Axis Bank Pension Savings Account
Axis Bank Pension Savings Account emphasizes that public pension resources, when properly saved and managed, benefit not just government employees but the entire economy.
The resources preserved by public pension funds denote the biggest pool of fiscal assets held by the common mass, and the sheer size of this pool provides the public an imperative and powerful channel of influence. We all are contributing to build a more impartial and viable private sector economy. Hence it is important for people invest their pension wisely. And Axis Bank Pensions Savings Account is fashioned with this in mind.
Highlights of Axis Bank Pensions Savings Account:
Bank | Axis Bank |
Category | Axis Bank Pensions Savings Account |
Average Balance Requirement | Rs. 10,000 (Urban) Rs. 5,000 (Semi Urban) Rs. 2,500 (Rural) |
Interest Rate | 4 Percent |
Primary Debit Card | Visa Classic ATM-Debit Card |
Features & Benefits of Axis Bank Pensions Savings Account:
- With Axis Bank Pensions Savings Account, you can earn 4% interest on day-to-day balances, which will be credited every three months into your account.
- Your Central Civil Pension, approved by RBI, Central Pension Accounting Office (CPAO) and Employees Provident Fund Organization (EPFO) will be disbursed directly into the account.
- All the transaction notification will be sent to you via text message or email. You can also access and track the details through Passbook and Net Banking Facility.
- Pensions Savings Account scheme does not impose any specific quarterly balance.
- You are allowed a whopping withdrawal limit of INR 40,000 at ATMs and INR 1 lakh for shopping transactions per day.
- This account offers rewards program called eDGE Loyalty Rewards Program through which you can earn cash points. Some of the rewardable transactions are credit transactions for INR 50,000 or more through your Pensions Savings Account every month, opening an RD account of INR 2000 and above and starting an AxisDirect Account.
Eligibility for Axis Bank Pensions Savings Account:
- Every employee of Indian central government and civil bureau officers who are protected under the Central Government Civil Pension Scheme managed by the Central Pension Accounting Office, Department of Expenditure and Ministry of Finance.
- Every member of Indian Defence Force (Army, Navy & Air Force) under Ministry of Defence, protected under the Defence Pension Scheme.
- Every employee of an institution with more than 20 staffs (counting contract workers) and who have chosen to be members of the EPS 95 scheme.
- Prevailing members of ‘Member of Employees’ Family Pension Scheme.
Documentation for Axis Bank Pensions Savings Account:
- Two of your most recent passport size photographs
- Copy of your Permanent Residential Address Proof (Aadhar, Driving Licence, voters ID, Passport etc.)
- Copy of any of your national ID card like PAN Card, Voters ID, Driving License, Passport etc.
Fees & Charges Applied On Axis Bank Pensions Savings Account:
After opening an Axis Bank Pensions Savings Account, your first 10 transactions are for free. The amount limit here is INR 10 lakh. Beyond this, a small fee of INR 5 per INR 1000 will be levied for each cash transfer.
Conclusion
The growing number of population, recession and inflation, more and more people are offered early and voluntary retirement. How to take and invest the pensions properly is a common dilemma. It is this perplexity that the Axis Bank Pensions Savings Account handles admirably by helping them determine the financial security of them and their loved ones.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Axis Bank Pension Savings Account
- Is there a withdrawal limit for a Pension Savings Account with Axis Bank?
Axis Bank Pension Savings Account has a withdrawal limit of up to Rs. 40,000 from ATMs and makes shopping transactions of up to Rs. 1 lakh per day.
- What type of government employees can avail of the Axis Bank Pension Savings Account?
All employees of the Indian central government and civil bureau officers who are safeguarded by the Central Government Civil Pension Scheme, managed by the Central Pension Accounting Office under the Department of Expenditure and the Ministry of Finance, are eligible to open a Pension Savings Account with Axis Bank. Members of the Indian Defence Force (Army, Navy & Air Force) who are protected by the Defence Pension Scheme under the Ministry of Defence can also open a Pension Savings Account with Axis Bank.
- Who else other than the government employees are eligible to open a Pension Savings Account with Axis Bank?
Employees of institutions with more than 20 staff (including contract workers) who have opted to be members of the EPS 95 scheme and the current members of the 'Member of Employees' Family Pension Scheme' are eligible to open a Pension Savings Account with Axis Bank.
- How can I keep track of all the transactions made through the Axis Bank Pension Savings Account?
You will receive all transaction notifications through either text message or email, and you can also monitor the details through the Passbook and Net Banking Facility to keep track of all transactions made through the Axis Bank Pension Savings Account.
- What kind of identity proof and address proof is acceptable while opening a Pension Savings Account with Axis Bank?
You have to provide a copy of valid proof of your permanent residential address, such as an Aadhar Card, Driving Licence, Voter ID, Passport, etc. Additionally, you have to also submit a copy of any national ID card, such as a PAN Card, Voter ID, Driving License, Passport, etc.
- Is there a transaction limit with the Axis Bank Pension Savings Account?
Upon opening an Axis Bank Pensions Savings Account, your first ten transactions will be free of charge, and the transaction amount limit is Rs. 10 lakh.
- What charges are applied if you have a transaction limit with the Axis Bank Pension Savings Account?
After opening an Axis Bank Pensions Savings Account, if you exceed your first ten transactions, which are free of charge, the transaction amount limit is Rs. 10 lakh. You will be charged a nominal fee of Rs. 5 per Rs. 1,000 will be imposed on each cash transfer.
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