Axis Bank has revised certain criteria, including average balance requirement, for salary and savings accounts with effect from April 1, 2024.
Axis Bank, India’s 4th largest bank, offers different types of salary accounts to individuals who work for various companies in the private sector. Banks tie up with companies for opening salary accounts of their employees since it simplifies for employers payroll processes.
Axis Bank revises certain criteria for salary accounts:
Here’s what the bank’s website says about revision of ‘no salary credit fee’ for salary savings accounts proposed:
Salary accounts with following criteria will be charged at INR 100/- per month:
- 4 months vintage
- Not receiving salary credits in two consecutive calendar months.
- Not maintaining average balance as per corresponding non-salary segment.
Easy & Equivalent Savings – INR 12K
Prime/Liberty – INR 25K
Prestige – INR 75K
Priority – INR 2 Lacs
Also Read: 9.7% interest rate: This debt instrument beats all high-return fixed deposits
Axis Bank Revises Savings Account Tariff Structure:
The private sector bank has also revised savings account tariff structure for savings accounts average balance minimum criteria, and cash transaction limitations.
Revision in average balance requirement criteria for Priority Savings Accounts:
For Priority savings accounts, the average balance requirement has been changed from an average quarterly balance (AQB) of Rs 200,000 to an average monthly balance (AMB) of Rs 200,000
Existing: Average Quarterly Balance (AQB) of INR 200,000
Revised: Average Monthly Balance (AMB) of INR 200,000
Rationalisation of free cash transaction limit:
For Prime/Liberty/Prestage and Priority savings accounts, there is a monthly free limit on third-party cash transactions.
Cash transaction limits are revised as per the details given below:
Separate third-party transaction free limit of INR 25,000 per month.
Beyond free limit, INR 10 per thousand, subject to a minimum of INR 150/- Remaining cash transactions to continue as
PRIME/LIBERTY – First 5 transactions / transactions up to INR 1.5 lacs per month
PRESTIGE – First 5 transactions / transactions up to INR 2 lacs per month
PRIORITY – First 7 transactions / transactions up to INR 5 lacs per month
All fees and charges are exclusive of taxes. The charges mentioned in the tariff will attract GST as applicable.
Existing exclusions to continue – Burgundy, Burgundy Private, NRI variants, Defence & Police, Axis Republic, Top Corporate Labels, Reimbursement accounts (SBERA).
NRI Priority Savings Account:
Existing: Average Quarterly Balance (AQB) of INR 200,000
Revised: Average Monthly Balance (AMB) of INR 200,000
Non-maintenance of average balance fee:
Existing: Accounts with < 25% of desired TRV / balances are charged at INR 6 per INR 100 of the shortfall from AMB requirement or INR 600 whichever is lower.
Revised: Accounts with < 75% of desired TRV / balances will be charged at INR 6 per INR 100 of the shortfall from AMB requirement or INR 600 whichever is lower.
How to Open an Axis Bank Salary Account?
Usually, companies in a tie-up with Axis Bank facilitate account opening of new employees by inviting an Axis Bank executive at their offices. However, one can apply for an Axis Bank salary account online too. Look at the following online process to open a salary account in this bank:
- Visit the official website/portal of the Axis Bank
- Choose ‘Salary Account’ from the ‘Retail’ segment
- Click on the salary account type, the name of account you want to open for instance Prime Salary Account
- Click on ‘Apply Now’
Note: Fill the form carefully and upload KYC documents as instructed in the documentation section