NE BUSINESS BUREAU
MUMBAI, AUG 25
With a view to address the ever-changing lifestyle needs of the young and digital-savvy Indian, Axis Bank, India’s third-largest private sector bank, on Tuesday (August 25, 2020) announced the launch of its ‘Liberty Savings Account’.
This unique proposition offers customers the flexibility to either maintain a minimum balance of Rs 25,000 per month or spend the same amount every month through the Liberty debit card or savings account (via NetBanking, Axis Mobile or UPI) on lifestyle requirements. The Liberty Savings Account also offers a complimentary hospital cash insurance cover of upto Rs 20,000 per year, which covers hospital expenses incurred under COVID -19, making this a first of its kind savings account to cover the pandemic.
The Liberty Saving Account is targeted to cater to the lifestyle requirements of the working class that falls under 35 years of age. A qualitative survey indicates that customers in this category have a higher inclination to upgrade their lifestyle by spending more on food, entertainment, shopping and travel which comprises 50% of the merchant transactions / spends. Hence, the Liberty debit card is designed in such a way that customers are entitled to more privileges. A customer can enjoy 5% cashback every weekend on expenses incurred on food, entertainment, shopping and travel. This reward is part of the overall package, which comprises benefits worth Rs 15,000 annually through cashbacks, banking benefits, dining delights and quarterly spend vouchers.
Speaking on the launch Mr. Praveen Bhatt, EVP – Retail Liabilities and Direct Banking Products, Axis Bank said, “We at Axis Bank have been consistently innovating our products and services to cater to various customer segments and this product has been conceptualised keeping the needs of India’s dynamic young customers. The Liberty savings account takes into consideration the customer’s inclination to augment and upgrade their lifestyle and a new value proposition has been created to introduce balance and flexibility between savings versus spending.”
Adding to it Mr. Ravi Narayanan, President & Head Branch Banking, Axis Bank said, ‘’Liberty account, spends based Savings account, encourages usage of the account for payments and rewards customer for consumption. This product encompasses a potential for on-boarding new customers through novel features and engage with them continuously.”
Some of the key features of Liberty Saving Account are –
| Savings Account – Minimum Balance/Spend | Rs 25,000 for Metro/Urban
Rs 15,000 for Semi Urban/Rural OR Spends i.e. merchant payments of Rs. 25,000 monthly (for both Metro/Urban and Semi-urban/Rural) |
| Cashback |
|
| Annual savings amounting to Rs 15,000 |
|
| Hospital Cash Insurance Cover | Insurance Cover worth Rs. 20,000 per year including COVID-19
Daily Hospital Cash Accident + Illness Limit : Rs. 1000 per day for 20 days within a year from policy issuance |
| Eligibility Criteria for Hospital Cash Insurance Cover | Eligibility for Liberty Savings Account Customers–
One transaction every month on Debit Card at any POS or ECOM and maintain net monthly average balance equal to or in excess of Rs. 25,000 consecutively for 3 months subsequent to account opening month
Eligibility for Liberty Salary Account Customers– One transaction every month on Debit card at any POS or ECOM and Net monthly salary credit equal to or in excess of Rs 25,000 for Liberty Salary Account |
| Lounge Benefit for Liberty Salary Account | 4 complimentary airport lounge access in 1 year |
