Axis Bank Defence Salary Account (Power Salute)
Overview:
Bank | Axis Bank |
Category | Salary Account (Power Salute Defence Salary Account) |
Minimum Balance Requirements | Zero |
Initial Deposit Requirements | Zero |
Interest Rate | Four percent interest (paid per quarter) |
Debit Card Offered | Power Salute Debit Card |
Features & Benefits of Defence Salary Account
They are the real life yet unsung heroes of our country. They sacrifice a lot and brave extreme conditions for the country. Yes, we are talking about the Indian Defence employees and Axis Bank considers it a great privilege to serve India’s defenders. As a preferred banking partner by the defence, the lender has come up with a unique salary account that comprehends their life and times in the forces. Hence these Premium Banking Solutions customized for them.
Given below are features and benefits in detail:
- You do not have to stress about any minimum initial deposit requirements or average balance to be maintained per month.
- You can claim more personal accident insurance cover than other accounts. Same goes for cover for plane accident cover.
- You can earn up to four percent as interest as per your balance.
- You can enjoy limitless ATM withdrawals along with unlimited deposits at any home branches at absolutely no charge. Same goes for NEFT money transfers online and PO/ DDs.
- You can also collect as many cheque books as you want as per your requirements.
- Avail monthly e-statements for free. All you need to do is send a text message, GREEN to 5676782. With options of internet and phone banking accessible from anywhere, along with a strong physical presence thanks to 12000 ATMs and 2300 branches strewn all over the country, convenience of banking is a given.
- Upon opening Defence Salary Account of Axis Bank, you will be given a Power Salute Debit Card, endowed with an enhanced ATM withdrawal limit of INR 40,000 and PoS swipe of INR 1 lakh per day. It has no issuance or yearly fees.
- Use this card to avail at least 15 percent rebate at more than Minimum 15% discount at more than 4000 eateries and bistros with the Bank’s Dining Delights program.
- There is no set limit for money withdrawals from ATMs.
- Personal Accident Insurance Cover: In the ill-fated event of demise of the account holder in an accident, the recipients can claim up to INR 10 lacs.
- In case you lose your card or if it gets stolen, you will be indemnified for possible swindles or misuse of your card. But you do have to report the incident to the bank’s customer care centre with in a day without fail.
- Anything (durable) you buy by swiping your debit card is automatically covered against accidents related to fire, breaking-in and natural disasters for up to three months from the day you bought them. You can get up to INR 40,000 for both card loss and purchase protection together.
- If you have bought the air tickets using your Axis Bank Power Salute Debit Card, your beneficiaries can get an insurance amount of up to INR 25 lacs in case of an accident.
- Truly, Defence Salary Account has too many perks to offer and it would be a great pity to not share them. And the bank’s Family Banking Program allows you to do just that. You can sign up three 3 of your family members to have access to your account. This can be done by picking a family name and choose a savings account for the same.
- You are also eligible for 10 percent rebate if you opt for locker services.
- There is also a chance to make extra eDGE loyalty rewards as a family too.
- eDGE Loyalty Rewards Program fetches you redeemable points if you maintain at least INR 25,000 balance. The points thus garnered can be cashed to buy any item listed in the bank’s reward catalogue.
Eligibility Criteria for Axis Bank Defence Salary Account
- Any Defence official in the position of Officer and above are eligible to have an Axis Bank Defence Salary Account.
Documentation Procedure for Axis Bank Defence Salary Account
- You need to submit the papers mentioned below to get a Defence Salary Account.
- An introductory letter from the company for employee bonafides. The format will be provided by the bank itself with the authorized seal and signature.
- ID Proof: Passport, Voters ID, PAN Card, Aadhaar Card, Driving License, any photo-ID issued by Government, Defence services, Government undertaking.
- Residence Proof (Only one is required): Any most recent utility bill, Ration Card, Gas Connection Registration Letter, Income tax papers, Rental/ lease agreement etc.
- For Joint Accounts: The aforementioned documents of both the account users need to be submitted.
How to apply for Defence Salary Account
Please contact the nearest Axis Bank office directly or go to the official website (to the salary accounts page) to apply online.
