Axis Bank launches 'Infinity Savings Account' with zero transaction fees

Axis Bank, a private sector lender, launched its 'Infinity Savings Account' on Tuesday, offering special features for its customers, including no domestic transaction charges in exchange for monthly fees. The move aims to appeal to those who frequently adopt subscription-based models.

"This innovative savings account provides Axis Bank customers with exclusive privileges such as a waived average monthly balance (AMB) requirement, complimentary debit cards, and a waiver of all domestic charges against a small monthly recurring fee of Rs 150 or an annual fee of Rs 1,650," according to the bank's press release.

The bank offers two subscription-based flexible plans: Monthly and Annual. The Monthly plan is priced at Rs 150 (inclusive of GST) and requires a minimum subscription period of six months. After the initial six months, the plan continues on a 30-day cycle, with Rs 150 deducted every 30 days. The Annual plan is priced at Rs 1,650 (inclusive of GST) and provides Infinity benefits for 360 days. The plan automatically renews after this period.

Ravi Narayanan, group executive and head of branch banking, retail liabilities and products at Axis Bank, said, "Customers can now choose to subscribe to the savings account and not worry about fees for services or maintaining minimum balances. This unique offering reflects our belief that banking should be effortless, flexible, and address customers' evolving needs."

Additionally, the private sector bank will offer a range of extra benefits, including several cashback offers. "Customers will receive 1 per cent cashback on all transactions made using their E Debit Card, along with other debit card-linked benefits such as a Rs 500 Grab Deals voucher on debit card usage within 30 days, 15 per cent off up to Rs 500 at Easy Diner with an Online Rewards Card, and much more," the release added.

At 3:00 pm, Axis Bank traded 1.20 per cent down at Rs 978.35 on the National Stock Exchange on Tuesday.