Launch of funded savings account from Axis Bank without service fees or minimum balance criteria

30 Aug 2023 , 11:57 AM

Axis Bank launched a paid savings account on Tuesday as part of its transition to subscription-based accounts. The user will not be charged for many services and will not be needed to maintain a minimum balance. Customers would pay Rs 150 each month or a reduced Rs 1,650 per year for what the third largest private sector lender has dubbed the ‘Infinity Savings Account.’

Most banks currently require a minimum amount for having a savings account and charge account users a fee if the balance falls below that level. They also charge extra for services like printing passbooks and SMS alerts, among other things.

Axis Bank is implementing the annual account maintenance fee with the new account, but other competitors, like Fino Payments Bank, already do.

With the new account variation, Axis Bank claimed it is aiming to attract tech-savvy consumers who frequently use subscription-based services.

‘By incorporating the principles of subscription-based models, we aim to provide our customers with a transformative banking experience, aligning with the evolving preferences and expectations of today’s consumers,’ said Ravi Narayanan, the company’s head of retail liabilities.

The new service gives free debit cards that can be used at abms as many times as a customer needs and has no minimum balance requirement or domestic transaction fees.

The bank stated in a statement that there are no fees for using a chequebook or for transactions or withdrawals that exceed the restrictions.

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