Axis Bank Advantage Savings Account

What Is the Axis Bank Advantage Savings Account?

The Axis Bank Advantage Savings Account is available to resident Indians and can be opened online through the Flipkart app. Applicants need an original PAN, Aadhaar and Video KYC to complete the process. Once the account is opened, they can use the virtual debit card and enjoy Axis Bank’s digital banking services.

Customers comparing an Axis Bank Savings Account can consider this variant when they regularly shop on Flipkart and can meet its balance requirement.

Features and Benefits of Axis Bank Advantage Savings Account

The account combines day-to-day banking with the following benefits linked to the Axis Bank Flipkart Debit Card:

• Flipkart Cashback: Customers receive 5% cashback on qualifying Flipkart purchases made through the debit card or UPI. Monthly eligible spending must total at least ₹3,500. The maximum cashback available is ₹750 in a month.
• Eligible Transactions: Payments made using either the virtual card or the physical debit card can be counted for cashback, subject to the bank’s conditions. The amount is generally credited within 90 days after the relevant month ends.
• Debit Card Limits: Withdraw up to ₹50,000 from ATMs in a day. Purchases made through the card are allowed up to ₹5 lakh per day.
• Dining Benefit: Get up to 15% off at restaurants covered under the EazyDiner programme. The discount is limited to ₹500 a month and ₹6,000 in a year.
• Insurance Benefits: The eligible debit card includes personal accident insurance of up to ₹5 lakh, air accident insurance of up to ₹1 crore and purchase protection of up to ₹50,000, subject to the applicable policy terms.
• Banking Privileges: It includes 30 free monthly transactions at non-Axis Bank ATMs, unlimited online NEFT and RTGS transfers, unlimited demand drafts and pay orders and a first-year demat account AMC waiver.

Eligibility Criteria and Documents Required

To open the account, the applicant must be a resident Indian. Other requirements include:

• Holding an original PAN card and Aadhaar card.
• Having PAN and Aadhaar linked.
• Using a smartphone with a working camera.
• Permitting camera and location access for verification.

A credit card cannot be used for initial funding of the savings account. Individuals need to make the first deposit through a debit card, Internet Banking or UPI.

How to Open the Axis Bank Advantage Savings Account

You can open the Advantage Savings Account through the Flipkart app. Here is how:

• Find the Axis Bank Flipkart Debit Card option through a banner, payment page, FK Pay or My Accounts.
• Select “Apply now”.
• Verify PAN and Aadhaar.
• Enter the requested personal information.
• Complete Video KYC through a video call.
• Deposit ₹25,000 as initial funding.

The account-opening option is linked to the Axis Bank Flipkart Debit Card and is available through selected sections of the Flipkart app.

Fees and Charges for Axis Bank Advantage Savings Account

This savings account requires ₹25,000 at opening and the same amount as Monthly Average Balance. In return, it provides Flipkart cashback, dining discounts, insurance benefits and higher card limits. However, before treating it as the best savings account option, check whether the benefits justify the balance commitment.

The main balance requirements for the account are given below:

Initial funding is deposited while opening the savings account. It is the first amount placed in the account during the digital application process.