Private sector lender Axis Bank, on August 29, 2023, launched a savings account called 'Infinity Savings Account' that doesn't charge any fees for domestic banking transactions. It is also a zero-balance account, where maintenance of a minimum balance is not required, but monthly or yearly payments must be made to maintain the account.
Zero Fees Vs. Monthly Fees: By paying a monthly recurring fee of Rs 150 or an annual fee of Rs 1,650, account holders can enjoy zero Average Monthly Balance (AMB) requirements, complimentary debit cards, and zero domestic charges.
The bank offers two subscription-based flexible plans - Monthly and Annual. "The monthly plan is charged at Rs 150 (inclusive of GST) and has a minimum subscription period of 6 months, the bank said. After the initial six months, the plan continues on a 30-day cycle, with Rs 150 deducted every 30 days," the bank said. The annual plan, charged at Rs 1,650 (inclusive of GST), grants similar benefits for 360 days and automatically renews after that.
Unlimited ATM Transactions: Account holders can also make unlimited ATM transactions daily. The product redefines transparency in banking 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, the bank said. Customers can also enjoy other benefits, such as cashback on the Axis Bank Grab Deals platform, which has partnerships with over 30 big names like Amazon, Flipkart, and Myntra.
Easy Access: Designed for tech-savvy customers who often embrace subscription-based models, the bank said opening this account is easy with a completely digital process through video KYC verification.
Rewards: Further, customers earn one per cent cashback on all transactions using the E Debit Card and other debit card-linked benefits like a Rs 500 Grab Deals voucher for Debit Card usage within 30 days of account opening. The bank also promises a complimentary ticket on BookMyShow every month when you book through an E-Debit Card. Further, it provides the usual benefits of other banks, like no charges on debit card issuance/renewal, chequebook, demand draft (DD), etc.
Says Ravi Narayanan, Group Executive and head of branch banking, retail liabilities and products at Axis Bank, "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. Customers can now choose to subscribe to the savings account and not worry about fees for services or maintaining minimum balances."