Axis Bank Prime Plus Savings Account
Axis Bank Prime Plus Savings Account
|Monthly Average Balance (MAB)
||Liberty Debit Card, Prestige Cashback Debit Card
Axis Bank Prime Plus Savings Account is now dubbed as Axis Bank Liberty Savings Account. You have to maintain Rs. 25,000 as a monthly average balance. You may otherwise also spend Rs. 25,000 in a month on the acc. The starting interest rate on the account balance is 3.5% per annum. You will receive a Liberty Debit Card with cashback offers on shopping, travel, food, and entertainment on weekends. Also, you can enjoy the benefit of insurance covers, gift vouchers every quarter, and guaranteed 24 x 7 banking services.
In this post, we will discuss Axis Bank Prime Plus/Liberty Savings Account features, interest rates, eligibility criteria, required documents, Prestige Cashback Debit Card, My Zone Credit Card, annual benefits, fees and charges, as well as FAQs.
Features of Axis Bank Prime Plus Savings Account
Here are the features of the Prime Plus/Liberty Savings Account:
- Minimum deposit to open the account across all locations is Rs. 75,000.
- Receive 24 x 7 banking assistance and annual benefits of Rs. 25,000.
- Get help from Digital relationship manager 24 x 7 and a guaranteed response in 48 hours on any service request through this manager).
- Free and unlimited ATM transactions on Axis + non-Axis bank ATMs.
- There are no charges for online NEFT/RTGS transactions.
- The average quarterly balance (AQB) is Rs. 75,000 or Total Relationship Value of Rs.5 lakhs as a customer who maintains savings accounts and fixed deposits with the bank for at least a tenure of 6 months.
- You will receive e-statements every month to track your account transactions.
- Get Air Accident Cover of Rs. 1 crore and Rs. 10 lakhs worth Personal Accidental Death Cover.
- Price protection cover is available for purchases on Prestige Cashback Debit Card with terms and conditions applied.
Axis Bank Prime Plus Savings Account Interest Rates
Here are the details of Prime Plus/Axis Bank Liberty Savings Account interest rates:
- The interest rate is linked with the Repo rate.
- The calculation of interest is on the basis of incremental balance slabs.
- Floor price for the balance slab linked to repo is 4% (fixed) per annum.
- The rate is 3.50% for balances less than Rs. 50 lakhs.
- The rate is 4% for balance between Rs. 50 lakhs and up to less than Rs. 10 crores.
- For balance Rs. 10 crores and more and up to less than Rs. 100 crores, the rate is Repo + 1.15%.
- For balance Rs. 100 crores and up to less than Rs. 200 crores, the rate is Repo + 0.35%.
- The rate is Repo + 0.85% for balance Rs. 200 crores and more.
Eligibility Criteria for Axis Bank Prime Plus Savings Account
Here are the eligibility norms for Axis Bank Liberty Savings Account/Prime Plus Savings Account:
- An individual resident of India and Hindu Undivided Family.
- You can open the account solely or jointly.
Documents Required for Axis Bank Prime Plus Savings Account
Here are the documents you need to open this savings account:
1. Documents for Individual Applicants
- Two latest passport-size photographs.
- Identity proof and address proof papers e.g., Aadhaar Card, Voter ID Card, Passport, etc.
- If permanent and mailing address are different, then you have to submit address proof of both.
2. Documents for Hindu Undivided Family
- Declaration from the Karta.
- Form 60 of HUF/Copy of Aadhaar Card.
- Identity and address proof of the Karta.
- Prescribed family letter signed by all account holders (adults).
3. Documents for Joint Applications
- Identity and address proof of both the applicants.
- You can also submit address proof of the first account holder if you provide a relationship proof between both the holders.
Axis Bank Prestige Cashback Debit Card for Account Holders
You will receive a Prestige Cashback Debit Card on opening a Prime Plus/Liberty Savings Account. Here are some of the benefits of the card:
- There is no issuance fee for this card.
