Axis Bank has launched first-of-its-kind ‘Infinity Savings Account’ to cater to digitally-savvy customers who are frequent adopters of subscription-based models. This savings account offers the bank’s customers with privileges like waived Average Monthly Balance (AMB) requirement, complimentary debit cards and waiver of all the domestic charges against a monthly recurring fee of Rs 150 or an annual fee of Rs 1,650, a statement from the bank informed.
The customers can open the account in a completely digital manner through video Know Your Customer (KYC) process. The monthly plan is charged at Rs 150 (inclusive of GST) and has a minimum subscription period of six months. After the initial six months, the plan continues on a 30-day cycle, with Rs 150 deducted every 30 days. The annual plan is charged at Rs 1,650 (inclusive of GST) and offers infinity benefits for 360 days. The plan is automatically renewed after this period, said the statement.
Further, the statement mentioned that the product is designed for customers seeking a worry-free banking experience by eliminating all domestic charges, ensuring transparent banking. The product redefines transparency by providing customers with unlimited access to any ATM across the country and the flexibility to maintain any balance, free from concerns about additional charges. Customers can also enjoy additional benefits such as cashback on Axis Bank Grab Deals platform, which has more than 30 partners such as Amazon, Flipkart and Myntra, among others. Moreover, customers will get one per cent cashback on all transactions made using the e-debit card, along with all other debit card-linked benefits.
Commenting on the announcement, Ravi Narayanan, Group Executive and Head, Branch Banking, Retail Liabilities and Products, Axis Bank, said in the statement, “We have been continuously working on innovation-led models to redefine the role we can play in the life of our customers, by elevating digital banking to new domains of customer engagement. 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.”
