Axis Bank Prime Salary Account
Axis Bank Prime Salary Account: Features, Benefits, Charges, and Minimum Balance
Axis Bank is one of India's largest and most popular private sector scheduled commercial banks. The bank has always been ahead of many others in launching innovative financial products. The bank offers many feature-rich products in segments like 'Accounts,' 'Deposits,' 'Cards,' 'Loans,' 'Forex,' 'Insurance,' 'Investments,' etc. The Axis Bank Prime Salary account is one of the best products in the 'Accounts' category.
This article describes the benefits, features, minimum balance, and charges of the Axis Bank Prime Salary account. Additionally, it will cover the Prime Salary account opening process. Read on to learn about Axis Bank's feature-rich account, especially for salaried professionals!
Axis Bank Prime Salary Account: A Primer
Axis Bank is one of India's oldest and third-largest private sector banks. It was founded in 1994. Besides individual retail investors, the bank's clientele includes MSMEs, large corporates, mid-corporates, agriculture, and retail businesses. The bank has a network of 4,758 domestic branches, 10,990 ATMs, 5,972 cash recyclers, 6 Axis Virtual Centres, and 1,500 Virtual Relationship Managers. The bank also operates eight (8) international offices in Dubai, Singapore, Sharjah, Dhaka, Abu Dhabi, and London. The balance sheet size of Axis Bank is INR 11,75,178 crores as on March 31, 2022. The bank's 5-year Compounded Annual Growth Rate (CAGR) stands at 14% in Total Advances, 14% in Total Assets, and 15% in Deposits.
The Axis Bank Prime Salary account is one of Axis Bank's most popular accounts. The account provides enhanced fund access to account holders (read, employees). Prime Salary account holders also get higher transaction and shopping limits, a free Debit Card, incredible discounts at select partner restaurants, excellent cashback for weekend spending, and free personal accident insurance coverage.
The features and benefits of the Axis Bank Prime Salary account are provided to customers getting regular salaries from their employers to their Prime Salary accounts. Suppose an employee's paycheck is not credited to their Prime Salary account for three consecutive months. In that case, the account is generally converted into a standard savings account, and the benefits of the Prime Salary account will be withdrawn immediately. In such a case, the account holder has to pay the charges and maintain the Average Quarterly Balance (AQB) as applicable to Axis Bank's standard savings accounts. Also, the account holder has to comply with the KYC (Know Your Customer) norms that apply to standard savings accounts.
Axis Bank Prime Salary Account: Features
Axis Bank Prime Salary account is feature-rich savings account for salaried professionals in India. The following are the top features of this account:
- Account holders can get interest rates of up to 3.50% on daily balances; however, the interest is credited quarterly.
- No charge for opening an Axis Bank Prime Salary Account
- No Monthly Average Balance (MAB) requirement
- One free multi-city at-par chequebook per year.
- One free Demand Draft (DD) or Postal Order (PO) per month
- 1 EDGE reward point for every INR 200 spent
- One (free/complimentary) lounge access every quarter
- 5% cashback on all weekend spends
- Free mandatory SMS alerts
- Access to all Axis Bank ATMs in India and partner ATMs in foreign countries
- Access to all Axis Bank branches in India
- SMS GREEN and send it to 5676782 to receive monthly Axis Bank Prime Salary Account statements to your email
- Unlimited free NEFT and RTGS transactions
- Up to 20% discount at partner restaurants with the Liberty Debit Card
- Daily withdrawal limit of INR 40,000 on Liberty Debit Card
- Daily shopping limit of INR 2 lakh on Liberty Debit Card
- Free access to Axis Bank internet banking and mobile banking
- 1% cashback of up to INR 75 every month on debit card spends for premium corporates
- 25% cashback of up to INR 1,000 every year on movie tickets for premium corporate
- Free personal accident insurance cover of up to INR 2 lakh
What are the Features and Benefits of the Axis Bank Prime Salary Account?
Axis Bank offers two Prime Salary accounts: Easy Access Salary (SAPPR) and Liberty Salary (SALBR). The following sections explain the features, benefits, minimum balance, and charges of both types of Axis Bank Prime Salary accounts in detail:
Axis Bank Prime Salary Account - Easy Access Salary (SAPPR)
- Zero Balance Facility - The minimum balance of the Axis Bank Prime Salary account (Easy Access Salary) is 'Nil.' So, you can spend or utilise your money until the last rupee.
- Online Fund Transfer - You can use the NEFT (National Electronic Fund Transfer) facility to transfer funds from your account to other accounts.
- Free Account Statements - You can get free monthly e-statements to track the status of your Axis Bank Prime Salary Account. Alternatively, you may demand a passbook from the bank.
- Cheque Book - You can get a free 20-leave chequebook (one every year).
