Axis Bank Liberty Savings Account Benefits

[Deleted member 2540]

★ Axis liberty savings account is the best savings account for individuals who can qualify by meeting any one of the following conditions:-

(1) Maintain a minimum balance of ₹25000 in your account.

OR

(2) Spend ₹10000** per month on food, entertainment, shopping, and travel categories using the liberty debit card,
and
(2) Spend ₹15000^ per month at any merchant via the liberty debit card.

OR

(3) Spend ₹25000^ per month at any merchant via the liberty debit card.

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★ By meeting the 2nd condition, you can enjoy the following benefits with maximized savings:

(1) Zero balance account, since monthly spend of ₹25000 (₹10000** + ₹15000^) is required to receive the Non-Maintenance Charge (NMC) waiver for that particular month.

(2) 5% cashback (up to ₹500 per month), available on weekend transactions only (transactions made on Saturday and Sunday are considered).

● During your birthday month, you can earn 5% cashback up to ₹1000.

(3) One complimentary domestic lounge access per quarter.



★ Conditions:-

**Check the list of eligible MCCs for the Weekend 5% Cashback at the link below.** 👇

https://www.axisbank.com/docs/default-source/default-document-library/liberty-cashback-tnc.pdf

^Check the list of excluded spends/MCCs for the NMC waiver at the link below.^ 👇

https://www.axisbank.com/docs/default-source/default-document-library/liberty-savings-account-lifestyle-benefits-terms-and-conditions.pdf

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★ Overall Benefit:-
● ₹1000 × 1
● ₹500 × 11

Total:- ₹6500

★ Consolidated Charges:-
● SMS Charges: ₹17.70 × 4 = ₹71 (including GST)
● Liberty debit card annual fee: ₹354 (including GST)

Total:- ₹425

★ Net Annual Savings:- ₹6075/-

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1st Note:- You can now open a liberty account digitally and will receive both a virtual debit card and a physical liberty debit card. But, the virtual debit card issued with the digital axis liberty account is not the same as the e-debit card provided with other axis bank digital account variants.

2nd Note:- Quarterly gift voucher benefit linked to LIBERTY Savings Account shall be discontinued from 31th December, 2025 for all existing as well as new customers. Customers who qualify for this benefit basis the transactions done till 31st December, 2025 shall be considered eligible and awarded voucher as applicable basis terms laid out herewith.

Redemption Link for 750 GV:- https://www.gyftr.com/rewards/axisbankspendscampaign/

 

[Deleted member 2540]

Would like to know your thoughts on how Axis is able to provide huge benefits on premium cards such as Magnus and Reserve.
Because losses is even incurred in giving valueback on these cards.

Do you feel it's a part of their long term strategy?
What can be their Agenda?
How long will they be able to sustain it according to you?

Appreciate your knowledge about Axis and Banking, hence expecting a detailed explanation.
Thanks!

I am just sharing my thoughts as per my understanding that what could be the Possible reason.

My thoughts may or may not be true.

With Respect to Credit Cards,

1.
MDR revenue is obviously more than Debit Cards and not the sole revenue source.

2.
Annual fee is also high 50k for Reserve and 10k for Magnus and chances of LTF Magnus and Reserve is neligible

3.
Like Disciplined CC users exist, in same way defaulters also Exist.

4.
For cards like Magnus to reap maximum benefits, one need to spends 1lakh.

If 1 lakh spends include spends on Gyftr Edge, Grabdeals and Travel Edge portal then Commission must exist in such txns along with MDR

Since Magnus is a Travel Card, so Axis must be earing from partnership with various Partners.

Ultimately you are going to utilitze Edge points on travel, and there must be some commission involved in transferring Edge Points to Airlmiles and other respective programs.

 

[jack333]

first come first complaint basis.

🤣

 

[jack333]

I am just sharing my thoughts as per my understanding that what could be the Possible reason.

My thoughts may or may not be true.

