‘Bank comes home if you are an Axis Bank priority account holder’. You must have been hearing this quite often these days; don’t you? Yes, its Axis bank’s specialized account for the ‘privileged few’. There are quite a few differences between a normal savings bank account and a ‘priority account’, some of which are listed below:
A priority platinum debit card will be given instead of the normal debit card. Using this card, you can withdraw amounts of up to Rs. 1 lakh at the ATM’s, purchase stuff from stores up to Rs.1.5 lakhs, get accident insurance cover of Rs.5 lakhs, get fuel for your car at zero surcharge, get access to Airport lounges at select airports in India and lots of offers and special reward points and annual gifts.
These are all apart from the normal Internet Banking, Mobile banking facilities that any normal account would have.
And in case you need to approach the bank physically, you will get a ‘priority treatment’ at the branch. Unlike others, you can visit any Axis bank branch as a priority account holder and get your service done. Also, when using Phone banking via their toll free number, you can reach their phone banking officers a lot quicker then normal account holders.
And since you are receiving such priority services, the bank obviously expects some ‘Moolah’ from you. Here are the eligibility conditions:
To open a priority account, you should maintain an average quarterly balance of at least Rs.2 lakhs in your savings account.
You can also become a priority customer, if you have a term deposit of at least Rs.10 lakhs with Axis bank.
If you have both Savings and Term deposit accounts (and may be also run a current account), your eligibility requirement comes down to Rs.5 lakhs (summing up all the funds available in these accounts).
If you are all set, your account will also be opened on a priority basis. Just send an SMS as priority to 54646 and the bank will contact you immediately.