Axis Bank launches Infinity Savings Account with zero service charge on these 47 transactions; All you need to know

Customers can now opt to open an Axis Bank savings account without worrying about service fees or minimum balance requirements. With a focus on technologically savvy consumers who frequently interact with subscription-based models, Axis Bank has introduced a savings account called the "Infinity Savings Account."

How it works
According to the Axis Bank website, the Infinity Savings Account is a fixed fee-based account in which the customer is required to pay the bank a predetermined amount of money at regular intervals in exchange for the advantages associated with using the account.


Charges that are waived
No Average Monthly Balance (AMB) requirement, free debit cards, no charges on cheque book usage or transactions/withdrawals above limits and remission of all domestic fees.

S No	Charge Description	Infinity Savings Account Charges
1	AMB non-maintenance fees	Nil
2	Primary Card: Issuance Fees	Nil
3	Primary Card: Annual Fees	Nil
4	Joint Card: Issuance Fees	Nil
5	Joint Card: Annual Fees	Nil
6	Cheque book issuance	Nil
7	Account Closure	Nil
8	Cash Transactions at Non-Home Branch	Nil
9	Fees on Cash Deposits above limits	Nil
10	Fees on Cash Withdrawals above limits	Nil
11	Transaction Charges on Cash Deposit Transaction done at Cash Deposit Machine	Nil
12	Fair usage fees on branch transactions	Nil
13	Outstation Cheque Collection Fees	Nil
14	NEFT Fees	Nil
15	RTGS Fees	Nil
16	IMPS Fees	Nil
17	Axis ATM: Cash Withdrawal fees beyond limits - Financial transactions	Nil
18	Non-Axis ATM: Cash Withdrawal fees beyond limits - Financial transactions	Nil
19	Axis ATM: Cash Withdrawal fees beyond limits - non financial transactions	Nil
20	Non-Axis ATM: Cash Withdrawal fees beyond limits - non financial transactions	Nil
21	ECS transaction charges	Nil
22	NACH transaction charges	Nil
23	Card Replacement Fee	Nil
24	Additional Cheque book Fee	Nil
25	Stop Payment Instructions: Cheque	Nil
26	Stop Payment Instructions: ECS	Nil
27	DD/PO Cancellation/ Duplicate/ Revalidation	Nil
28	Additional DD/PO Fee	Nil
29	Value Added SMS Alerts	Nil
30	Speed Clearing Fees	Nil
31	Address Confirmation	Nil
32	Photo Attestation	Nil
33	Signature Verification	Nil
34	Balance Certificate	Nil
35	Outward Cheque Return	Nil
36	Inward Cheque Return - Financial Reason	Nil
37	Inward Cheque Return - Non-Financial	Nil
38	Outstation Cheque Return	Nil
39	Standing instruction failure charges on Mutual Fund	Nil
40	Standing instruction failure charges on Recurring Deposits	Nil
41	Standing Instruction Failure Charges on Loan EMIs	Nil
42	Standing Instruction Failure Charges on Credit Card Dues	Nil
43	ECS Debit Failure	Nil
44	ATM Cash withdrawal transaction failure charges due to insufficient fund in customer's savings account	Nil
45	POS transaction failure charges due to insufficient fund in customer's savings account	Nil
46	Duplicate Passbook	Nil
47	Physical Statement Fee at branch, for prior quarters	Nil

Monthly fee
The Bank provides two flexible subscription-based plans: Monthly and Annual. This savings account provides Axis Bank customers with special benefits in exchange recurring fee of Rs 150 or an annual fee of Rs 1650.

According to the Axis Bank website, “The monthly plan is charged at Rs 150 (inclusive of GST) and has a minimum subscription period of 6 months. After the initial 6 months, the plan continues on a 30-day cycle, with Rs 150 deducted every 30 days. The annual plan is charged at Rs 1650 (inclusive of GST) and offers Infinity benefits for 360 days. The plan is automatically renewed after this period.”

As per the Axis Bank website:

• Banks will auto-debit the fee as specified above on due date post completion of ongoing cycle (monthly or annually) directly from customers account balance. Renewal fee charges shall remain same as shown at the time of account opening unless specified or intimated to customer
• Customer agrees to ensure that there is sufficient balance in the account on the day of fee deduction as per Monthly or Annual Plan.
• Customer agrees that if there is no balance in account on the day of charge deduction, lien would be marked for the renewal amount and any due charges would be collected as and when the customer funds the account next.
• If the customer does not keep sufficient balance in the account for 18 consecutive months because of which bank is unable to collect any fee from customer for this account, s/he agrees that his/her account would be automatically closed.
• Customer agrees to make an Initial Funding at the time of opening the account as applicable over and above the fee amount as applicable basis the selected plan.

Charges not waived off under Infinity Savings Account

S. No.	Charges	Axis Infinity
1	NetSecure with 1 Touch Issuance fee	Rs. 1000 + GST
2	NetSecure with 1 Touch Replacement fee	As existing
3	Demat A/C annual charges where applicable	If Demat account is linked with your savings account- Rs.750, If Demat account is not linked with your savings account- Rs.2500
4	Foreign Currency Outward Remit by Wire/TT/Swift	Rs.1,000
5	Foreign Currency Outward Remit by DD	Rs.250 or 0.3% whichever is higher
6	Inward Wire Transfer - Processing Fees	Rs. 250
7	Foreign Currency Instruments - Collection Fees	Rs. 750
8	Foreign Currency Instruments - Courier Charges	Rs. 50
9	Foreign Currency Instruments - Correspondent / Drawee Bank Charges (FCS)	USD 40
10	Foreign Currency Instruments - Dishonour Charges (Per Unit)	Rs. 100 + Charges imposed by issuer/correspondent bank (if any)
11	Foreign Currency - Cash Deposit at Branch	Rs. 100 (per instance)