Here are a few do’s and don’ts to keep in mind while opening and managing your Prestige Savings Account:
Upgrade your password
Always change your internet banking password periodically to keep your account safe from being hacked. Keeping the same password for months can put you and your Prestige Savings Account at risk.
Update your contact details
Keep the bank informed of your latest contact details such as email id, telephone number, postal address, etc so that details of your transactions and your account statements can be sent to you on time. This also ensures that you can track any unauthorised transactions and inform the bank immediately.
Use online banking wisely
Avoid using shared devices to open your Prestige Savings Account or access it. This leads to the risk of your password being saved unknowingly. If you must use a shared system, do not save the password and log out without fail.
DON’TS
Install unknown apps
Do not click on suspicious links sent to you via email or SMS, as these may contain malware or viruses that can compromise your account security. Also, do not opt for offers and promotions that are not officially communicated to you.
Entertain unknown callers
Avoid taking calls from false bank representatives asking for your bank details, debit card number, account balance and so on. If you have any queries related to your Prestige Savings Account, contact Axis Bank customer care.
Share your details
Be it a family member or close acquaintance, it is never wise to share your debit card PIN, CVV or your internet banking password with anyone, even in case of an emergency. Keep these details to yourself at all times.
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Frequently Asked Questions
What is the program criterion for prestige savings accounts?
If you want to open a Prestige Savings Account, you need to be –
- A resident of India
- A Hindu Undivided Family
Or you can also open a joint Prestige Savings Account with two applicants. The documents needed for both the applicants for a joint account are:
- Proof of address
- Proof of identity
- If proof of the relation between both applicants is provided, then the address proof of only the primary account holder will suffice
The documents for an individual Prestige Savings Account:
- A latest passport size photograph
- Proof of identity and proof of address
- Separate proof of address if the mailing and permanent addresses are different
- A declaration from the Karta
- A copy of the PAN card or Form 60 of the HUF
- The Karta’s proof of identity and address
- A joint letter from all the HUF adult account holders
Documents for Prestige Savings Account (HUF)
What are the benefits of the Axis Bank Prestige account?
A Prestige Savings Account offers a variety of benefits such as:
- Annual card benefits
- Complimentary services
- Daily banking services
- Reward points with a Prestige Debit Card
How do I check my Prestige card balance?
To check your Prestige Savings Account balance without using the internet, you can simply give a missed call on 1800 419 5959 to know your account balance.
Who should open a prestige savings account?
A Prestige Savings Account can be opened by anyone who needs to park their funds safely in a savings account, makes their bill payments and carries out online transactions smoothly, and would like to benefit from the many advantages offered by a Prestige Savings Account.
To be able to open a Prestige Savings Account, you will have to meet the eligibility criteria and can open the account either as a resident of India or a Hindu Undivided Family (HUF). You can also choose to open a Prestige Savings Account on a joint basis.
How does the monthly interest credit for a prestige savings account work?
In Axis Prestige Savings Account, the interest in compounded quarterly instead of monthly. The interest on a Prestige Savings account is calculated each day and is paid out quarterly on the first day of each quarter. Only for the fourth quarter the interest pay-out will be made on the last day of the quarter.
What is the frequency of interest pay-out?
The interest on your Prestige Savings account is calculated each day and is paid out quarterly on the first day of each quarter. Only for the fourth quarter the interest pay-out will be made on the last day of the quarter.
How is the Prestige Savings Account Average Monthly Balance (AMB) calculated?
An Average Monthly Balance (AMB) is the end of the day balance for the entire month divided by the number of days. However, the interest pay-out in Prestige Savings account is made on quarterly basis.
What is the minimum balance that I need to maintain in my prestige Savings Account?
An Average Monthly Balance (AMB) of ₹ 75,000 needs to be maintained in your Prestige Savings Account across metro, urban, semi-urban and rural locations.
Why should you open a prestige savings account?
Having a Prestige Savings Account can help you make your bill payments easily and enable you to make unlimited cash withdrawals at any Axis Bank or non-Axis Bank ATM with a Prestige Account Debit Card.
You can also avail of attractive Prestige Savings Account interest rates, complimentary banking services such as no AMC (annual maintenance charges) on the Demat account for the 1st year, a complimentary lifetime free MyZone credit card – which comes with its own set of offers, annual benefits worth Rs. 25,000 and a personal accident death cover and much more!
How do I deposit money into my prestige savings account?
You can deposit money into your Prestige Savings Account at the time of opening your account. Visit any Axis Bank branch and fill out a deposit slip to submit the funds. Or you can also visit an ATM to deposit cash into your savings account.
When is interest credited to the prestige Savings Account?
The interest rate on your Prestige Savings Account will be calculated daily and will be credited to the account on the first day of the upcoming quarter. The only exception is the fourth quarter, where the interest amount will be paid on the last day of the quarter. As of now, Prestige Savings Account interest rates are between 3 and 3.5%, depending on the account balance in the savings account.
When will I receive my prestige savings account statement?
You will receive your Prestige Savings Account statement every month on your registered email ID (the email ID used to open the account). To get the bank statements from the last 6 months, give a missed call on 1800-419-6969 (English) or 1800-419-6868 (Hindi) from the mobile number registered with your Axis Bank account.
What is the verification process for a prestige savings account?
Here is the simple verification process to open a Prestige Savings Account:
- Mention your PAN card and Aadhaar card details on the online form
- Next, fill in your personal details and your phone number on the form
- Update your Prestige Savings Account with the minimum funds required
- Our authorised KYC - Know Your Customer agent will complete the verification on a video call
How to withdraw funds from your Prestige Savings Account?
You can make unlimited free withdrawals from your Prestige Savings Account with your Axis Bank debit card at any Axis Bank or non-Axis Bank ATM. Or you can also carry out digital transactions and make payments through internet banking once you log in to your online Axis Bank account.
