Axis Bank Review

The Axis bank stands third in the list of the greatest Indian Private bank. It is one of the most powerful banks in India which, provides banking and financial services in India and overseas. The premium bank was founded in the year 1993, and since then, it has advanced itself into one of the top tier banks of India. The Axis bank offers services to a wide customer base. The customers include small and medium businesses, MSME, agricultural and retail businesses. The bank has successfully introduced and launched several initiatives. These initiatives have led to the exponential growth of the bank in the financial sector. The bank has earned numerous titles and honors in the financial world. It was bestowed with many awards and recognitions for consecutive years. The bank’s first registered office was located in Ahmedabad, Gujarat.

The first corporate office was situated in Mumbai, Maharashtra. The Unit Trust of India (UTI) started the Axis bank. The Axis bank venture was an initiative by many sponsors. The Life Insurance Corporation of India (LIC), National Insurance Company Ltd., the Specified Undertaking of Unit Trust of India (SUUTI), General Insurance Corporation of India (GIC), The New India Assurance Company Ltd., The Oriental Insurance Company Ltd., and the United India Insurance Company are the sponsors who promoted the Axis bank.

It has a total of 4,528 branches along with a sum of 12,044 ATMs and 5,433 cash recyclers in India and overseas. The international bank branches are spread across various cities. The Axis bank has a sum of eleven international offices. The branches are situated in Singapore, Dubai. Hong Kong, Shanghai, and Gift City. The representative offices are located in Dhaka, Dubai, Abu Dhabi, and Sharjah. The international subsidiary of the bank is present in London, UK. These international bank branches perform several financial operations to serve the masses.

Mr. Amitabh Chaudhry is the current CEO and the MD of Axis bank is. Mr. Amitabh Chaudhry has tremendous experience in the managing field. He is good at what he does. Previously known as the MD of Infosys BPO and the HDFC bank, he stepped into the shoes of the MD and the CEO of the Axis bank on 1st January 2019. The position of the Chairman is currently held by Mr. Rakesh Makhija.

The Axis bank had 11 subsidiaries. They are listed as follows.

• Axis Asset Management Company Ltd.
• Axis Mutual Fund Trustee Ltd.
• Axis Capital Ltd.
• Axis Finance Ltd.
• Axis Securities Ltd.
• Axis Bank UK Ltd.
• Axis Trustee Services Ltd
• Axis Private Equity Ltd
• Accelyst Solutions Private Ltd.
• A. TREDS Ltd.
• Freecharge Payment Technologies Private Limited.

History 

The Axis bank first started its operations back in December 1993. The bank was initially called UTI, named after its promoter the Unit Trust of India. Gujarat capital, Ahmedabad had the first registered Axis office. The bank’s corporate office was first opened in Mumbai. The first bank branch was inaugurated in Ahmedabad on 2nd April 1994. The inauguration occurred in the presence of then finance minister Dr. Manmohan Singh.

The UTI bank launched the travel currency card in 2003. It was the first bank to do so in India. Later, in 2005 it also earned a spot on the London Stock Exchange. Singapore was the first international city to open the UTI bank in the year 2006. Around the same time, Shanghai, China also inaugurated the UTI bank. In 2007 Dubai International Finance Centre and Hong Kong also opened the bank. Later within a year, the bank’s first representative office was opened in Dubai. The UTI bank as it was popularly known, changes its name on 30th July 2007. Thus, it was changed to its current name, “Axis Bank”. In October 2011, the bank opened a branch in Colombo, Sri Lanka. The branch was opened as a Licensed Commercial Bank that was under the conduct of the Central Bank of Sri Lanka. Later, Abu Dhabi also inaugurated the Axis bank in its province.

Services

The Axis bank has a lot of banking services and financial products to offer. In this article, I will mention a few of these products and services. The bank offers services for individuals from different categories. These individuals may be involved in various businesses and self-employed. To get more information about the services visit the official portal https://www.axisbank.com.

