Download App Download Icon

Everything You Need to Know About Axis Bank Salary Accounts

A Comprehensive Guide on Axis Bank Salary Accounts

As an organisational leader, one of the best ways to reward your employees is to open a salary account at a reputable bank. This has several advantages, both for the organisation and the employees. Among the many options available, one of the most ideal would be the Axis Bank Salary Account.

Axis Bank is one of India's most prestigious, renowned, and acknowledged banks, offering organisations different salary accounts for easy rewards. Axis Bank's ULTIMA Salary Accounts offer unlimited cashback, lifestyle perks, and wealth management solutions to the employees providing seamless access to monthly salaries. From the given options, you can open an Axis bank salary account that best fits your employee's job profile and offers your employee countless additional benefits, including a dedicated debit card.

Employee benefits and other benefits like senior ID cards, domestic travel plans, high-interest rates on fine dining, movie tickets, cashback, etc., make an Axis bank salary account the best in class. Account holders, including defence personnel, are also given unique benefits.

Read on to learn about the features, benefits, and interest rates offered for the various Axis bank savings accounts!

Different Types of Axis Bank Salary Accounts

Let us look at the various categories of Axis bank salary accounts available:

  1. ULTIMA Burgundy Salary Account
  2. ULTIMA Easy Access Salary Account
  3. ULTIMA Liberty Salary Account
  4. ULTIMA Prestige Salary Account
  5. ULTIMA Priority Salary Account
  6. ULTIMA Axis Republic Salary Account
  7. ULTIMA Defence Salary Account
  8. ULTIMA Employee Reimbursement Account
  9. ULTIMA Prime Salary Account

Features Offered by Axis Bank Salary Accounts

Customers are offered various kinds of Axis bank salary accounts to choose from in order to ease out the banking experience for their employees, give them the benefit of a hassle-free experience, and provide them with convenient access to their monthly earnings.

Let us look at some of the prominent features of each  for Axis bank salary accounts:

 Axis Bank Salary Account Primary Features
ULTIMA Burgundy Salary Account Debit Card Features

  • Complimentary Burgundy Debit Card
  • Daily ATM withdrawal Limit of INR 3 Lakh
  • Daily Shopping Limit of INR 6 Lakh

Product Features

  • Dedicated Wealth Management and Relationship Manager
  • Statement of your accounts and investments

Offers & Discounts

  • Up to 60% discount on locker rentals
  • Additional 10% discount on lockers with family banking
ULTIMA Easy Access Salary Account Debit Card Features

  • Rupay Platinum Debit card
  • Daily ATM withdrawal Limit of INR 40,000
  • Daily Shopping Limit of INR 2 Lakhs

Product Features

  • 1 Complimentary Airport Lounge Access per quarter

Offers & Discounts

  • Flat 10% cashback on Flipkart & Amazon via GRAB DEALS
  • Flat 20% cashback on Zomato & Tata1mg via GRAB DEALS
  • Rupay Platinum Debit Card
ULTIMA Liberty Salary Account Debit Card Features

  • Complimentary Liberty Debit Card
  • Daily ATM Withdrawal Limit of INR 50,000
  • Daily Shopping Limit of INR 3 Lakhs

Product Features

  • Annual savings worth INR 15,000

Offers & Discounts

  • Flat 5% cashback on weekend spending across Food, entertainment, shopping, and travel
  • Quarterly gift voucher worth INR 750 after spending INR 60,000 in a quarter
  • Flat 10% cashback on Flipkart & Amazon via GRAB DEALS
  • Flat 20% cashback on Zomato & Tata1mg via GRAB DEALS
  • No minimum deposit & Axis bank minimum balance for salary account
  • Free Visa Rewards Plus Debit Card
ULTIMA Prestige Salary Account Debit Card Features

  • Prestige Cashback Debit Card
  • Daily ATM Withdrawal limit of INR 1,00,000

Product Features

  • Unlimited chequebooks and DD/Pos free
  • Unlimited branch transactions per month
  • Annual savings worth INR 25,000

