Axis Bank Pension Savings Account

When it comes to private sector economy, we all are giving our contribution to make it more workable and justified. It is advisable that we should invest our pension smartly. To fulfil this purpose, Axis Bank offers its product named Axis Bank Pensions Savings Account.

Characteristics

Key Features and Advantages

• You may earn 4% interest on day-to-day balances with this account. The interest gets credited in the account every 3 months.
• You will get the notifications for the transactions through mail or text message. All the details can be accessed and tracked via net banking or passbook.
• You can withdraw up to 40,000 Rs. from ATM and make transactions for shopping up to 1 lakh every day.
• You won't be imposed with any quarterly balance in Pensions Savings Account Scheme.
• The Central Civil Pension approved by Reserve Bank of India, Employees Provident Fund Organization and Central Pension Accounting Office will be defrayed in your account directly.
• Cash points can be earned through eDGE Loyalty Rewards Program offered by this account. This program offers rewards like- you can open Axis Direct Account, start RD account of 2000 Rs. credit transactions for 50,000 Rs. or more via this account per month.

Eligibility Criteria

• Indian central government employees and officers of civil bureau protected through scheme named Central Government Civil Pension Scheme under Central Pension Accounting Office, Ministry of Finance and Department of Expenditure.
• Members of Indian Defence Force - Air, Army and Navy force, managed by Ministry of Defence, protected by the scheme named Defence Pension Scheme.
• Employees of the institutions having twenty above employees (including contract workers) and who are also chosen as EPS 95 scheme members.
• People who are existing members of the scheme named 'Member of Employees' Family Pension Scheme.

Necessary Documents

• 2 passport size photos (recent)
• Address proof (should be permanent residential proof) such as voter ID, Aadhar card, passport, driving licence or any other proof.
• National ID such as driving license, PAN card, passport or voter ID.

Charges and Fee

You can make first ten transactions (up to ten lakh rupees) free of cost after you open this account. If the limit is crossed, then as a fee, you have to pay 5 Rs. on every transaction of 1000 Rs.