Axis Bank, a big private sector bank, has started a useful service for its customers. Bank customers can now open their savings account without worrying about service fees or minimum balance. Axis Bank has introduced a new savings account for its customers named Membership Model Based Infinity Savings Account.
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How will this account work?
According to the website of Axis Bank , Infinity Savings Account will be a fixed fee based savings account. In which the customer will pay some membership fee to the bank to access the benefits associated with the account. This new account holders will not have to maintain any average monthly balance.
Apart from this, customers will not have to pay any kind of charge for using free debit cards, check books or for transactions exceeding a fixed limit or for withdrawing money and will also get a discount on domestic fees.
What will be the membership fee?
Axis Bank offers two flexible arrangements to its customers. The bank offers two types of membership to its customers, monthly and annual. This bank account customers will have to pay a monthly fee of Rs 150 or an annual fee of Rs 1650. According to the official website of Axis Bank, the monthly plan charges Rs 150 and its minimum membership period is 6 months.
After the initial 6 months the scheme continues on a cycle of 30 days. Of these, Rs 150 will be deducted every 30 days. At the same time, the customers of the bank will have to pay an annual fee of Rs 1650. It will offer benefits to customers for 360 days. After this time it will auto renew.
The amount will be auto debited from the account itself.
Let us tell you that after the completion of the annual or monthly cycle, the membership fee will be auto debited from the customer’s account. The auto renewal fee will also remain the same as it was at the time of opening the account. If customers do not maintain balance in their account continuously for 18 months then their account will be automatically closed.
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