Offers & Discounts

  • Exclusive cashback offers on debit cards:
  • 1% on fuel, 2% on shopping, and 3% on travel
  • Accidental cover worth INR 5 Lakh
  • Free Priority Platinum Debit Card
ULTIMA Priority Salary Account Debit Card Features

  • Free Priority Platinum Debit Card
  • Daily Shopping Limit: INR 5 Lakh

Product Features

  • Family Banking Benefits of enrolling Family members using Family banking programme
  • Dedicated Relationship Manager

Offers & Discounts

  • 25% discount on movie ticket spends
  • Up to 50% discount on locker rentals
  • Zero Balance Savings Account
ULTIMA Axis Republic Salary Account Debit Card Features

  • Complimentary Axis Republic Debit Card
  • Daily ATM Withdrawal Limit of INR 40,000
  • Daily Shopping Limit of INR 1 Lakh

Product Features

  • High Personal Accidental cover
  • Exclusive features for senior parents

Offers & Discounts

  • 2 Times Airport Lounge Access in a quarter
  • Up to 20% off on 4000+ partner restaurants
  • Internet and mobile banking free access
ULTIMA Defence Salary Account Debit Card Features

  • Complimentary Power Salute Debit Card
  • Daily ATM Withdrawal Limit of INR 40,000
  • Daily Shopping Limit of Rs. 2 Lakhs

Product Features

  • Personal Accident Insurance Cover of 30 lakhs
  • ATM Unlimited free cash withdrawals
  • Family Banking Program where you are allowed to share benefits with up to 3 family members

Offers & Discounts

  • Up to 20% off on 4000+ partner restaurants
  • Zero minimum balance
  • Internet and mobile banking - Free access
ULTIMA Employee Reimbursement Account Debit Card Features

  • Linked debit card with existing Salary Account

Product Features

  • Track reimbursement separately
  • Earn 3.5% interest quarterly
ULTIMA Prime Salary Account Debit Card Features

  • Complimentary Liberty Debit Card
  • Daily ATM Withdrawal Limit of INR 50,000
  • Daily Shopping Limit of INR 3 Lakhs

Product Features

  • Dining Delights Program
  • 5% cashback on movie ticket spends

 Offers & Discounts

  • Flat 5% cashback on weekend spending on Food, entertainment, shopping, and travel
  • Quarterly gift voucher worth INR 750 after spending INR 60,000 in a financial quarter
  • A zero minimum balance
  • Access to the internet and mobile banking

Associated Fees and Charges for Axis Bank Salary Accounts

Although the requirement for minimum balance in Axis bank salary accounts is zero, there are some associated charges that the account holders need to consider. These charges have been updated in 2022, and all Axis Bank salary account holders should go through these:

Details Applicable to Existing Fee Revised Fee Effective Date
Average monthly Balance Requirement All savings account variants under Prime and Liberty – Semi Urban & Rural Semi-Urban

·         Prime – Rs. 15,000 Average Monthly Balance or Rs. 1 Lakh Term deposit.

·         Liberty – Rs. 15,000 Average Monthly Balance (AMB) or spends of Rs. 25,000/

 

Rural

·         Prime- Rs. 15,000 Average Quarterly Balance (AQB) or Rs. 1 Lakh Term deposit.

·         Liberty – Rs. 15,000 Average Quarterly Balance (AMB) or spends of Rs. 25,000/-

Semi-Urban/Rural

 

Prime - Rs. 25,000 Average Monthly Balance (AMB) or Rs. 1 Lakh Term deposit

 

Liberty – Rs. 25,000 Average Monthly Balance (AMB) or spends of Rs. 25,000/-.

