Axis Bank, one of India’s premier private sector banks, has unveiled a customer-centric offering that promises a plethora of benefits.
With the launch of the “Membership Model Based Infinity Savings Account,” Axis Bank customers can now open a savings account free from concerns about service fees and minimum balance requirements.
How Does the Infinity Savings Account Work?
As per Axis Bank’s official website, the Infinity Savings Account adopts a fixed fee-based approach, where customers pay a membership fee to access a host of account-related advantages.
Notably, account holders under this new scheme will not be obligated to maintain a minimum monthly balance.
Furthermore, they will be spared from charges associated with using debit cards, checkbooks, exceeding transaction limits, and withdrawing money.
Additionally, account holders will enjoy discounts on domestic fees.
What Are the Membership Fee Options?
Axis Bank offers customers flexibility with two membership options: monthly and annual.
Account holders can choose to pay a monthly fee of Rs 150 or an annual fee of Rs 1650.
According to Axis Bank’s official website, the monthly plan comes with a minimum membership period of six months, after which it continues on a 30-day cycle with a recurring fee of Rs 150.
In contrast, the annual fee of Rs 1650 grants benefits for a full 360 days and will also auto-renew once this period expires.
Convenient Auto Debit Mechanism
It’s worth noting that upon the completion of the monthly or annual cycle, the membership fee will be automatically debited from the customer’s account.
The auto-renewal fee will remain consistent with the initial fee at the time of account opening.
However, customers should be aware that if they fail to maintain a continuous balance in their account for 18 months, their account will be subject to automatic closure.
Axis Bank’s Membership Model Based Infinity Savings Account represents a customer-friendly approach, easing the financial burden on customers and providing a range of benefits without the usual constraints of minimum balance requirements and service charges.
This innovative offering aims to enhance the banking experience for Axis Bank’s valued clientele.