With Respect to Credit Cards,

1.
MDR revenue is obviously more than Debit Cards and not the sole revenue source.

2.
Annual fee is also high 50k for Reserve and 10k for Magnus and chances of LTF Magnus and Reserve is neligible

3.
Like Disciplined CC users exist, in same way defaulters also Exist.

4.
For cards like Magnus to reap maximum benefits, one need to spends 1lakh.

If 1 lakh spends include spends on Gyftr Edge, Grabdeals and Travel Edge portal then Commission must exist in such txns along with MDR

Since Magnus is a Travel Card, so Axis must be earing from partnership with various Partners.

Ultimately you are going to utilitze Edge points on travel, and there must be some commission involved in transferring Edge Points to Airlmiles and other respective programs.

Moreover the tie ups are with costly hotel membership and airlines. It's marketing of bulk as they are able to secure a better deal of commission for miles conversion

 

[krishc]

Yup! You are right but still I think it is a financial issue only not due to losses but due to overwhelming response Axis received from Liberty Customers.

MDR fee on UPI P2M and DC are minimum and axis in return giving 1% in form of vouchers and 5% on selected DC spends.

Soon Axis will revise the features.

So only MDR revenue from our txns is not enough for Axis to credit 1% and 5% of txn Amount to every Customer.

Axis Kab tak apni khud ki pocket se fund karega ?

Usually Banks Expect to cross sell products after Acquiring Customers e.g., FD, RD, SIP, Insurance Policies etc, therfore such lucrative offers is not sustainable for Banks after a point of time.

As of now Axis is offering me a
Pre-Approved Personal loan.

Axis never gives me Pre-approved Credit Card offer when I maintained a AMB of 50k but suddenly I am eligible for a Pre-Approved Personal Loan even when My AMB remains Zero.

you're right there with the cost of lucrative features !
I think there'll be a devaluation soon in Liberty benefits!

 

[jack333]

They are still making profit as the airlines and hotel chains want only affluent customers who are spending one lakh plus and what better platform than to tie up with a bank having many such customers.

 

[RewardsAlert]

They are still making profit as the airlines and hotel chains want only affluent customers who are spending one lakh plus and what better platform than to tie up with a bank having many such customers.

This is very valid and logical point.
I think there long term goal is to associate these customers with Axis Bank initially via Credit Cards and slowly cross selling other products such as EMI, Bank A/c etc.
This correlates with the reason of Citi Acquisition which also had very high value HNI customers.

 

[hellobois]

They are still making profit as the airlines and hotel chains want only affluent customers who are spending one lakh plus and what better platform than to tie up with a bank having many such customers.

spending 1 lakh ? really? affluent customers?? what a joke, you must know that a lot of them, and I mean a lot of them who got Magnus in last one year are just rorating money to get benefits, most of them are not having jobs. they get cards in their parents name or by some tricks. However the real affluent customers can compensate the big brands and service providers upto sone extent. But the devaluation starts when banks realise that they are not getting the value back from the cuatomers and they are just using the card for cashback or miles benefit.

 

[jack333]

If someone is rotating 1 lakh every month through magnus then there is a risk for card blockage and he'll get in the radar of IT people. No wise person will do it. Doing for few thousands to reach milestone is different thing

 

[hellobois]

If someone is rotating 1 lakh every month through magnus then there is a risk for card blockage and he'll get in the radar of IT people. No wise person will do it. Doing for few thousands to reach milestone is different thing

Greed makes us blind bro. You can not stop someone who is earning extra money just by using some tricks. And people like arindam motivate such things.

 

[Anil_SinghAnil_Singh is verified member.]

Muze ye msg ke bad bhi nahi aaya tha voucher, firse aur ek request raise karna pada fir uske 4 working days bad receive huwa.

Hope they improved after your case.

 

[Deleted member 2540]

Latest Update from MD Desk.

 

[Anil_SinghAnil_Singh is verified member.]

Latest Update from MD Desk.

Lagta hai vo bandha tumhare phupu ke chacha ke mama ka bhatija hai. Mails pe mails bhej raha hai.

 

[krishc]

what is the procedure for axis net banking?
will customer id be default user id ?
never tried axis net Banking before, using app since opening liberty last month.

