore.
• Average balance required is Rs. 30 lakhs.
• The daily limit on ATM withdrawal is Rs. 50,000.
• The daily POS transaction limit is Rs. 4 lakhs.
• The primary debit card: rewards + debit card.
• The first 10 transactions on Axis Bank ATMs are free.
• The First 3 transactions are free if performed at a non-Axis Bank ATM.
• Axis/Non-Axis ATM cash withdrawal will incur Rs. 20 per transaction beyond the free limit.
• The cost for My Design Card is the original card issuance cost + Rs. 250 + GST.
• The Card with an angry bird image will cost Rs. 500 + GST.
• The account closure charge is Rs. 500. No charges will apply if you close the account after 6 months.
• NetSecure with 1 Touch issuance charges are Rs. 1,000.
• The international balance inquiry fee at the ATM is Rs. 25.
• The international cash withdrawal fee on ATMs is Rs. 125.
• Cross Currency Mark-up is 3.50% on International Debit Card Transactions.
• If no transactions take place for 17 continuous months, then a one-time fee of Rs. 100 applies from the 18th month.
• Outward cheque return is Rs. 100 per instance.
• Rs. 500 per instance for cheque return due to insufficient funds.
• ECS debit failure will attract Rs. 375 on first return, Rs. 425 on second return, and Rs. 450 from third return onward.
• NetSecure with 1 Touch replacement fee is Rs. 800.
• Outstation cheque return will apply Rs. 150 per cheque.
• DD/PO cancellation, duplicate, and revalidation will cost Rs. 100, individually.
• Rs. 100 will cost for Stop payment instruction on ECS.
• Rs. 50 per cheque will apply for Stop payment instruction, with a maximum of Rs.100 for Series (>2).
• 100% discount on locker fee for lockers of all sizes and branch transactions.
• 100% discount on safe custody charges for all article types and sizes in the safe custody.
• Demat charges for annual maintenance are waived off in the first year. If the Demat account is linked to the savings account, then the cost is Rs. 750 per year, otherwise, it is Rs. 2,500.
• Foreign currency outward remittance by Swift/TT/Wire is Rs. 1,000.
• Foreign currency outward remittance by Demand Draft is Rs. 250 or 0.3%, whichever is higher.
• Collection fees for foreign currency instruments are Rs. 750.
• Courier charges for foreign currency instruments are Rs. 50.
• Inward wire transfer will apply Rs. 300 as processing fees.
• Foreign currency instruments – Drawee bank charges or correspondent will cost as per actuals in case of direct collection. The cost is USD 40 in the case of FCS.
• Dishonor charges per unit are Rs. 100 + charges imposed by the correspondent bank/issuer for foreign currency instruments.
• Rs. 100 per instance applies on cash deposits of foreign currencies in the bank branch.

2. Charges for Gold Trust Savings Account

Here are the details:

• Initial funding amount required is Rs. 1 lakh.
• Average balance required is Rs. 5 lakhs.
• An unlimited number of cheque books are available.
• A primary debit card is Rewards + Debit Card.
• The daily limit on ATM withdrawal is Rs. 50,000.
• The daily POS transaction limit is Rs. 4 lakhs.
• The primary debit card rewards + debit card.
• Account closure charges are Rs. 500 if done within the 14 days after account opening and 6 months.
• Free and unlimited DD/PO issuance.
• Free unlimited cash transaction across all locations.
• The first 10 transactions on Axis Bank ATMs are free.
• The First 3 transactions are free if performed at a non-Axis Bank ATM in metro locations such as Mumbai, Chennai, Bangalore, Kolkata, Delhi-NCR, and Hyderabad. The same is 5 transactions for other locations.
• Beyond the free limit, every transaction will attract Rs. 20 per instance.
• NetSecure with 1 Touch issuance fee is Rs. 1,000.
• Total relation value across fixed deposits and savings is Rs. 25 lakhs as per the bank’s requirement.
• Demat charges for annual maintenance are waived off in the first year. If the Demat account is linked to the savings account, then the cost is Rs. 750 per year, otherwise, it is Rs. 2,500.
• Foreign currency outward remittance by Swift/TT/Wire is Rs. 1,000.
• Foreign currency outward remittance by Demand Draft is Rs. 250 or 0.3%, whichever is higher.
• Collection fees for foreign currency instruments are Rs. 750.
• Courier charges for foreign currency instruments are Rs. 50.
• Inward wire transfer will apply Rs. 300 as processing fees.
• Foreign currency instruments – Drawee bank charges or correspondent will cost as per actuals in case of direct collection. The cost is USD 40 in the case of FCS.
• Dishonor charges per unit are Rs. 100 + charges imposed by the correspondent bank/issuer for foreign currency instruments.
• Rs. 100 per instance applies on cash deposits of foreign currencies in the bank branch.
• The international balance inquiry fee at the ATM is Rs. 25.
• The international cash withdrawal fee on ATMs is Rs. 125.
• Cross Currency Mark-up is 3.50% on International Debit Card Transactions.
• Outstation cheque return costs Rs. 150 per cheque.
• Rs. 500 per instance for inward cheque return because of insufficient funds.
• Outward cheque return will cost Rs. 100 per instance.
• ECS debit failure in the first instance is Rs. 375. For the second return, it is Rs. 425. Rs. 450 will apply for a third time return onward.