Saving Bank Account

Through this account, individuals can deposit their money at their convenience. The funds in this account also earn a decent interest rate. The interest rate is not constant instead it varies from bank to bank and the balance is maintained. The Axis bank provides a wide range of opportunities for its customers. There are various types of savings accounts offered by the bank. Every account is designed to meet the financial needs of every individual. A savings account is the most feasible way to park savings with liquidity. They have various features like high transaction limits, free cheque books, and debit card issuance.

Fixed Deposits

The Fixed deposits are the easiest and the safest method to grow the funds. The fixed deposits can be locked-in for a period of 7 days to 10 years. These funds earn interest, higher than that generated by the savings account. The fixed deposits can be opened either in online or offline modes. The first deposit can be transferred straight from the savings bank account. It is only possible if the applicant already has an account with Axis bank. The fixed deposits need a minimum investment of Rs.5,000 through an online application. But the minimum requirement is Rs.10,000 through offline mode.

Recurring Deposits

The features of recurring deposits resemble that of fixed deposits. In this type of investment, the individuals have to build their savings by investing their deposits systematically every month. The interest rate on these deposits is directly proportional to the balance in the account and the maturity period. The minimum investment required to open a recurring deposit account is not less than Rs.500.

Credit Cards

The credit cards by the axis bank facilitate instant credit-based transactions. These transactions are independent of the account balance of an individual. As the amount used had to be returned to the bank after a certain period. The card has a transaction limit beyond which the transactions cannot be made. Every specific credit card has some benefits reserved with itself. This includes cash discounts, shopping vouchers, and reward points after every transaction.

Axis Debit Cards

The debit cards by the Axis bank are customized to fulfill every individual’s needs. Debit cards are gaining a lot of popularity in a world where everything is cashless. The debit cards are often associated with attractive offers like discounts on shopping, restaurants, free movie tickets, and so on. The cards offered by the Axis bank have a certain transaction limit associated with daily transactions.

Travel Forex Card

The forex cards help the cardholders to make transactions with foreign currency. These transactions can be done with different denominations with great ease and security. The forex cards permit access to funds overseas without dealing with any physical cash. The forex card is a great relief to travelers and businessmen who frequently cross boundaries as the single card allows the transaction of various currencies. The exchange rates of these currencies are locked into the card to prevent fluctuations in the rate.

Loans

1. Personal Loans

Personal loans are the best loans when individuals are in urgent need of money over a short time. These loans require minimal documents and are sanctioned quickly without any delay. Since it is an unsecured loan, collateral is not assessed and only details like credit score, existing liabilities, age, and income are considered. The loan amount ranges from Rs.50,000 to Rs.15 lakh with a repayment tenure of 12 to 60 months. The interest starts at 15.75%.

2. Education Loans

The education loan is a great relief for every deserving student who wishes to pursue higher education. The loan can be availed by students who are pursuing higher education in India and abroad. The loan amount starts at Rs.50,000 with an attractive interest rate. The loan covers the cost of the entire college expenses including tuition fees, hostel fees, books, and transport. The loan application doesn’t need much documentation and hence it is easy and simple to apply. There are several tax benefits, and the tenure for repayment is flexible.

3. Loan Against Property

The loans against property are for every individual who wishes to mortgage their property. The loan can be easily sanctioned and with an amount of up to Rs. 5 lakh. The properties that are suitable as collateral are commercial or any residential property. The rate of interest is floating, and the tenure for repayment is flexible.

4. Gold Loan

Loans can be also disbursed, by using gold as collateral. However, the loan amount is sanctioned only after a thorough inspection of the gold ornaments and gold coins. The loan amount offered on this loan ranges from Rs.25,000 to Rs.25 lakh. The repayment period is flexible as a time of about 3 to 36 months allotted for repaying the entire loan amount with interest.

Mutual Funds

The Axis bank has various investment options available so that the masses can meet their financial goals. The most efficient way to avail of inflation-beating investment tools is by investing your money in mutual funds. Some of the services by the axis bank are as follows.