 

[Deleted member 2540]

what is the procedure for axis net banking?
will customer id be default user id ?
never tried axis net Banking before, using app since opening liberty last month.

SIgnup for netbanking using Debit Card.

 

[krishc]

another question to tenured users of liberty
(apologies if already discussed by someone earlier)
are all kinds of nach/mandate txn considered for the monthly 25k/ quarterly 60k milestones ?

 

[𝙇.𝐊. 𝐓𝗶𝘄𝗮𝗿𝗶 :)]

SIgnup for netbanking using Debit Card.

Vishesh bhai kya bolte ho ?
Abhi shi h ye liberty account open karwana ?
mera online nhi ho pa rha h , branch jana padega .!

 

[Deleted member 2540]

Vishesh bhai kya bolte ho ?
Abhi shi h ye liberty account open karwana ?
mera online nhi ho pa rha h , branch jana padega .

You want only 750 voucher you can open indus Max Active also.

 

[𝙇.𝐊. 𝐓𝗶𝘄𝗮𝗿𝗶 :)]

You want only 750 voucher you can open indus Max Active also.

Nhi bhai cashback benefits bhi chahiye, and isme main benefit h ki 25K spend karne pe zero balance ho jata h. Aur ab jaisa ki axis wale bol rhe h ki ab sara process automated hone wala h.

And BTW ek baat aur ki jo ye 5% cashback milta h weekends pe isko lene ka kya koi trick ya method h? Geniune purchase to main karunga hi but itna nhi kar paunga ki total 500 cashback ho jaye pura.

And indus wale account ka mere ko kuch maloom nhi h. vaise kya benefits h bro usme ? kitna spend karne pe vaucher milega? and Zero balance karnne k liye kya karna padega? and opening process kya h?

 

[Deleted member 2540]

Nhi bhai cashback benefits bhi chahiye, and isme main benefit h ki 25K spend karne pe zero balance ho jata h. Aur ab jaisa ki axis wale bol rhe h ki ab sara process automated hone wala h.

And BTW ek baat aur ki jo ye 5% cashback milta h weekends pe isko lene ka kya koi trick ya method h? Geniune purchase to main karunga hi but itna nhi kar paunga ki total 500 cashback ho jaye pura.

No tricks.
Bolne m aur karne m farak hota hai.
Wait till the new process implemented.

2 saal mne regular complaints ki jab toh inse hua nhi khuch

abhi bhi 🔔 khuch hoga inse .
Jab tak implenent nhi hota inpe trust nhi karne ka

And indus wale account ka mere ko kuch maloom nhi h. vaise kya benefits h bro usme ? kitna spend karne pe vaucher milega? and Zero balance karnne k liye kya karna padega? and opening process kya h?

Inudus ne Copy kya Axis ka Liberty Account with minor changes

(A)
Axis liberty DC gives 5% on food, shopping travel and entertainmemt.

Indus delight DC Gives 5% on Fuel, entertainment and dinning

(B)

Axis Gives 750 voucher on Quartely Spends of 60k. spends include Netbanking spends, DC spends and UPI P2M

Indus also gives 750 voucher but on 75k spends per Quarter. Here spends include only DC spends

(C)
Axis Gives NMC waiver on 25k Merchant spends only

Indus Also gives NMC waiver if you fulfill any one of the following condition.

Conditon 1

if you use the Account Actively for setting up Standing Instructions for a single transaction of INR 10K or above for Bill payments of Credit Cards/Utillities /MF investments/setting up RDs and EMIs of Loans /set up eNACH for recurring payments.

Condition 2
Alternatively you can get the NMC waiver if you use your Debit Card/UPI/NB for Merchant Payments over INR 25K in a month.

 

[Deleted member 2540]

another question to tenured users of liberty
(apologies if already discussed by someone earlier)
are all kinds of nach/mandate txn considered for the monthly 25k/ quarterly 60k milestones ?

If you want to use NACH for NMC waiver then, shift to Indus Max Actice.

Read my above comment

Axis Would not consider it as a spend , further will charge you extra for each NACH payment