1st June 2022
Monthly Service Fee on non-maintenance of Balance Domestic and Non-resident account variants under Easy & equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege, and Premium segments Rs. 75+ Rs. 5% of the shortfall from AMB/AQB/HAB Requirement

 

·         Min: Rs. 75

·         Max: Rs. 500 (Prime/Liberty, Krishi, Farmer, Senior Privilege, and Premium segment)

 

Easy & Equivalent Metro/Urban – Rs. 500

Semi-Urban – Rs. 300

Rural – Rs. 250

Rs. 7.5% of the shortfall from AMB/AQB/HAB Requirement

·         Min: Nil

·         Max: Rs. 600 (Prime/Liberty, Krishi, Farmer, Senior Privilege, and Premium segment)

Easy & Equivalent Metro/Urban – Rs. 600

Semi-Urban – Rs. 300 Rural – Rs. 250

1st June 2022
Monthly Cash Transaction Free Limits * All savings account variants under Prime and Liberty First 5 Transactions or Rs. 2 lakhs, whichever is earlier. First 5 Transactions or Rs. 1.5 lakhs, whichever is earlier. 1st July 2022
Additional Cheque Book charges All savings account variants Rs. 2.5/ cheque leaf Rs. 4/ cheque leaf 1st July 2022
Auto Debit Failure and Standing instructions rejection charges All savings account variants Rs. 200 per failure Rs. 250 per failure 1st July 2022
NACH Debit Failure All savings account variants 1st Return – Rs. 375; 2nd Return – Rs. 425 3rd return onwards – Rs 500 INR 500 / instance 1st July 2022
Outward Cheque Return charges All savings account variants Rs. 100 per return 1st Return – Rs. 50 2nd Return onwards – Rs. 100 1st July 2022

Details of the Interest Rate for Axis Bank Salary Accounts

Axis Republic Salary Account - 3-4% p.a

  • Interest earned will be credited to your salary account on the last day of every quarter of a given financial year.
  • You can get higher interest on a balance above INR 50000.
  • For a balance lower than INR 50000, you can earn 3.5% p.a. interest

For the AXIS Bank salary accounts mentioned below, the following rates apply:

Easy Access Salary Account - 3-4% p.a.

Prime Salary Account - 3-4% p.a.

Defence Salary Account - 3-4% p.a.

Employee Reimbursement Account - 3-4% p.a.

  • For a balance lower than INR 50 lakhs, you can earn 3-4% p.a. interest
  • You can get 4% interest on a balance above INR 50 lakhs up to INR 10 crores
  • You can get 6% interest on a balance above INR 10 crores

Eligibility Criteria for Axis Bank Salary Accounts

The eligibility criteria associated with the different AXIS Bank salary accounts should be considered. Usually, it is the responsibility of the employer to understand the requirements before they authorise the bank to open an Axis bank salary account for the employees.

Axis Bank Salary Account - Republic

  • The company must refer individuals wishing to open this Axis bank salary account in the format prescribed by the bank.

Easy Access Axis Bank Salary Account

  • Individuals wishing to open this minimum balance Axis bank salary account must provide a company referral in a bank-approved format. The monthly salary must be between INR 10000 and INR 25000

Prime Axis Bank Salary Account

  • Company introduction is required in the form the bank prescribes to the company. The monthly salary must be between INR 25000 to INR 1 lakh.

Priority Axis Bank Salary Account

  • Company introduction required in bank format. The monthly salary must be INR 1 lakh to INR 3 lakh.

Defence Salary Account (Power Salute)

  • Applicant must be a member of the defence force/military

How to Open an Axis Bank Salary Account?

Usually, agencies invite Axis Bank executives to their workplaces to learn about the appropriate Axis bank salary accounts and initiate the process. However, you can apply for Axis Banks salary account online as well. Follow these steps:

Step 1 – You can visit the official website of Axis Bank to open a salary account for the employees of your organisation

Step 2 – Go to the retail segment and choose 'Salary Account.'

Step 3 - Now click on the Axis Bank Salary Account feature and select the type of account you would like to apply for from the given options.

Step 4 - Click on "Apply Now," fill in the details accurately, and attach the necessary documentation.

Step 5 - After you submit the request, an Axis Bank consultant will contact you shortly for other formalities. In case of doubt, you may contact the financial institution immediately.

Video-Based KYC Process for Axis Bank Salary Account Holders

Employees would need to follow these steps to get their video KYC done:

Step 1: The employees must provide their PAN card, Mobile Number, Aadhaar Card, or VID to the AXIS bank employee(s) seeking these documents.

