Axis Bank

Axis Bank

It is the third largest financial institutions of the Country in the private sector. The bank deals in multiple products, touching almost every aspect of one’s financial needs. The registered address of the Bank is ‘Trishul’, 3rd Floor, Opposite Samartheshwar Temple, Near Law Garden, Ellisbridge, Ahmedabad, Gujarat – 380 006.
 

The  address of the corporate office of the Bank is at Axis House, C-2 Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 4000 025. Total contribution made by all the partners was Rs.115 crores with contributions by each in the following manner.
 

Name of the Promoter Total Contribution
Specified Undertaking of Unit of India (SUUTI) Rs 100 Cr.
Life Insurance Company of India (LICI) Rs 7.5 Cr.
General Insurance Corporation of India (GIC) and its  4 subsidiaries Rs 1.5 Cr. each

 
The bank deals in each and every type of financial product. It has a special subsidiary for each of the product. The bank currently has 10 subsidiaries. The list of the same is given below.
 

  • Axis Capital Ltd.
  • Axis Private Equity Ltd.
  • Axis Trustee Services Ltd.
  • Axis Asset Management Company Ltd.
  • Axis Mutual Fund Trustee Ltd.
  • Axis Bank UK Ltd.
  • Axis Securities Ltd.
  • Axis Finance Ltd.
  • Axis Securities Europe Ltd.
  • Axis Trends Limited

Personal Banking Services and Products offered by the bank

Retail Banking
 

  • Accounts
  • Deposits
  • Cards
  • Loans
  • Forex
  • Investment
  • Insurance

Accounts

1. Savings: There are various types of savings accounts scheme available.
 
  1. Easy access Savings Account: This account is apt for individuals who wish to keep their money in safe hands and at the same time wish to reap some benefits out of it. The holder of the account receives a Visa classic debit card along and is free to withdraw an amount of Rs.40000 from ATM and may choose to shop up to Rs.1 lakh per day. The bank provides the account holder with a free multicity cheque book per quarter and also allows the account holder to make 5 cash transactions per month amounting to a maximum of Rs.10 lakh. The account holder is also entitled to receive discounts more than 15% in certain restaurants get eDGE Loyalty reward points on the same.
  2. Prime Plus Savings Account: This account is apt for individuals who wish to feel privileged and earn high loyalty points and at the same time get high transaction limits on their transactions. The holder of the account receives a Master Card Prime plus debit card along and is free to withdraw an amount of Rs.50000 from ATM and may choose to shop up to Rs.1 lakh per day. The bank provides the account holder with two free multicity cheque books per quarter and also allows the account holder to make 20 free cash transactions per month with no fixed upper limit. The account holder is also entitled to receive discounts up to 10% on movie tickets and eDGE Loyalty reward points up to 180 per year.
  3. Prime savings Account: This account is apt for individuals who wish to enjoy high transaction limits as well as easy access advantage. The holder of the account receives a Secure plus debit card along and is free to withdraw an amount of Rs.50000 from ATM and may choose to shop up to Rs.75000 per day. The account holder also gets a hotel assistance or travel emergency fund amounting up to Rs.80000. The bank provides the account holder with unlimited cheque books and free DD/PO’S and also allows the account holder to make 10 cash transactions per month amounting to a maximum of Rs.25 lakhs.  The account holder is also entitled to get preferential prices on lockers as well as Demat accounts.
  4. Women’s Savings Account: This account is directed towards empowerment of Indian women and aims to provide them with financial independence. The holder of the account receives a Visa Classic debit card along and is free to withdraw an amount of Rs.40000 from ATM and may choose to shop up to Rs.1 lakh per day. The bank provides the account holder with a free multicity cheque book per quarter and also allows the account holder to make 5 cash transactions per month amounting to a maximum of Rs.10 lakh. The account holder is also entitled to receive discounts more than 15% at more than 4000 restaurants.
  5. Senior Privilege Savings Account: This account is directed towards Indian senior citizens and aims to provide them self dependency post retirement. The holder of the account receives a Visa Classic debit card along and is free to withdraw an amount of Rs.40000 from ATM and may choose to shop up to Rs.1 lakh per day. The bank provides the account holder with a free multicity cheque book per quarter and also allows the account holder to make 5 cash transactions per month amounting to a maximum of Rs.10 lakh. The account holder receives a personalized senior citizen card which can be used for availing special benefits under the scheme.
  6. Future Star Savings Account: This account is designed to meet the needs of young Indians/children. The holder of the account receives a Visa Classic debit card along and is free to withdraw an amount of Rs.1500 from ATM and may choose to shop up to Rs.1000 per day. The bank provides the account holder with a free multicity cheque book per quarter and also allows the account holder to make 5 cash transactions per month amounting to a maximum of Rs.10 lakh. The holder gets a personalized atm card.

