Product Details
Bank Name
Axis Bank
Account Name
Axis Defence Salary Account
Account Type
Salary Account
Interest Rate
Less than Rs. 50 Lakh-3.00% p.a. and Rs. 50 Lakh and up to less than Rs. 800 Crs-3.50% p.a.
Free Debit Card
Power Salute Debit Card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
NIL
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Axis Defence Salary Account
Special Features
Users will get Rs 1 crore air accident cover.
Personal accident death cover of Rs. 30 lakhs.
Users will get a Life Insurance worth 5 lakhs.
30 Lakhs in total permanent disability benefit (In case of a personal accident).
Up to 30 lakhs for partial disability benefit.
Upfront payment of 4 lakhs towards education benefit for children up to 22 years of Defence /Paramilitary and Police personnel (as part of accidental cover)
Lost card liability & purchase protection benefit of minimum ₹ 50,000.
Domestic airport lounge access.
Eligibility Criteria
This account can only be opened by a defence personnel.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Unlimited free ATM transactions on Axis Bank and other bank ATMs.
Domestic airport lounge access.
ATM withdrawal limit of ₹ 40,000 and purchase limit of ₹ 2,00,000 on Power Salute debit card.
50% waiver of foreclosure charges on Auto loans.
Cons
Low interest rates.
Eligibility criteria is not specified clearly by the bank.
Axis Defence Salary Account
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Verify your identity using PAN and Aadhaar.
Provide your information.
Fulfill your KYC requirements through a video call.
Deposit funds into your account.