Fees & Charges Applicable on Axis Bank Defence Salary Account
BASIC SERVICE CHARGES | ||
SL No | Particulars | Amount |
1 | Initial Funding Required | Zero |
2 | Average Balance Criteria for metro cities | Zero |
3 | Charges levied for Account Services in metro cities | Not Applicable |
4 | Average Balance Criteria for urban areas | Zero |
5 | Charges levied for Account Services in urban regions | Not Applicable |
6 | Average Balance to be maintained in semi urban places | Zero |
7 | Account Service Fee charged in semi urban areas | Not Applicable |
8 | Average Balance to be maintained in rural villages | Zero |
9 | Account Service Fee imposed in rural regions | Not Applicable |
10 | Overall Relationship Value (for every locale) | Not Applicable |
11 | Type of Debit Card offered (for single and joint accounts) | Power Salute Debit card |
12 | Fee levied to issue a Primary Debit Card | Zero |
13 | Yearly charges levied for the card | Zero |
14 | Charges to get a My Design Card issued | Not Applicable |
15 | To get yourself a CHIP & PIN enabled card issued | Zero |
16 | Number of cheque books issued for free. | No limit mentioned |
17 | Number of free DD/ PO Issuance | No limit mentioned |
18 | Charges to close account | INR 500 |
19 | Fee to get NetSecure with 1 Touch issued | INR 800 |
TRANSACTION CHARGES | ||
SL No | Particulars | Amount |
1 | Cash withdrawal limit and shopping (online and offline) limit per day | INR 2 lacs and INR 5 lacs respectively |
2 | Free money transaction per month (for metro cities and urban areas) | No limit |
3 | Free money transactions offered per month (Semi-urban and rural) | No limit |
4 | Fees levied for all transactions after the limit | Zero |
5 | Charges levied to collect outstation cheque | INR 25 for cheques up to INR 5000; INR 50 for cheques between INR 5000 & INR 10,000; INR 100 for cheques between INR 10,000 and INR 1 lakh; And INR 200 for amount exceeding INR 1 lakh |
6 | Fees for RTGS (Branch) | INR 25 for each transaction for amount between INR 2 lacs and INR 5 lacs; INR 50 for each transaction above INR 5 lacs. |
7 | RTGS Fees (Online) | Zero |
8 | Number of free NEFT transactions given every quarter | Unlimited online transactions |
9 | Fees for NEFT (Branch) | INR 2.50 per transaction for up to INR 10,000; INR 5 per transaction for amount between INR 10,000 and INR 1 lakh; INR 15 per transaction for amount between INR 1 lakh and INR 2 lacs; And INR 25 for transactions above INR 2 lacs. |
10 | Fees for online NEFT transaction | Zero |
11 | Fees for IMPS | INR 5 per transaction up to INR 1 Lakh & INR 15 per transaction between INR 1 lakh and INR 2 lacs. |
12 | Fees levied for Speed Clearing | Free up to cheque amount less than INR 1 lakh. They charge INR 150 per cheque for amount more than INR 1 lakh. |
13 | Number of free transactions allowed from Axis Bank ATMs. | Unlimited |
14 | Number of free transactions allowed from other bank’s ATMs. | Unlimited |
15 | Fees levied to withdraw money from Axis or non-Axis ATM after the set limit | Zero |
16 | Axis/Non-Axis ATM: Balance Fees levied to check your balance from Axis or non-Axis ATM after the set limit | Zero |
17 | International ATM Money Withdrawal charges | INR 125 |
18 | Fees to check balance from ATM when you are abroad | INR 25 |
19 | Surcharge on train tickets bought with your Debit Card | 2.5 percent of the sale amount (at least INR 10) + INR 30 for each transaction |
20 | Surcharge (additional) at fuel stations | 2.5 percent of the overall sale money (at least INR 10) |
21 | Cross Currency Mark-up on Overseas Debit Card Cash Transactions | 3.50 percent |
TRANSACTION FAILURE CHARGES | ||
SL NO | Particulars | Amount |
1 | Return of Outward Cheque | INR 150 for each cheque |
2 | Return of Inward Cheque | INR 350 for first Cheque and INR 750 per instance starting from 2nd Cheque |
3 | Return of Outstation Cheque | INR 150 for each cheque |
4 | If ECS Debit Fails | INR 350 for first ECS Debit return and INR 750 for each instance starting from 2nd transaction |
CONVENIENCE CHARGES | ||
SL NO | Particulars | Amount |
1 | Fee to replace the debit card | INR 100 |
2 | For an extra MyDesign Card (Replacement Charges) | Not Applicable |
3 | Replacement Fee for additional CHIP & PIN embedded card | Zero |
4 | Fee for extra Cheque book | Not Applicable |
5 | To issue Duplicate PIN (only for branch mode) | INR 100 |
6 | To issue Duplicate Passbook | INR 100 |
7 | Fee to obtain Physical Statement at bank branch, for previous quarters | INR 100 |
8 | Charges for Stop Payment Instructions via Cheque | INR 100 per cheque, with a maximum of INR 200 for Series (>2) |
9 | Charges for Stop Payment Instructions via ECS | INR 100 |
10 | To cancel DD/ PO | INR 100 |
11 | To issue duplicate DD/PO | INR 100 |
12 | To revalidate DD/ PO | INR 100 |
13 | Fee for Additional DD/ PO | Not Applicable |
14 | To get Value Added SMS Alerts | INR 5 monthly |
15 | Charges for Address Confirmation | INR 100 |
16 | To get the photo attested | INR 100 |
17 | Charges to verify signature | INR 100 |
18 | Fee for Balance Certificate | INR 100 |
19 | Locker charges | Varies by Size and branch category (Metro, urban, semi-urban or rural regions) |
20 | NetSecure with 1 Touch Replacement charges | INR 500 |
OTHER ADDED CHARGES | ||
SL NO | Particulars | Amount |
1 | Demat A/C yearly fees where pertinent | INR 650 (If it is linked to your savings account); INR 2500 (if it is not linked to your savings account) |
2 | Other Free Services & Discounts | Demat Account AMC (1st Year) |
OVERSEAS CURRENCY CHARGES | ||
SL NO | Particulars | Amount |
1 | International Currency Outward Remit by Wire/ TT/ Swift | INR 1000 |
2 | Overseas Currency Outward Remit by Demand Draft | INR 250 or .3 percent (whichever is more) |
3 | Overseas Currency Inward Remit Fee for each remittance | INR 250 |
4 | Overseas Currency Inward Remit: FIRC Fees Levied | INR 100 |
5 | To deposit overseas currency at branches | INR 100 |
6 | For traveler cheques & currency notes | INR 100 |
7 | Base Charges for Overseas Currency Cheque | 0.25 percent of INR Value + Service Tax (at least INR 111) |
8 | IRM Commission for Overseas Currency Cheque | INR 250 |
9 | Courier charges for Overseas Currency Cheque | INR 50 |
10 | Overseas Currency Cheque: Extra Charges (Only for FCS) | Charged as per the correspondent bank |
11 | Extra charges levied for Overseas Currency Cheque (Only for Direct Collection) | Drawee Bank Charges - On Receipt |
12 | Extra charges levied for Overseas Currency Cheque (Only Reimbursement Collection) | Drawee Bank Charges - On Receipt & Correspondent Bank Charge is 13 USD |
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