1. Equity Funds

These funds are most suitable for fulfilling long-term financial objectives. The equity funds may seem volatile but they attain stability over a period. They beat inflation and deliver good returns over long terms.

2. Debt Funds

These funds are recommended for short-term funds. They do not invest in equities and are hence more secure and less risky.

3. Liquid Funds

These are invested in securities that mature within 91 days. They are risk-free and bear good returns.

4. Hybrid Funds

They may be equity or debt-oriented. The funds are invested in a blend of both equity and debt investments.

Demat Account 

The Demat account or the dematerialized account smooths the conversion of physical share-holdings into electronic units. The account enables seamless transactions, funds transfers, and overall management of the shares. Net banking and mobile banking allow account holders to access their funds from anywhere and anytime. The account is a great boon to modern society as it makes the dematerialization and the rematerialization of funds easy.

Insurances

1. Life Insurance

The Axis bank provides several life insurance schemes in association with other organizations. Max Life Insurance, Bajaj Alliance Life Insurance, and LIC offer insurance policies with the bank. The applicants availing of the insurance have to pay the premium amount to generate sufficient corpus. In case the applicant expires the corpus generated will be disbursed to the beneficiaries.

2. Motor Insurance

Many times, the vehicles undergo severe damage or partial loss. It could be due to a road accident or any other untoward situation. But to prevent you from exhausting the money from your pockets, motor insurance is available to your rescue. The Axis bank has partnered with many insurers to offer motor insurance. The Bharti Axa and TATA AIG have partnered with the bank to provide the insurance facilities.

Farm Funding

The bank has also designed services for the benefit of the individuals involved in the farming sector. There are many schemes, cards, loans, and bank accounts reserved for the farmers. Some of these schemes are.

1. Kisan Power

This is a loan reserved for those involved in horticulture activities.

2. Kisan Matsya

The loan scheme is for those individuals who are into the business of fresh/brackish water fish/prawn cultivation.

3. Poultry Power

The loan is for fulfilling the financial needs of the individuals in poultry farming.

Net banking 

The Axis bank promotes online funds transfer that enables the transfer of money online with the help of the internet. The online transfer can occur with the assistance of various online systems. Some of them are as follows.

• NEFT (National Electronic Funds Transfer)
• Instant Money Transfer (Cash transfer and cashless withdrawal)
• VISA Money Transfer.
• RTGS (Real Time Gross Settlement)
• IFSC (Indian Financial System Code)
• IMPS (Immediate Payment Service)
• ECS (Electronic Clearing Service)

Mobile Banking

The bank also has mobile applications to enable mobile banking among users.

1. Axis Mobile

The axis mobile is the safest mobile app which has numerous features. Through this app, customers can easily pay their bills, transfer money, link other bank accounts through UPI, and much more. The app is available on the Google Play Store and Apple App Store.

2. BHIM Axis Pay UPI App

The BHIM Axis Pay UPI app enables users to link their accounts to the UPI ID. The Unified Payment Interface (UPI) is an initiative by the National Payments Corporation of India (NPCI). Thus, the users can make transactions using the UPI ID on the axis pay app. The transactions include mobile recharges, bill payments, EMI payments, and money transfers amongst various banks. The users only need access to a smartphone and the VPA (Virtual Payment Address) that is the UPI ID. The UPI services can be accessed from several apps like BHIM Axis Pay, Axis Mobile, and Freecharge.

These are some of the services that can be availed by the customers from the Axis Bank. The bank allows the masses to open accounts, invest in financial deposits, purchase cards, avail of loans, invest in any of the schemes, and insure themselves. Besides these, there are many other schemes and products that the bank provides. The bank offers various services in different categories. There are amenities for Indian residents, NRIs, businesses, agricultural farmers, and others. As per the sections classified by the bank, the tenure, interest rate, features, and incentives vary. Therefore, pay a visit to the nearest Axis bank branch or visit the official portal.