Axis Bank Easy Access Digital Savings Account: Features and Benefits | Detailed Review #amazon

Summary

The script introduces a user-friendly digital savings account with flexible initial funding requirements varying by area type. It offers accelerated age reward points, cashback on transactions, and shopping vouchers. The account has no maintenance fees unless the balance falls below the required minimum balance (RMB), in which case a nominal charge applies. Additional benefits include personal accident cover and parcel protection. The account also features high withdrawal and spending limits, a free multi-city checkbook, and competitive interest rates. However, it may not suit those unable to maintain the minimum balance or preferring traditional banking.

Takeaways

• 😀 Opening an account is simple and can be done in a few clicks.
• 💼 Initial funding is flexible with different requirements for metro, semi-urban, and rural areas: 16,000 for metro, 15,000 for semi-urban, and 6,000 for rural areas.
• 💰 Average monthly balance (AMB) requirements for the digital savings account vary: ₹1 for metro and urban areas, and ₹5,000 for semi-urban areas.
• 🚫 Non-maintenance charges apply if the balance falls short of the AMB, with varying charges for different areas.
• 🏆 The account offers accelerated age reward points, allowing customers to earn rewards on daily transactions with different multipliers for various categories.
• 🛍️ A shopping voucher of ₹500 is provided upon account opening and first debit card transaction.
• 🎉 Complimentary monthly events are offered, such as 'Book My Show' for entertainment without extra cost.
• 💳 Cashback on online spends with a flat 1% cashback on online expenses and additional rewards for annual spends.
• 🛡️ Insurance benefits include personal accident cover of up to 5 lakhs and air accident cover of up to 1 crore, along with parcel protection of ₹50,000.
• 💸 Affordable maintenance fees with a cap on charges for balance falls, ensuring no large penalties.
• 🚫 Daily withdrawal limits and POS limits are set, providing access to funds for large purchases or unexpected expenses.
• 📘 Free checkbook and account closure with a nominal fee for overnight balance above a certain threshold, along with competitive interest rates.

Q & A

What is the process of opening an account with this service?

The process of opening an account is very simple and instant, requiring just a few clicks to get your account open.

How flexible is the initial funding for different urban areas?

The initial funding is flexible, with different amounts required for metro areas (₹16,000), semi-urban areas (₹15,000), and rural areas (₹6,000).

What are the average monthly balance requirements for different areas according to the script?

The average monthly balance requirements vary: for metro areas it's ₹1, for urban areas it's ₹1, and for semi-urban areas it's ₹5,000.

What are the non-maintenance charges applicable if the balance falls short of the required average monthly balance?

Non-maintenance charges are applicable at a rate of ₹6 for every ₹100 shortfall from the required average monthly balance, or a minimum amount depending on the area.

What are the accelerated age reward points and how can they be earned?

Accelerated age reward points are given with the account, allowing you to earn rewards on daily transactions, such as 10x points on travel bookings, 5x on electronics, 3x on food deliveries, and 2x on clothing.

What is the cashback offer for using deals and what is the minimum cashback amount?

You can get cashback at a rate of 10% on transactions if you use deals, with a minimum cashback amount of ₹500.

What is the shopping voucher offer upon opening the account and after the first debit card transaction?

Upon opening the account, you get a shopping voucher of ₹500, and after the first debit card transaction, you get an additional ₹5,000.

What are the insurance benefits provided with the account?

The insurance benefits include personal accident cover of ₹5 lakh, air accident cover of ₹1 crore, and purchase protection of ₹50,000.

What are the daily withdrawal and POS limits for the account?

The daily withdrawal limit is ₹50,000 and the POS limit is ₹2 lakh.

What is the account closure fee and the overnight interest rate for a balance exceeding ₹1 crore?

The account closure fee is ₹5,000, and the overnight interest rate for a balance exceeding ₹1 crore is the interbank offer rate plus 0.70%.

What are some considerations one should make before choosing this account?

Considerations include the average balance requirements which might be challenging for some users, the high non-maintenance charges if the balance is not maintained, the fully digital nature of the account which might be a disadvantage for traditional customers, and evaluating if the rewards and cashback offers are beneficial based on one's financial habits and needs.