3. Charges for Silver Trust Savings Account

Here are the details:

• The initial funding is for Rs. 25,000.
• The primary debit card is Visa Platinum with an issuance fee of Rs. 200.
• The annual fee for this card is Rs. 150.
• Rs. 250 + original card issuance cost + GST for My Design Card issuance.
• Cards with angry bird images will cost Rs. 500 + GST.
• Free 500 cheque leaves per month.
• Rs. 500 for account closure for accounts less than 1 year. Older than 1-year account closure will apply Rs. 250, and no charges will apply if you close the account within 14 days from opening.
• The fee for NetSecure with 1 Touch issuance is Rs. 1,000.
• The daily limit for ATM withdrawal is Rs. 40,000.
• The daily POS transaction limit is Rs. 1 lakh.
• The monthly cash deposit limit for metro/urban locations is Rs. 50 lakhs.
• The monthly cash deposit limit for semi-urban/rural areas is Rs. 50 lakhs.
• Cash deposits and withdrawals over these limits will attract Rs. 5 per Rs. 1,000.
• The First 5 transactions are free at Axis Bank ATMs.
• Non-Axis Bank ATM transactions are free for the first 3 instances in Metro locations such as Chennai, Mumbai, Delhi-NCR, Bangalore, Hyderabad, and Kolkata. The same is 5 for other locations.
• Transaction over the free limit will attract Rs. 20 per instance.
• 50% off on OSC commission. The minimum cost is Rs. 50 for cheque + other bank charges.
• The international cash withdrawal fee at ATMs is Rs. 125.
• The international balance inquiry fee at ATMs is Rs. 25.
• Cross Country Mark-up on International Debit Card Transaction is 3.50%.
• If there are no transactions continuously for 17 months, then Rs. 100 will cost from the 18th month.
• NetSecure with 1 Touch replacement fee is Rs. 800.
• The card replacement fee is Rs. 200.
• Physical statement if taken at branch costs Rs. 75 per instance.
• Stop payment instructions on ECS cost Rs. 100.
• Stop Payment instruction on cheque cost Rs. 50 per cheque, with a maximum of Rs.100 for Series (>2).
• DD/PO revalidation costs Rs. 100.
• DD/PO cancellation costs Rs. 100.
• DD/PO duplicate also costs Rs. 100.
• Photo attestation, address confirmation, signature verification, and balance certificate, all cost Rs. 50, individually.
• Value-added SMS alerts cost Rs. 25 paise per SMS. The maximum capping per customer is Rs. 15 for every quarter for non-mandatory SMS.
• If the Demat account is linked to your savings account, then the annual charges are Rs. 750. If the same is not true, then the charges are Rs. 2,500.
• The charges for annual maintenance are however waived in the first year of account opening.
• Foreign currency outward remittance by Demand Draft is Rs. 250 or 0.3%, whichever is higher.
• Foreign currency outward remittance by TT/Swift/Wire is Rs. 1,000.
• Inward wire transfer applies Rs. 300 as processing fees.
• The collection fees are Rs. 750 for foreign currency instruments.
• Courier charges for foreign currency instruments are Rs. 50.
• Correspondent/Drawee Bank charges for foreign currency instruments are USD 40.
• Dishonor charges per unit for foreign currency instruments are Rs. 100 + charges imposed by correspondent bank/imposer.
• A cash deposit of foreign currency at a bank branch will cost Rs. 100 per instance.

Frequently Asked Questions for Axis Bank Trust/NGO Savings Account

Here are the FAQs for this Axis Bank Savings Account