2. Current: The various accounts available under this scheme are:
 

  1. Normal Current Account: This account allows for a cash withdrawal of Rs 1 Lakh each day along with 25 free NEFT and RTGS transactions and also allows the customer to make cash transactions worth up to Rs. 2 lakh for home branch and up to Rs.1 lakh for non home branch.
  2. Local Current Account: This account allows up to 75 free transactions every month.
  3. Business Advantage Account: This account allows for a cash withdrawal of Rs.3 Lakhs per month along with 50 free NEFT and RTGS transactions and also allows the customer to make cash transactions worth up to Rs. 3 lakhs for home branch and up to Rs.1 lakh for non home branch.
  4. Business Select Account: This account allows for a cash withdrawal of Rs.6 Lakhs per month along with 100 free NEFT and RTGS transactions and also allows the customer to make cash transactions amounting up to 12 times the monthly average balance being maintained in the account.
  5. Business Classic Account: This account allows for a cash withdrawal of Rs.12 Lakhs per month along with 200 free NEFT and RTGS transactions and also allows the customer to make cash transactions worth up to Rs. 12 lakhs for home branch and up to Rs 2.5 lakhs for non home branch.
  6. Sweeps Current Account: This account allows for a cash withdrawal of Rs.1Lakh per day and also allows the customer to make cash transactions worth up to Rs. 1 crore for home branch and up to Rs 1 lakh for non home branch.

3. Wealth Current Account: A single type of account is available under this scheme:
 

  1. Club 50 Current Account: This account allows for a cash withdrawal of any amount along with 2000 free NEFT and RTGS transactions and also allows the customer to make cash transactions worth up to Rs. 2 crores every month for home as well as non home branch.

4. Priority Current Account: Two types of accounts are available in this scheme:
 

  1. Business Privilege Account: This account allows for a cash withdrawal of Rs.25 Lakhs per month along with 500 free NEFT and RTGS transactions and also allows the customer to make cash transactions worth up to Rs. 60 lakhs for home branch and up to Rs 12.5 lakhs for non home branch.
     
  2. Channel One Account: This account allows for a cash withdrawal of Rs.60 Lakhs per month along with 1000 free NEFT and RTGS transactions and also allows the customer to make cash transactions worth up to Rs. 1.2 crores every month for home as well as non home branch.

5. Resident Foreign currency (Domestic) Account:  It is a non interest generating account. Allows the customer to hold a maximum of USD 2000 in their accounts.
 

  1. Tailor Made Current Account: It is a customized account which allows the user to modify the cash transactions and the applicable terms based on their personal requirements.

    The various other types of accounts available with the bank are:
     
  • AxisDirect Invest Account
  • Safe Deposit Locker Account
  • Safe Custody Account
  • National Pension System (NPS)
  • Pension Disbursement Account
  • Sukanya Samriddhi Yojana
  • Axis Active

Deposits

Deposits help customers earn higher rate of interest on the cash deposited in their account. These deposits are safe and interest earning and are available in different varieties, the details of which is given below:
 

  • Fixed: These FD’S can be opened for a period of 7 days to 10 years with a minimum amount of Rs.10000. It can be opened at any of the axis bank branch and these also assure returns.
  • Recurring: The customer can make investments by investing a fixed amount in regular intervals of time.  These scheme can be availed by investing a minimum of Rs.500 per month for a period of 6 months to 10 years
  • Tax Saver Fixed Deposits:  A tax exempting deposit which ensures return in the form of interest as well as tax savings. Can be availed by investing a minimum of Rs.100 and a maximum of Rs.150000 for a period of 5 years.
  • Encash 24- Flexi Deposits: These deposits give returns to the customer on the amount invested and also provide them with the facility of withdrawing cash from the same as and when required by the customer. It is basically a savings account which acts like a deposit account.
  • Fixed Deposit Plus