- Convenient Banking - You can use the internet and mobile banking for free to access your account anytime.
- Fee for Value-Added SMS - The bank levies a fee of 25 paise for sending every non-mandatory, value-added SMS. However, the maximum charge is capped at INR 15 plus GST per quarter.
- Monthly Service Fee - The Monthly Service Fee (MSF) of this account is 'Nil.'
- Free Transactions (Monthly) - You can deposit or withdraw cash of up to INR 1.5 lakh or perform four (4) cash deposit or withdrawal transactions for free at non-home branches every month. The maximum daily limit is INR 25,000. Beyond the free transactions, a customer has to pay INR 5 for every INR 1,000 or INR 150 plus GST per transaction (for self) and INR 5 for every INR 1,000 or INR 150 plus GST per transaction (for third-party).
- Debit Card - Axis Bank Easy Access Prime Salary account holders get a RuPay Platinum Debit Card. The issuance fee of the card is 'Nil.' However, the annual fee is INR 200. You can also upgrade your debit card to 'Delight,' 'Value,' or 'Online Rewards' by paying between INR 500 and 1,500 plus GST as issuance or annual fees. It is worth noting that the replacement fee for the debit card is INR 200 plus GST.
- Free Personal Accident Insurance Cover - Axis Bank Prime Salary Account holders are provided with free personal accident insurance cover. However, the insurance cover is considered active only when a customer makes a valid transaction within ninety (90) days before the accident or incident. Also, the customer must report the accident within fifty (50) days of the accident or incident.
Axis Bank Prime Salary Account - Liberty Salary (SALBR)
- Zero Balance Facility - The minimum balance of the Axis Bank Prime Salary account (Liberty Salary) is 'Nil.' So, you can spend or utilise your money until the last rupee.
- Online Fund Transfer - You can use the NEFT (National Electronic Fund Transfer) facility to transfer funds from your account to other accounts.
- Free Account Statements - You can get free monthly e-statements to track the account status. Alternatively, you may demand a passbook from the bank.
- Cheque Book - You can get a free 20-leave chequebook (one every year).
- Convenient Banking - You can use internet banking and mobile banking for free to access your account anytime.
- Fee for Value-Added SMS - The bank levies a fee of 25 paise for sending every non-mandatory, value-added SMS. However, the maximum charge is capped at INR 15 plus GST per quarter.
- Monthly Service Fee - The Monthly Service Fee (MSF) of this account is 'Nil.'
- Free Transactions (Monthly) - You can deposit or withdraw cash of up to INR 2 lakh or perform five (5) cash deposit or withdrawal transactions for free at non-home branches every month. The maximum daily limit is INR 25,000. Beyond the free transactions, a customer has to pay INR 5 for every INR 1,000 or INR 150 plus GST per transaction (for self) and INR 5 for every INR 1,000 or INR 150 plus GST per transaction (for third-party).
- Debit Card - Axis Bank Easy Access Prime Salary account holders get a SALBR - Liberty Debit Card. The issuance and annual fee of the card are 'Nil.' You can also upgrade your debit card to 'Delight' and 'Value' by paying between INR 750 and 1,500 plus GST as issuance or annual fees. It is worth noting that the replacement fee for the debit card is INR 200 plus GST.
- Free Personal Accident Insurance Cover - Axis Bank provides free personal accident insurance cover to all Axis Bank Prime Liberty Salary account holders. However, the insurance cover is considered active only when a customer makes a valid transaction within ninety (90) days before the accident or incident. Also, the customer must report the accident within fifty (50) days of the accident or incident.
