| Axis Bank Prime Savings Account | |
|---|---|
| Monthly Average Balance (MAB) | Rs. 25,000 or Total Relationship Value of Rs.1 lakh across SB accounts and Term Deposit of at least 6 months |
| Interest Rate | 3.00% to 3.50% |
| Debit Card | Secure Plus Debit Card |
Axis Bank Prime Savings Account comes with higher transaction limits, personal accident insurance cover of up to Rs. 5 lakhs, free and unlimited pay orders/demand drafts, and more benefits. Also, you can avail of as many cheque books as you need. Earn interest up to 3.50% on daily balances. This account is for residents of India and Hindu Undivided Families. Single and joint applications are allowed. KYC documentation is mandatory to open this savings bank (SB) account.
In this post, we will discuss Prime Axis Bank Savings Account features, eligibility criteria, interest rates, documents required, fees and charges, and FAQs.
Here are the features of this Axis Bank Savings Account:
Here are the eligibility norms for this Axis Bank Savings Account:
Axis Bank Prime Savings Account interest rate is between 3.00% and 3.50%. The interest is calculated based on incremental account balance slabs. The Floor Price for account balance slabs is linked to the Repo Rate, which is 3.50% per year. If the balance goes above Rs. 2,500 crores, then you may receive preferential rates. Contact your branch office to know more.
| Account Balance | Interest Rate |
|---|---|
| Less than Rs. 50 lakhs | 3.00% per annum |
| Rs. 50 lakhs and up to less than Rs. 10 crores | 3.50% per annum |
| Rs. 10 crores and up to less than Rs. 100 crores | Repo + (-0.65%) with applicable Floor rate of 3.50% |
| Rs. 100 crores and up to less than Rs. 200 crores | Repo + (-0.50%) |
| Rs. 200 crores and up to less than Rs. 2,500 crores | Repo + (-0.50%) |
Here are the documents required for account opening:
For Individuals:
Joint Account Holders:
For HUFs:
Here are the charges for the Prime Axis Bank Savings Account:
| Details | Charges |
|---|---|
| Initial deposit amount | Rs. 25,000 |
| Total relationship value (TRV) i.e., balance maintained across SB accounts and fixed deposits | Rs. 1 lakh should be maintained including term deposits for at least 6 months and SB balance for all locations |
| Average monthly balance requirement | Rs. 25,000 or TRV of Rs.1 lac across SB accounts and Term Deposit of at least 6 months |
| Issuance fee for NetSecure with 1 touch | Rs. 1,000 |
| Debit Card | Secure + Debit Card |
| Debit Card Issuance Fee and Annual Fee |
|
| Issuance of My Design Card |
|
| Card replacement fee | Rs. 200 |
| Duplicate Passbook | Rs. 75 per instance |
| Stop payment of ECS and Cheque |
|
| Physical statement of prior quarters at the branch | Rs. 75 |
| DD/PO revalidation/cancellation/duplicate | Rs 100 per instance |
| IMPS |
|
| Account closure | Rs. 500 |
| Chequebook |
|
| Speed clearing | There are no charges for a cheque amount of up to Rs. 1 lakh. But over this limit, you have to pay Rs. 150 |
| Demat A/C annual charges |
|
| Value-added SMS alerts | Per SMS the charge is Rs. 25 paise. The maximum cap is Rs. 15 per quarter per customer for non-mandatory SMS |
| The convenience fee for depositing cash at a cash deposit machine | After banking hours between 5:00 PM to 9:30 AM, the charge per transaction is Rs. 50. The same fee applies if the deposit is on state holidays or bank holidays for deposits over Rs. 5,000 per month either through multiple or single transaction |
| Replacement fee for NetSecure with 1 Touch | Rs. 800 |
| ECS Debit Failure | Rs. 375 for first return and Rs. 425 for second return and Rs. 500 from third return onward |
| Outstation cheque collection |
|
| Inward cheque return - non-financial | Rs. 50 per instance |
| International balance enquiry (ATM) | Rs. 25 |
| Outward cheque return | Rs. 100 per instance |
| Inward cheque return - Financial Reason | Rs. 500 per instance due to insufficient funds |
| International cash withdrawal (ATM) | Rs. 125 |
| Branch transactions (fair usage fees) | You can avail of 15 transactions for free in a month. After this, every transaction will carry a fee of Rs. 75 |
| Outstation cheque return | Rs. 150 per instance |
| Standing Instruction failure for Credit Card dues and Loan EMIs | Rs. 200 per instance |
| ECS/NACH transactiont | Rs. 25 per transaction, subject to a cap of Rs. 100 in a month |
| ATM cash withdrawal decline due to insufficient funds | Rs. 25 per instance for non-Axis Bank ATMs and no charges for the same at Axis Bank ATMs |
| Transaction declined due to insufficient funds at POS terminals | Rs. 25 per instance |
Here are the Axis Bank Savings Account FAQs:
You can make up to 30 transactions in a month. This includes financial transactions at Axis Bank ATMs as well as non-financial and financial transactions at other bank ATMs. After this, a flat fee of Rs. 20 per transaction is applicable.
The fee is Rs. 50 for each of these aspects. The fee is counted per instance.
Rs. 1,000 for foreign currency (FC) outward remit by Swift/TT/Wire. Rs. 250 for FC inward remittance fee per instance. Rs. 250 or 0.3%, whichever is higher for FC outward remit by DD. Rs. 100 for FC inward remit FIRC/traveller cheques and currency notes/deposit at branches. Rs. 250 for FC cheque IRM commission. Rs. 50 for FC cheque courier charges.
FC cheque base charges 0.25% of INR value plus GST (minimum Rs. 111). FC cheque additional charges for direct collection are as per the drawee bank. The same is as per correspondent bank for FC cheque of FCS only. For reimbursement collection, the charges are on receipt as per the drawee bank and $13 as per the correspondent bank.
The monthly Service Fee (MSF) is Rs. 5 for a shortfall of every Rs. 100 + Rs. 75 is the balance required or Rs. 100, whichever is lower, then AMB is waived off if such is maintained across all branches.
The daily POS transaction limit is Rs. 1,25,000. The daily withdrawal limit on ATMs is Rs. 50,000.
For a bundle of 1000 notes, Rs. 100 per instance. 10 packets make 1 bundle. This is valid for notes of lower denominations – Rs. 10/20/50.
For all locations, monthly cash transactions are free for the first 4 instances or Rs. 2 lakhs, whichever happens, earlier. Cash transactions up to Rs. 25,000 are allowed per day at the non-home branch. If this exceeds, then the fee of Rs. 5 per Rs. 1,000 is applicable or part thereof, subject to Rs. 150 at the least. Charges on withdrawals and cash deposits over this limit is Rs. 5 per Rs. 1,000 or Rs. 150, whichever is higher.