Cards

Apply Online

Cards are also known as plastic money and are considered to be equivalent to cash. These come in various forms and are handy. The various types of cards being offered by the bank are:
 

  • Credit Card: Available in numerous variants enables the customer to purchase things and pay later for the same.
  • Debit Card: Equivalent to holding cash. These cards enable the customer to withdraw cash from ATM’s or swipe the card in order to make payments.
  • Prepaid Cards: Prepaid cards are ideal for gifting purpose. These come in the form of gift cards, meal cards, rewards cards and Smart Pay Card.
  • Commercial Credit Cards
  • Commercial Debit Cards

Loans

Axis Bank extends loans to its loyal customers, thus, helping them realize their dreams by providing sufficient cash at the time of need. The various types of loans offered by the bank are:
 

  • Home Loan: Home loans are available in various variants and are generally extended for a period of 15 to 30 years, depending upon the type of home loan being chosen by the customer
  • Personal Loan: Personal loans can be availed by anybody for the purpose of meeting their personal needs. These loans are generally issued for a maximum amount of Rs.15 lakhs and can be availed from any of the branch.
  • Car loan: Car loans are available in three variants and are generally extended for a period of 5 to 15 years, depending upon the type of car loan being chosen by the customer
  • Loan Against Property: The bank offers loans against residential or commercial properties at attractive interest rates.
  • Gold Loan: The bank offers loans by keeping gold or gold jewelry as security in order to provide funds to its customers.
  • Loan Against Fixed Deposits: Disburses loan amounting up to 85% of the value of the customer’s FD. The FD is held as security by the bank in order to disburse the loan amount.
  • Commercial Vehicle and Construction Equipment Loan: Disburses loan in order to help customers buy a new vehicle or get an existing one refinanced.
  • Education Loan: Provides funding to students wishing to receive higher qualifications in technical or professional field.

Forex

Axis Bank understands the customer’s need for foreign remittances and hence provides Forex services in order to help them meet their needs and ensure easy availability of cash in foreign countries in case of travel and other matters. The bank offers the below-mentioned services.
 

  • Forex Card: With the help of Forex cars, the customer may buy or sell various foreign currencies with great ease. A variety of cards are available with the bank and the customer may select any depending upon his requirement.
  • International Fund Transfer: Helps the customer to remit cash at low cost. Along with being cost effective it’s also hassle free and easy. The customer may transfer cash in and around 150 countries in over 100 currencies.
  • Online Fund Transfer: Helps the customer o transfer funds through an online portal.
  • Foreign Currency Cash: Helps the customer to carry sufficient cash in foreign currency, thus helping him to meet his immediate needs in a foreign country.
  • Foreign Currency Travellers’ Cheque: Helps the customer to carry cheques that are easily acceptable at foreign locations.

Investments

  • Axis Direct: It’s an investment portal that helps the customer to procure information about the various products that he wishes to invest in. It acts as an investment guide for the investor. Axis Direct can be found in more than 1500 locations spread all over India.
  • Future Planning Solutions: It is a guide that helps the customer choose the right kind of investing depending on the customer’s age, income, and other such related fields.
  • Gold Mohurs: Gold Mohurs are available in various denominations and can be bought from any of the Axis Branch. They come along with proper certification and are tamper proof owing to its packaging.
  • Silver Mohurs: Silver Mohurs can be bought from any of the Axis Bank branches. They come in tamper proof packaging and are 99.99% pure.
  • Mutual Funds: Mutual funds help an investor invest in various funds through a single portal. It is basically a combination of funds which aim to provide maximum returns to the investor. The customer may choose from a variety of funds like Axis Equity Saver Fund, Axis Liquid Fund, Axis Midcap Fund, etc. available at any of the branch.
  • Demat Account: A Demat account is an online account which helps the customer hold his shares in digital form, thus, saving him from the hassles of a physical holding of the same. Shares can be bought and purchased through this account with great ease at the investor’s will.
  • 8% Saving Bonds: Available at a minimum investment of Rs.1000 these bonds offer the investor a return of 8%. It can be bought from specific Axis Bank branches and are issued specifically by the RBI. The customer may select from cumulative or non-cumulative bond options.
  • IPOSmart: this allows the investor to invest in IPOS without having to worry about the transfer of money, as the cash is transferred directly to the bank as and when required. It means that the investor continues to get interested on his invested amount until the time the money is transferred.
  • Alternate Investment Products: It comes in three different variants and is suitable for investors who are willing to take higher risks. The investor may choose from Discretionary Portfolio Management System, Structured Products and Private Equity and Real Estate Fund.
  • Public Provident Fund: A tax-exempted investment that offers the investor returns of 8% on his investment. It is a low-risk investment and is backed by the GOI.
  • Atal Pension Yojana: A pension scheme which assures pension disbursement to all applicants on reaching the retirement age.

