Axis Bank Pension Savings Account

What is the Axis Bank Pension Savings Account?

The Axis Bank Pension Savings Account is available to eligible Central Government civil pensioners, defence pensioners and members covered under specified employee pension schemes. It can be opened in a single name or jointly.

Customers comparing a suitable Axis Bank Savings Account can review this option when they need a dedicated account for receiving pension payments after retirement.

Features and Benefits of Axis Bank Pension Savings Account

The Pension Savings Account provides the following pension, card and transaction facilities:

Pension and Interest

Eligible pensioners from Central Government civil departments and the Ministry of Defence can receive pension payments in this account. Axis Bank also sends an update after it receives the Pension Payment Order.

The bank calculates interest on the daily balance and credits it every quarter.

Debit Card and Insurance Cover

The Visa Classic Debit Card has a daily ATM withdrawal limit of ₹40,000. Card purchases are allowed up to ₹1 lakh a day.

The card also carries personal accident cover of ₹2 lakh. To keep this benefit active, the customer must use the card at least once in six months. Lost card liability and purchase protection together cover up to ₹50,000.

Cheques, Drafts and Cash Transactions

Customers can request unlimited multicity cheque books. Axis Bank does not charge an issuance fee for demand drafts or pay orders.

Cash transactions do not carry a stated value cap.

ATM and Digital Banking

ATM transactions at Axis Bank and non-Axis Bank ATMs are free and unlimited, subject to applicable regulatory guidelines.

Customers also get SMS alerts, Internet Banking and mobile banking. These services make it easier to check pension credits, transfer money and review recent account activity.

People looking for a savings account in India should first check whether they fall under one of the pension categories accepted by Axis Bank.

Eligibility Criteria and Documents Required

The following individuals can apply for the savings account:

• Employees of Central Government civil ministries covered under the Central Government Civil Pension Scheme
• Army, Navy and Air Force personnel covered under the Defence Pension Scheme
• Employees of establishments with more than 20 workers who have opted for EPS 95
• Existing members of the Employees’ Family Pension Scheme

In terms of documents, applicants need two recent passport-size photographs and valid identity and address proof. One copy is enough when the same document serves as both identity and address proof. Separate documents are required when the permanent and mailing addresses differ.

How to Open the Axis Bank Pension Savings Account

The process differs for prospective and existing pensioners:

Prospective Pensioners

Open the savings account at an authorised Axis Bank branch. Before retirement, provide the account details to the relevant Pay and Accounts Office or Pension Sanctioning Authority so future pension payments can be credited to the account.

Existing Pensioners

Open the savings account at an authorised branch. Following this, you can complete the bank-change procedure prescribed by the Central Pension Accounting Office or the Ministry of Defence.

Fees and Charges for Axis Bank Pension Savings Account

Axis Bank provides the account tariff through its Charges Master. The amount charged depends on the service used and the tariff linked to the Pension Savings Account.

Here are the limits and facilities:

Customers comparing the best savings account options should confirm their pension eligibility and check the latest Pension Savings Account tariff before using any service that may carry a fee.