Axis Bank on Tuesday announced the launch of new savings account variant – ‘Infinity Savings Account’ to cater to digitally savvy customers who are frequent adopters of subscription-based models. This savings account offers Axis Bank’s customers with exclusive privileges, such as waived Average Monthly Balance (AMB) requirement, complimentary debit cards and waiver of all the domestic charges against a small monthly recurring fee of Rs 150 or annual fee of Rs 1,650, the lender said.

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The new variant is introduced with the aim to revolutionize the banking experience. The customers can open the account in a completely digital manner through Video KYC process. The bank offers two subscription-based flexible plans - Monthly and Annual. The monthly plan is charged at Rs 150 (inclusive of GST) and has a minimum subscription period of 6 months.

After the initial 6 months, the plan continues on a 30-day cycle, with Rs 150 deducted every 30 days. The annual plan is charged at Rs 1,650 (inclusive of GST) and offers Infinity benefits for 360 days. The plan is automatically renewed after this period.

With this product, customers will also get additional benefits such as cashback on Axis Bank Grab Deals platform, which has 30+ partners such as Amazon, Flipkart and Myntra among others. Moreover, customers will get 1 percent cashback on all transactions made using the E Debit Card, along with all other Debit card linked benefits, such as Rs 500 Grab Deals voucher on Debit Card usage within 30 days, 15 percent off up to Rs 500 at Easy Diner with Online Rewards Card and much more.

First Published:Aug 29, 2023 11:37 AM IST