- Receive cashback offers: 3% on travel, 2% on shopping, and 1% on fuel.
- Per quarter, the cashback is worth Rs. 1,500.
- Earn 2X eDGE Loyalty Rewards points.
- Avail free and unlimited ATM transactions at bank branch and non-bank branch ATMs.
- ATM (Rs. 1 lakh) and POS (Rs. 4 lakh) withdrawal limit.
Complimentary My Zone Credit Card for Account Holders
Here are the features of Liberty/Prime Plus Savings Account:
- 1 complimentary airport lounge access every quarter.
- 25% cashback on purchase of movie tickets.
- You can spend securely as the card has an EMV certified chip.
- You can opt to convert purchases to EMI if the amount is over Rs. 2,500.
- Enhanced Axis eDGE Loyalty Rewards points.
Annual Benefits for Axis Bank Prime Plus Savings Account
The annual benefits are worth Rs. 25,000 for this savings account. Here is the breakup of the same:
- Card benefits include discounts on Dining Delights and cashback on spends. These are worth Rs. 14,000.
- Rs. 2,400 worth 2X accelerated Axis eDGE rewards points. You can redeem these for entertainment, shopping, travel, and more.
- Everyday Banking benefits are worth Rs. 3,500 and include higher number of free cash transactions and unlimited ATM transactions as well as cheque books.
- Complimentary services worth Rs. 5,100 include that for insurance cover, discount on lockers, no fee for 1st year on Demat AMC, and no fees for debit card issuance and annual fee waiver for Myzone Card (Credit Card)
Fees and Charges for Axis Bank Prime Plus Savings Account
Here are the different charges for the Liberty/Prime Plus Savings Account:
1. Basic Service Fees
- Account service fee for metro per month is Rs. 10 for every shortfall of Rs. 100 in the required balance, or the fee is Rs. 500, whichever is lower.
- The minimum fee for the same is Rs. 150 which is waived if you maintain TRV (total relationship value)/AMB.
- There are no charges for the issuance of DD/PO.
- You get 1 chequebook free per year. After this, Rs. 5 is chargeable per leaf.
- The average monthly balance for urban locations is Rs. 25,000. The requirement is the same for semi-urban and rural locations.
- If you close the account in 14 days of the opening to 1 year, then Rs. 500 is chargeable. After a year, no charges are applicable for account closure.
- The fee for NetSecure with 1 Touch issuance is Rs. 1,000.
- You are allowed to make 15 transactions in a month for free. After this, you have to pay Rs. 75 per transaction.
2. Convenience Fee
- Rs. 200 is the card replacement fee.
- Replacement charges for additional chip and PIN enabled cards are the original fee + Rs. 50.
- Per duplicate passbook, Rs. 75 and Rs. 100 for duplicate PIN (branch mode only).
- Rs. 75 for every physical statement at branch for previous quarters.
- Rs. 50 per cheque in case of stop payment instruction, with a maximum of Rs. 100 for series.
- For ECS, the stop payment charge is Rs. 100.
- Rs. 100 each for DD/PO revalidation and duplicate, or cancellation.
- Rs. 50 for each instance of address confirmation, balance certificate, signature verification, photo attestation.
- Rs. 5 per month for value added SMS alerts.
- Rs. 800 for NetSecure with 1 Touch replacement.
3. Transaction Fees
- Rs. 3 lakhs are the daily POS transaction limit. Rs. 50,00 is the daily ATM withdrawal limit.
- For metro and urban locations, the monthly cash transaction free limit is for the first 5 transactions or Rs. 2 lakhs, whichever occurs the first of withdrawals/cash deposits (Third Party/Self).
- For non-home branch cash transactions up to Rs. 25,000 per day Rs. 5 per Rs. 1,000 is charged or part thereof, with a minimum fee of Rs. 150. Rs. 10 per Rs. 1,000 or Rs. 150, whichever is higher for third party transaction. For semi-urban/rural locations, the monthly cash transaction, the fees are the same.