Insurance

The bank has tie-ups with various insurance agencies and it aims to provide the best insurance services to its customers. Let’s have a quick look through the various insurance products being offered by the bank.
 

  • Life Insurance: The bank in association with Max Life Insurance Co. Ltd. offers a variety of life insurance products. These products range from simple term plans to ULIPs, endowment and money-back plans as well.
  • General Insurance: The bank, in association with Tata AIG General Insurance Company Limited, offers various general insurance plans excluding health insurance plans.
  • Health Insurance: The bank in association with Apollo Munich Health Insurance offers the below mentioned insurance products.
     
  1. MediPrime
  2. Wellsurance Executive
  3. Wellsurance Family
  4. Wellsurance Woman
  5. Individual Accident and Sickness Hospital cash facility
  6. Group MediPrime
  • Pradhan Mantri Suraksha Bima Yojana:  It is an insurance product that helps the customer remain prepared in case of medical emergencies or other such related incidents.
  • Pradhan Mantri Jeevan Jyoti Bima Yojana: It is an insurance product that offers life coverage to the customer
  • Bima Upahaar Yojana: This insurance product offers a combination of personal and life coverage. The customer may choose from three different types of scheme, namely, Suraksha Deposit Scheme, Jeevan Suraksha Deposit Scheme, and Jeevan Suraksha Gift Cheque.

NRI Banking

Axis bank offers certain special services to Indians who are settled abroad. They can maintain account with the bank and carry out transactions as per their requirements. Let’s take a quick look in to the various services offered under this category:
 

1. Accounts
 

  • NRE Savings Accounts: It is a savings account for people based outside India. Transactions in this account can be carried out via internet or through an authorized relative. The interest earned in this account is 100% tax free.
  • NRO Savings Accounts:  It is a savings account for people based outside India. Transactions in this account can be carried out via internet or through an authorized relative. The interest earned in this account is liable to be tax deducted at source.
  • NRI Prime Savings Accounts: It is a step above the general savings account. It offers added benefits to the customer.
  • NRE Salary Account: It allows the customer to hold their earnings in a legal account. it can be opened by any firm who have m10 or more employees working for them.
  • INAAM NRI Personal Account : It is a special type of account designed specifically for NRI’s who do not have any intention of earning interest on the amount being deposited in their savings accounts.
  • Resident Foreign Currency Account: this account can be opened by individuals who have at some point of time stayed abroad but have now come back and are settled in India.

2. Deposits
 

The bank also offers various types of deposits to NRIs which help them to earn revenues on their hard earned money. The different types of deposits being offered by the bank are:
 

  • Resident Foreign Currency Term Deposit
  • NRE Recurring Deposit
  • Foreign Currency Non- resident (FCNR)
  • NRI- PRO Foreign Currency Deposit
  • NRO Rupee Deposit
  • NRE Rupee Deposit
  • NRO Recurring Deposit
  • NRI-PRO Rupee Deposit
  • NRI Fixed Deposit Plus

3. Loans
 

NRI’S having a valid account with the bank may also apply for certain kinds of loan with the bank in order to meet their financial requirement. The loans are disbursed at attractive interest rates The type of loans available for NRIs is:
 

  • Home Loans
  • Top Up Loans
  • Home Loans for Self Employed NRI’S

4. Insurance
 

  • General Insurance: NRI’S may also purchase general insurance policies with the bank which will ensure safety and security in financial terms during periods of emergency.
     

5. Investments
 

The bank also has various investment schemes for NRI’S.  These investments help them reap benefits out of their saved income.
 

  • Mutual Funds
  • Portfolio Investment Scheme (PIS) Account
  • 4 in 1 NRI Investment Account
  • Gold Mohurs

6. Send money to India
 

NRI’S may choose to transfer funds to their loved ones residing in India by choosing any of the below mentioned services being offered by the bank.
 

  • AXISREMIT Online
  • Wire Transfer
  • Exchange House
  • Correspondent Bank Tie ups
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