Axis Bank Prime Savings Account

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.

Features of Axis Bank Prime Savings Account

Here are the features of this Axis Bank Savings Account:

  • Unlimited cheque books and demand drafts/pay orders without any charge.
  • Rs. 25,000 is the opening deposit in metro locations
  • You will receive e-statements every month to track transactions
  • Avail high cash transaction limits
  • Higher personal accident insurance cover of up to Rs. 4 lakhs
  • Get a Secure Plus Debit Card at no issuance fee
  • Rs. 50,000 is the daily ATM withdrawal limit
  • Rs. 1,25,000 is the daily shopping transaction limit
  • Avail of unlimited ATM transactions at home and other bank ATMs
  • Fraud cover protection of up to Rs. 75,000 on the card
  • Hotel and emergency travel assistance of up to Rs. 80,000 for travel abroad
  • For travel in India, the same is for up to Rs. 40,000
  • Up to Rs. 5,000 as emergency cash assistance
  • If you want to block any card in case of theft/loss, then you can do so with a call to the customer care

Eligibility Criteria for Axis Bank Prime Savings Account

Here are the eligibility norms for this Axis Bank Savings Account:

  • A resident individual
  • A Hindu Undivided Family (HUF)
  • Required papers with the account opening form filled and signed
  • For joint applicants, where relationship proof is required, papers of the primary account holder are mandatory

Axis Bank Prime Savings Account Interest Rates

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%)

Documents for Axis Bank Prime Savings Account

Here are the documents required for account opening:

For Individuals:

  • Latest passport size photographs (2 nos.)
  • Identity and address proof

Joint Account Holders:

  • Identity and address proof of both the applicants
  • Address proof of the primary holder is enough if there is a relationship proof submitted between both the account holders

For HUFs:

  • Form 60 of HUF or copy of Aadhaar Card
  • Prescribed joint HUF letter signed by all the adult account holders
  • Declaration from the Karta
  • Proof of address and identity of the Karta

Fees and Charges of Axis Bank Prime Savings Account

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
  • Rs. 200 issuance fees
  • Rs. 300 annual fees
Issuance of My Design Card
  • Rs. 250 + GST for original card issuance
  • Angry Birds image card issuance Rs. 500 + GST
Card replacement fee Rs. 200
Duplicate Passbook Rs. 75 per instance
Stop payment of ECS and Cheque
  • Rs. 100 per instance for ECS
  • Rs. 50 per cheque subject to maximum Rs. 100 for series
Physical statement of prior quarters at the branch Rs. 75
DD/PO revalidation/cancellation/duplicate Rs 100 per instance
  • Rs. 2.5 per transaction of up to Rs. 1,000
  • Rs. 5 per transaction of Rs. 1,000 to Rs. 1 lakh
  • Rs. 15 per transaction of Rs. 1 lakh to Rs. 2 lakhs
Account closure Rs. 500
  • One free multi-city cheque book in a financial year. This contains 20 leaves
  • Over this limit, every leaf will cost Rs. 2.5 or Rs. 100 per chequebook of 20 leaves
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
  • Discount on annual maintenance charges for the first year. Second-year onward, get a 10% discount on these charges
  • If the Demat account is not linked with the SB account, then the fee is Rs. 2,500. But if it is linked to the SB account, then the fee is Rs. 750
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
  • Rs. 25 per cheque for up to Rs. 5,000 amounts
  • Rs. 50 per cheque between Rs. 5,001 to Rs. 10,000
  • Rs. 100 per cheque between Rs. 10,001 to Rs. 1 lakh
  • Rs. 200 per cheque for the amount over Rs. 1 lakh
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

Frequently Asked Questions for Prime Axis Bank Savings Account

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.

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