Axis Bank launches paid savings A/C

Moving towards subscription-based accounts, Axis Bank launched a paid savings account where the customer will not be charged for many services and will not be required to maintain a minimum balance.

Customers will be charged Rs 150 per month or the discounted Rs 1,650 per year for what has been christened as ‘Infinity Savings Account’ by the third largest private sector lender. At present, a majority of the banks insist on a minimum balance for having a savings account, and charge holders a fee whenever the balance drops below the threshold.They also charge for extending services like SMS alerts, printing passbooks etc.