- Cash handling fee is Rs. 100 per bundle. 10 packets of notes make one bundle. Each bundle consists of 100 notes.
- Rs. 150 per speed clearing of cheque amount of Rs. 1 lakh or above.
- You can do 30 transactions for free in a month. After this, a flat fee of Rs. 20 per transaction will apply.
- Outstation cheque collection fee is Rs. 25 per cheque for an amount up to Rs. 5,000 and Rs. 50 per cheque for an amount between Rs. 5,001 and Rs. 10,000. Rs. 100 per cheque for an amount between Rs. 10,001 and Rs. 1 lakh, and Rs. 200 per cheque for amounts over Rs. 1 lakh.
- There are no fees for online NEFT/RTGS. IMPS fee is up to Rs. 2.5 per transaction of up to Rs. 1,000. Whereas the fee is Rs. 5 per transaction for Rs. 1,000 to Rs. 1 lakh, and Rs. 15 per transaction for Rs. 1 lakh to Rs. 2 lakhs.
- If you do not make any transaction on the savings account for 18 to 24 months, then a one-time fee will apply. Rs. 100 will apply from 18th month of non-transaction.
- Rs. 20 per transaction for Axis/non-Axis ATM cash withdrawal for financial transactions beyond limits. The same is Rs. 10 per transaction for non-financial reasons beyond limits.
- Rs. 25 per transaction for ECS/NACH transaction. Rs. 125 for international cash withdrawal at ATM. Rs. 25 per international balance enquiry.
- Cross currency mark-up of 3.5% is the fee on international debit card transactions.
4. Transaction Failure Fees
- Rs. 200 per cheque for outward cheque return.
- Rs. 500 per instance for inward cheque return for financial reasons such as insufficient funds. For non-financial reasons the fee is Rs. 50 per instance.
- Rs. 150 per cheque for outstation return. For failure of ECS debit, the charge is Rs. 500 per instance.
- For failure of standing instruction on credit card dues and loan EMIs, the charge is Rs. 250 + GST. The same for failure of charges on mutual funds and recurring deposits is Rs. 50 per instance.
- In case of non-maintenance of balance, additional fees will apply. The fee is Rs. 650 per instance for ECS/NACH debit failure. Rs. 300 per instance for inward cheque return and transaction declined at POS or ATM due to lack of balance. Rs. 50 per instance. And for auto debit failure, it is Rs. 650.
Axis Bank Prime Plus Savings Account FAQs
Here are the frequently asked questions on Axis Bank Liberty Savings Acc./Prime Plus Account:
If you have a Demat account linked to your savings account, then the fee is Rs. 750. For a Demat account not linked to the savings account, the fee is Rs. 2,500 which is waived off for the first year.
The foreign currency charges are as follows:
- Rs. 1,000 for outward remit by TT/Wire/Swift.
- Rs. 250 or 0.3%, whichever is higher for outward remit by Demand Draft.
- Rs. 250 for inward remit per instance.
- Rs. 100 for inward remit, FIRC charges.
- Rs. 100 for deposit at branches.
- Rs. 100 for traveller currency notes and cheques.
- Rs. 250 for IRM commission on cheque.
- 0.25% of the INR amount + GST for base charges on cheques.
- For cheque courier, Rs. 50 per instance.
- Correspondent bank charges apply for FCS.
- Drawee bank charges for direct collection of cheque.
- Drawee bank charges – on receipt for reimbursement collection. The correspondent bank charge applies - $13.
The Liberty Debit Card applies an issuance fee of Rs. 250, and annual fees of Rs. 300. For a joint card, the only difference is the issuance charge, which is Rs. 200.
- Rs. 25 per instance for transaction declined at POS terminals because of insufficient balance in the savings account.
- Rs. 25 per instance for ATM cash withdrawal transaction failure because of lack of funds in the account.
Rs. 50 after banking hours for every transaction as convenience fee on cash deposit at cash deposit machine. Rs. 100 for the same on bank and state holidays in case of non-maintenance of the product balance or TRV.