Product Details
Bank Name
Axis Bank
Account Name
Axis Pension Savings Account
Account Type
Savings 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
No
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
Visa Platinum card, Rs.200 + GST annually.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Axis Pension Savings Account
Special Features
Users will receive communication on receipt of PPO( Pension Payment Order).
No average balance is required.
Unlimited chequebook issuance.
Personal accident cover of ₹2 lakhs upon swiping of card every 6 months.
Eligibility Criteria
Employees of Central Government and civil ministries who are covered under the Central Government Civil Pension Scheme operated by Central Pension Accounting Office, Department of Expenditure and Ministry of Finance.
Employees of the armed forces (Army, Navy and Air Force) under Ministry of Defense who are covered under the Defense Pension Scheme operated by Pension Sanctioning Authority/Defence Unit.
Employees of an establishment with a workforce strength of more than 20 (including contract employees), who have opted to be members of the EPS 95 scheme.
Existing members of 'Member of Employees' Family Pension Scheme.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Users will receive communication on receipt of PPO( Pension Payment Order).
No average balance is required.
Unlimited chequebook issuance.
Personal accident cover of ₹2 lakhs upon swiping of card every 6 months.
Cons
Low interest rates.
Axis Pension Savings Account
The account comes with low interest rate and offers average 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.