Axis Bank Insurance Agent Account
What is an Axis Bank Insurance Agent Account?
A savings account designed for the insurance agency business that caters to agents' financial needs. It offers low balance requirements, high withdrawal limits, and ₹2 lakh personal accident insurance, and also provides reward points for discounts on banking transactions.
The most common financial resolution for many of our countrymen every year is to ‘save some this year’. This money could be for that dream vacation, to settle the home loan or to secure one’s future. Yet one financial product specially made to help you with it is largely ignored- Savings Account.
Axis Bank offers a wide range of Savings Account Schemes to help you meet all your savings goals. Not every savings account is designed equally, and there are several diverse aspects such as interest rates, minimum deposit requirements, and other fees to think through before picking one. Lakhs of individuals in India work as insurance agents. As the name suggests, this savings account is majorly designed for insurance agents to protect their financial interests and future.
Highlights of Axis Bank Insurance Agent Account:
The following are the highlights of Axis Bank Insurance Agent Account:
Bank | Axis Bank |
Category | Axis Bank Insurance Agent Account |
Average Balance Requirement | Rs.5000 (in Metros) |
Interest Rate | 4% paid every 3 months |
Primary Debit Card | Visa Classic ATM-Debit Card |
Eligibility Criteria | Licensed insurance agent in India |
Features & Benefits of Axis Bank Insurance Agent Account:
The following is the list of features and significant benefits of Axis Bank Insurance Agent Account:
- Being the first of its kind, Axis Bank Insurance Agents Savings Account aims to offer a secure financial future to insurance agents, a job full of ups and downs.
- Enjoy 3.00% to 3.50% interest on your daily balance in the account, which will be credited quarterly.
- In metros, a concession in minimum requirement of opening deposit is allowed, starting at Rs.5000.
- You are permitted a high withdrawal limit of Rs.40,000 at 15,000 plus ATMs and 5,100 plus Axis Bank branches, and Rs.1 lakh for shopping transactions per day.
- This account grants a rewards program called eDGE Loyalty Rewards Program through which you can earn cash points per transaction. Some of the rewardable funds transfer are credit transactions for Rs.50,000 or more through your Pensions Savings Account every month, opening an RD account of Rs.2000 and above and starting an AxisDirect Account.
- Offers at par cheque books every year
- Accountholders are also offered with Visa Platinum card at an issuance and annual fee of Rs.200
- On swiping the card once every 90 days, free accidental insurance coverage
Debit Card with Axis Bank Insurance Agent Account:
Here are the details of debit card provided with Axis Bank Insurance Agent Account:
- Visa Classic Debit Card is issued at a minimal fee of Rs.150 and thereafter the same will be charged every year.
- You can get personal accident insurance of up to Rs.2 lakh by using your card at least once in 6 months.
Eligibility to Open Axis Bank Insurance Agent Account:
The following are the condition that need to be fulfilled to open Axis Bank Insurance Agent Account:
- One must be an insurance agent to open this type of account
- Account can be opened as a single account holder or in a joint name
- Account holders need to update the KYC (Know You Customer) periodically
Documentation for Single/ Joint Accounts:
The following is the list of documents required to open Axis Bank Insurance Agen Account:
Type | Documents | Applicant |
Copy of any ID proof documents | PAN CardVoters IDDriving LicenseRental AgreementAadharPassportJob Card by NREGA duly signed by an officer of the State GovernmentUIDAI Card | Both the applicants (if applicable) |
Copy of any Residential address proof | Voters IDDriving LicenseRental AgreementAadharPassportJob Card by NREGA duly signed by an officer of the State GovernmentUIDAI Card | Only the primary holder (in case of joint account application) of the account needs to give the same along with a relationship proof between the holders. |
Fees and Charges of Axis Bank Insurance Agent Account:
The following is the list of fees and charges applicable for Axis Bank Insurance Agent Account:
Monthly Service Fee in Metro & Urban Axis Branches | Rs.5 per Rs.100 of shortfall or Rs.350 (whichever is less).This is cancelled if the Average Monthly Balance (AMB) of Rs.5000 is retained consistently. |
Monthly Service Fee in Semi-urban Axis Branches | Rs.5 per Rs.100 of shortfall or Rs.250 (whichever is less).This is cancelled if the Average Monthly Balance (AMB) of Rs.2500 is retained consistently. |
6-Monthly Service Fee in Rural Axis Branches | Rs.5 per Rs.100 of shortfall or Rs.750 (whichever is less).This is cancelled if the Half-Yearly Balance (AMB) of Rs.2500 is retained consistently. |
Primary Debit Card Issuance Fee | Rs.150 |
Yearly Debit Card Membership Fee | Rs.150 (Metro/ Urban)Rs.100 (Rural/ Semi urban) |
ATM Withdrawal Limit/ Day | Rs.40,000 |
Shopping limit/ Day | Rs.1 lakh |
FAQs on Axis Bank Insurance Agent Account
- Can I provide any one document even if my permanent and mailing address are different?
No, in case your permanent and mailing address are different, then you need to provide two different documents as residential proof.
- Can I submit my passport as my identity and residential proof?
Yes, passport can be submitted as your residential and identity proof as per the listed KYC documents mentioned by the bank.
- Do I need to submit identity and address proof for both applicants in case of joint account?
Yes, you need to submit the address and identity proof of both the first and second account holder in case you want to open a joint account.
- Do I need to provide the relationship proof of second account holder?
Yes, you need to provide the relationship proof of second account holder if address proof of first holder is provided.
- What amount is charged by the bank in case the ATM Cash withdrawal transaction fails due to insufficient funds in customers savings account?
Due to insufficient funds in customer's savings account, the bank charges Rs.25 per instance for Non-Axis ATM Cash withdrawal transaction failure and no fees charged for failed cash withdrawal from Axis bank ATM.
- What is the transaction decline fee at POS terminals due to insufficient funds in savings account?
The fee charged for declined transaction at POS terminal due to insufficient funds in savings account is Rs.25 per instance.
- How much do I need to pay if I want to deposit foreign currency cash at the branch for Axis Bank Insurance Agent Account?
You need to pay an amount of Rs.100 as a fee for cash depositing in foreign currency at the branch for Axis Bank Insurance Agent Account.
- What are the locker fees for Axis Bank Insurance Agent Savings Account?
The locker fees applicable for Axis Bank Insurance Agent Savings Account depend on the size and branch category based on the area type, such as metro, urban, semi-urban, or rural.
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