Axis Bank Senior Privilege Savings Account

State Bank of India Gold Loan
Monthly Average Balance (MAB)
  • Rs. 2,500 for rural locations
  • Rs. 5,000 for semi-urban location
  • Rs. 10,000 for metro locations
Interest Rate 3.00% to 3.50%
Debit Card VISA Platinum Debit Card

Axis Bank Senior Privilege Savings Account offers up to a 15% discount on purchases. The facility even extends to other purchases at most of the Apollo Pharmacies. You can enjoy higher rates (0.5% preferential rate, subject to change anytime) on fixed deposits (FDs) and recurring deposits (RDs) older than 6 months tenure. You will also receive a Senior ID Card to further avail of special services on the savings bank (SB) account.

In this post, we will discuss Axis Bank Senior Privilege Savings Account features, initial deposit amount, eligibility criteria, interest rates, other benefits, fees and charges, and FAQs.

Features of Axis Bank Senior Privilege Savings Account

Here are the features of this Axis Bank Savings Account:

  • With one-time registration, you can access bill payment services at branches. So, you can pay the bill for telephone, gas, electricity, and others.
  • After registration, you will receive a text message on your mobile number. This is following the generation of the bill. Then the payment will go automatically from your bank account.
  • On request, you will receive one free passbook. Get an exclusive Seniors ID Card.
  • Access bank ATMs and branches, as well as mobile and internet banking.
  • Get up to Rs. 40,000 as the daily ATM cash withdrawal limit.
  • The daily shopping limit on the Debit Card is up to Rs. 3 lakhs.
  • If you swipe the Debit Card at least once every 6 months, then you will get a free personal accident insurance cover worth Rs. 2 lakhs.
  • This will come with Lost Card Liability. You will also get up to Rs. 50,000 worth Purchase Protection Liability to safeguard the Debit Card against fraudulent use.
  • The protection cover on the Debit Card is also valid for the loss/damage of articles you buy on the card.

Opening Deposit for Axis Bank Senior Privilege Savings Account

Here are the details:

  • In rural locations, you need to make an initial deposit of Rs. 2,500.
  • This amount is Rs. 5,000 for a semi-urban savings account.
  • The same is Rs. 10,000 for urban and metro branches.
  • If you do not fulfil the opening deposit criteria, maintain a total relationship value with the bank for Rs. 1 lakh across savings accounts and FD for a tenure of 6 months at least.

Axis Bank Senior Privilege Savings Account Eligibility Criteria

Here are the eligibility norms:

  • Your age must be at least 57 years of age or above.
  • You have to submit a duly filled and signed account opening form.
  • You must provide proof of age, identity, and address recognized by the government.
  • Along with these, you will also have to provide two recent passport-size colour photographs.

Axis Bank Senior Privilege Savings Account Interest Rates

Axis Bank Senior Privilege 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%)

Other Benefits of Axis Bank Senior Privilege SB Account

Here are the other benefits of this savings account by Axis Bank for senior citizens:

  • Preferential rates are applicable for those over 60 years of age. But this rate is not valid for NRI deposits.
  • You can move up the queue if a holder of a senior citizen bank account. You will get preferential treatment at the branch through a queue management system.
  • Get up to 50% discount on hundreds of diagnostic centres.
  • Also, get a 15% discount on purchases of medicines at Apollo pharmacies.

Fees and Charges of Axis Bank Senior Privilege SB Account

Here are the charges for the Senior Privilege Axis Bank Savings Account:

Details Charges
Average monthly balance requirement
  • Rs. 2,500 for rural locations
  • Rs. 5,000 for semi-urban location
  • Rs. 10,000 for metro locations
Issuance fee for NetSecure with 1 touch Rs. 1,000
Debit Card Visa Platinum
Debit Card Issuance Fee and Annual Fee
  • Rs. 200 issuance fees
  • Rs. 200 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
Additional PO/DD fee
  • Rs. 50 for up to Rs. 10,000
  • If over Rs. 10,000 then the fee is Rs. 5 per Rs. 1,000, subject to minimum Rs. 75 and maximum Rs. 10,000
IMPS
  • 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
Chequebook
  • 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
  • Priority attention to senior citizens for Demat Account. No annual maintenance charges for the first year. 20% to 60% discount for health check-ups at hospitals and diagnostic centres in India
  • 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 transaction 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

Axis Bank Senior Privilege SB Account FAQs

Here are the frequently asked questions for this Axis Bank Savings Account:

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. Non-financial transactions beyond the free limit are charged at Rs. 10 per instance. The same is Rs. 20 per instance for financial transactions beyond the free limit.

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. The charge is 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 drawer 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 drawer bank and $13 as per the correspondent bank.

For urban, semi-urban, and rural locations, the quarterly Service Fee (QSF) is Rs. 5 for a shortfall of every Rs. 100 + Rs. 75 is the balance required or Rs. 500 (Rs. 750 in the case of rural location), whichever is lower. But if you maintain the average quarterly balance or maintain a total relationship value with the bank of Rs. 1 lakh fixed deposit of at least 6 months tenure, and balance in a savings account, then Rs. 75 is waived off.

The daily POS transaction limit is Rs. 3 lakhs. The daily withdrawal limit on ATMs is Rs. 40,000.

The charge for a bundle of 1000 notes is 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 are Rs. 5 per Rs. 1,000 or Rs. 150, whichever is higher.