Inaam Personal Account

Axis Bank over the years has rolled out a number of savings accounts to suit all segments of society, as well as the preference of each individual account holder. They have even launched the Inaam Personal Account that caters to customers who wish to hold their savings without having to earn interest on them. Apart from this, the Inaam Personal Account comes with several other benefits.

Features and Benefits of the Inaam Personal Account

The sole reason behind the Inaam Personal Account is that customers opting for it do not have to worry on earning interest on their savings. One enjoys zero interest with this account, which is a benefit for some.
With this savings account, customers can make use of internet banking facilities such as - making transfers, e-statements, make payments and transactions, etc.
Every customer holding this account gets a free personalized checkbook every quarter.
Customers opening the Inaam Personal Account can opt for the Visa Classic debit card at an issuance fee of Rs.150 and an annual fee of Rs.150 as well. Some of the benefits of the Visa Classic debit card are:
1. Enhanced withdrawal limit of Rs.40,000 per day.
2. The shopping limit at merchant establishments is restricted to Rs.1 lakh per day.
3. First 5 transactions from Axis Bank ATMS a month are free.
4. 3-5 withdrawals from other bank ATMs a month are free as well.
5. Rs.50,000 Lost Card liability and Purchase Protection liability, shielding customers from fraudulent activities like counterfeiting and damage or loss for products bought online.
No management charges for Demat accounts for the first year.
50% waiver on wire transfers through SWIFT.
Customers can earn eDGE loyalty rewards:
1. One can earn eDGE reward points by making transactions. A high number of points are earned for transactions of Rs.50,000 and above.
2. Customers are eligible for eDGE rewards when they open an AxisDirect account or a recurring deposit account of more that Rs.2,000 or more.
3. Customers maintain a minimum monthly balance of Rs.25,000.
4. Make transactions through the Electronic Clearance System (ECS).

Eligibility and documents that are required to open an Inaam Personal Account:

Any individual that is a resident of India is eligible to open an Inaam Personal Account.
The documents required to open an Inaam Personal Account are:
1. Identity proof - Passport, Aadhaar card, Voter's ID card, etc.
2. Address proof - Passport, Driver's license, Voter's ID, etc.
3. Two passport photographs of the applicant.
4. If the documents states the current address of the candidate, that is all that is required. If the address of the applicant is different from what has been stated in the address proof document, he/she will have to submit proof of current address.

Documents required for a joint account in Inaam Personal Account:

The address and identity proof of both the applicants of the joint account - Aadhaar card, Passport, Voter's ID card, etc.
If the applicants are married or in any type of relationship and staying together, only the first applicant would need to submit the address proof.

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Fees and charges on the Inaam Personal Account

For customers holding accounts in bank branches from urban areas, Rs. 10 for every Rs.100 or Rs.350 (whichever is lower) monthly service fee is charged if the minimum balance requirement of Rs.10,000 is not met.
In semi-urban areas, monthly service fee of Rs.10 for Rs.100 or Rs.250 (whichever is lower). If the monthly average monthly balance of Rs.5,000 is maintained, the service fee is waived.
For people belonging to banks branches from rural areas, Rs.10 per Rs.100 or Rs.250 (whichever is lower) is charged as a half-yearly service fee. For customers who have maintained the half-yearly average balance of Rs.2,500 or have a Total Relationship Value (TRP) between the savings accounts and term deposits of Rs.25,000, the service fee is waived.
Customers are allowed 20 free transactions per month - making withdrawals, demand drafts, pay orders, fund transfers. Beyond this, Rs.50 is charged per transaction.
No transaction charges for NEFT, RTGS fund transfers.
For transactions made over Rs.2 lakh, Rs.5 per Rs.1,000 or Rs.100 (whichever is higher) is charged as transaction cost. This is only applicable beyond the limit of 20 transactions per month.

Given below is the summary of the fees and charges associated with the Inaam Personal Account:

Details	Urban	Semi-Urban	Rural
Minimum Balance Requirement	Rs.10,000 monthly	Rs.5,000 monthly	Rs.2,500 half-yearly
Monthly Service Fee for not meeting balance requirement	Rs.10 for every Rs.100 held in the account, subject to a maximum of Rs.350	Rs.10 for every Rs.100 held in the account, subject to a maximum of Rs.250	Rs.10 for every Rs.100 held in the account, subject to a maximum of Rs.250 (waived if Total Relationship Value (TRP) between the savings accounts and term deposits is Rs.25,000)
Withdrawals, Fund Transfer, Demand Draft/Pay Order	20 free transactions post which Rs.50 per transaction is charged	20 free transactions post which Rs.50 per transaction is charged	20 free transactions post which Rs.50 per transaction is charged
NEFT	Free	Free	Free
RTGS	Free	Free	Free
Transaction Cost (exceeding Rs.2 lakhs)	Applicable after 20 free transactions per month. Rs.5 per Rs.1,000 or Rs.100 (whichever is higher) is charged as transaction cost.	Applicable after 20 free transactions per month. Rs.5 per Rs.1,000 or Rs.100 (whichever is higher) is charged as transaction cost.	Applicable after 20 free transactions per month. Rs.5 per Rs.1,000 or Rs.100 (whichever is higher) is charged as transaction cost.

Though there is no interest offered on the balance in the Inaam Personal Account, customers can benefit from banking facilities such as the debit card, fund transfers, ATM transactions, ECS and so on. The Inaam Personal Account offered by Axis Bank has a number of benefits to offer to those who require banking facilities at low costs.

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