Axis Bank Prime Salary Account - Charges
The following is the comprehensive list of charges associated with the Axis Bank Prime Salary Account:
| Service | Fee |
| Total Relationship Value | Nil |
| Initial Funding | Nil |
| Average Balance (Metro, Urban, Semi-Urban, and Rural) | Nil. However, if a 6-month-old salary account does not receive any credit via transfer, clearing, digital, or cash for two consecutive months, the Average Balance will be INR 100 per month. |
| Primary Card Issuance and Annual Fees | Nil |
| Account Closure | INR 500 |
| NetSecure with 1 Touch Issuance fee | INR 1,000 |
| No. of free DD/PO | One (1) per month |
| Daily withdrawal and Shopping limit | Daily Limit of ATM Withdrawal - INR 50,000, Daily Limit of POS transaction - INR 4 Lakh. |
| Branch Transaction - Fair Usage Fee | 15 free transactions per month. After this, customers have to pay INR 75 per transaction. Transactions include RTGS/NEFT, Cash transactions, Fund transfers, Outward clearing, and remittances. |
| Outstation Cheque Collection Fees | INR 25 per cheque for up to INR 5,000; INR 50 per cheque for any amount between INR 5,001 and INR 10,000; INR 100 per cheque for any amount between INR 10,000 and INR 1 lakh; INR 150 per cheque for any amount above INR 1 lakh |
| RTGS Fees (Branch and Online) | Nil |
| NEFT Transaction Limits and Fees (Branch and Online) | Unlimited and Nil |
| IMPS Fees | INR 2.5 per transaction for any amount up to INR 1000; INR 5 per transaction for any amount between INR 1,000 and 1 lakh; INR 15 per transaction for any amount between INR 1 lakh and 2 lakh; |
| Speed Clearing Fees | For cheque amounts of up to INR 1 lakh - Free
For cheque amounts above INR 1 lakh - INR 150 |
| Free Transactions at Axis Bank ATM | Financial Transactions - First 10; Non-financial Transactions - Unlimited |
| Free Transactions at non-Axis Bank ATM | Financial Transactions - First 5; Non-financial Transactions - First 5 |
| Beyond Limit Cash Withdrawal Fees (at Axis and non-Axis Bank ATMs) | INR 21/ transaction |
| Beyond Limit Balance Withdrawal Fees (at Axis and non-Axis Bank ATMs) | INR 10/ transaction |
| International Cash Withdrawal fees (from ATM) | INR 125 |
| International Balance Enquiry fees (at ATM) | INR 25 |
| NACH/ECS transaction charges | INR 25 for every transaction with a maximum limit of INR 100 a month |
| Surcharge at Petrol Pumps | Free on Axis Bank Terminals |
| Additional Chequebook Fee | INR 4 per leaf above the free limit |
| Duplicate Passbook | INR 100 per passbook/instance |
| Cheque Stop Payment Instructions | Between INR 50 and 100 |
| Photo Attestation | INR 50 |
| Signature Verification | INR 50 |
| Balance Certificate | INR 50 |
Who is eligible to open the Axis Bank Prime Salary Savings Account?
It is extremely easy to open an Axis Bank Prime Salary Savings Account (SAPPR or SALBR) to enjoy its comprehensive features. The following is the eligibility to open the account:
- Company's Introduction - The company where the applicant is employed must issue an introduction letter. The letter must be in the format provided by Axis Bank. Also, the company's authorised signatory must sign and stamp the letter.
- Salary - The applicant's (read, employee's) salary must be between INR 25,000 and INR 1 lakh per month for an Axis Bank Prime Salary Account.
- Documents - It is essential to submit the Know Your Customer (KYC) documents to open the account. Keeping the documents in proper order can save you from hassles during the account opening.
Which Documents are Required to open the Axis Bank Prime Salary Savings Account?
You must submit the following documents to open the Axis Bank Prime Single or Joint Salary Savings Account.
- Identity Proof - Aadhar card, Passport, Driving License, Voter ID, NREGA Job Card, and National Population Registry's letter function as the identity proof.
- Address Proof - Identity Proof - Aadhar card, Passport, Driving License, Voter ID, NREGA Job Card, and National Population Registry's letter function as the address proof.
- Photograph - Two passport-sized photographs (latest).
Conclusion
The Axis Bank Prime Salary account is one of the bank's most feature-rich accounts for salaried professionals. Besides getting interest rates of up to 3.50% on daily balances, this account also provides incredible discounts on online shopping and purchases at merchant establishments. You can open the Axis Bank Prime Salary accountby submitting an introduction letter from your company and the required KYC documents.
FAQs
What is Axis Bank Prime Salary Account?
The Axis Bank Prime Salary account is one of Axis Bank's most popular accounts for salaried professionals. Prime Salary account holders also get higher daily transaction limits of INR 40,000 at ATMs, shopping limits of INR 2 lakh, a free Debit Card, up to 20% discount at select partner restaurants, excellent cashback for weekend spending, and a free personal accident insurance cover of INR 2 lakh.
What are the best features of the Axis Bank Prime Salary account?
Axis Bank Prime Salary account holders can get interest rates of up to 3.50% on daily balances. Also, the minimum balance requirement of the Axis Bank Prime Salary account is nil, and the applicant does not need to pay any charge for account opening. Customers can also get 1 EDGE reward point for every INR 200 spent and 1 (free/complimentary) lounge access every quarter.
Which Documents are Required to open the Axis Bank Prime Salary Savings Account?
An applicant must submit their identity proof, address proof, and two passport-sized photographs (latest) to open an Axis Bank Prime Single or Joint Salary Savings Account.
What is the eligibility for opening the Axis Bank Prime Salary Savings Account?
To open an Axis Bank Prime Salary Savings Account, the applicant needs an introduction letter from their employer. The letter must be in the format provided by Axis Bank. Also, the company's authorised signatory must sign and stamp the letter. Also, the applicant's salary must be between INR 25,000 and INR 1 lakh per month.
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