Step 2: Employees must provide the required employment details and upload their proof of employment in an approved format and size.

Step 3: The profile Information should be shared by giving the KYC details (regarding yourself, family members, and address) required to set up the account.

Step 4: Video KYC will be processed after completing the profile details. Employees will be redirected to a video KYC page where an Axis Bank representative will initiate a video call for the KYC process. Employees must handle the call individually and ensure video camera and microphone access on their devices.

  • During the Video KYC process, the employees will be asked a few questions to confirm their identity and company profile. Additionally, bank staff will take a live photo (screenshot) of the employees and their PAN card data (this requires holding the PAN card up to the camera).
  • Suppose employees experience audio/video issues due to internet limitations. In that case, they will be redirected to the Video KYC start screen and have to complete the KYC Video process once again.
  • The next call may lead to another Axis Bank agent. However, if the video KYC fails/is rejected, a corresponding confirmation message will be displayed on the screen. In that case, employees will need to redo the account opening procedure.

Step 5: After successful video KYC, employees will be redirected to the settings page. They can check the debit card's selected account type and preferred name.

Additional Details to Reach Axis Bank

  • Axis Bank phone numbers 1-860-419-5555, 1-860-500-5555
  • Telephone Banking Number (for non-Indian customers) +91-22-67987700
  • Debit/prepaid card blocking (24-hour emergency number) +91 22 67987700
  • Loan service Available Monday-Saturday, 9 am – 9 pm (excluding public holidays)

Conclusion

Make it easy for your employees to track their salaries and benefits with Axis Bank ULTIMA salary accounts. Axis bank salary accounts differ from the usual savings accounts in several aspects, such as daily withdrawal limits, purchase limits, and debit card types. You can visit the official site of Aix Bank to learn more about the special benefits of each category of Axis bank salary accounts and choose the one that best fits your employee's needs.

FAQs

What is an Axis bank salary account?

Axis Bank initiated Salary Account is a technologically advanced and innovative digital salary account. Employees need basic information like an Aadhaar card and PAN details to open the account, followed by a Video KYC.

What are the advantages of Axis Salary Accounts?

The benefits of opening a salary account with Axis Bank are:

  • You don't have to visit the branch, as all 250+ services are available online
  • You can securely activate your salary account debit card, UPI, NEFT, IMPS, and RTGS transactions.
  • You can get access to a virtual debit card when you open an account
  • A physical debit card, depending on the account type, will be sent to you after your salary account has been opened
  • You can update your signature using the Axis mobile app

Will I receive a debit card with my Axis bank salary account?

You will receive a virtual debit card right after opening an account. This will be shared with your registered email id. In addition, after account activation, a physical debit card will be sent to your communication address, depending on your account type.

What kind of debit cards will be issued under the Axis Bank salary account?

Here is the list of debit cards that will be issued upon opening an Axis salary account:

  • Easy Access Axis Bank Salary Account - Rupay Platinum Card
  • Liberty Axis Bank Salary Account - Liberty Debit Card
  • Prestige S Axis Bank Salary Account - Prestige Debit Card
  • Priority Axis Bank Salary Account - Priority Debit Card
  • Burgundy Axis Bank Salary Account - Burgundy Debit Card
  • Defence Axis Bank Salary Account - Power Solute Debit Card
  • Republic Axis Bank Salary Account - Republic Debit Card

What is the daily transaction limit for the debit card issued under Axis Bank Salary Accounts?

The virtual debit card e-commerce limit is INR 1,000,000 per day. Visa Online Rewards Debit Card and Priority Debit Card have a transaction limit of Rs. 5 lakh per day. The Burgundy debit card has a transaction limit of INR 6 lakh daily. You can change this limit by logging into Internet Banking or the Axis mobile app.

What happens to my Axis Bank Salary Account if I leave the job?

Your Axis Bank Salary Account will cease to exist if you leave the job. Suppose your salary is not credited to the Axis Bank Salary Account for three months. In that case, your account will be converted into a normal savings account, and you will have to maintain the Axis bank salary account under such conditions.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 370+ stocks

images