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/

 

[telescope]

They clearly Mentioned 25k Spends.

Paying CC Bills is never a spend.

We already did Actual spends while doing txn with Credit Cards.

Now when it is time to repay , It is not Valid Spend at all.

Few People Including me Doing Account Funding txns to get 750 GV and Account Funding Txns also is not a Valid Spend at all.

But still Axis sent 750 GV for such Txns every Quarter since Liberty Account was launched even Axis Know Such txns are not spends at all but sent GVs
 

Now Users Base is increasesd to that Level they Have to exclude all such MCCs and Why are we surprised for such Exclusion ??

 
I am not taking Axis side but This is all what I have to say.

Axis has full rights to modify product offering anytime. The problem here is non-communication about changes and miscommunication after raising complaint.

Even now those MCCs are nowhere written on the website and this birth month only thing is also nowhere there on the website.

 

[Deleted member 2540]

Have they defined spends anywhere??

You can Check Product Page itself.

Here is a Snapshot

 

[varun__goel_]

They clearly Mentioned 25k Spends.

Paying CC Bills is never a spend.

We already did Actual spends while doing txn with Credit Cards.

Now when it is time to repay , It is not Valid Spend at all.

Few People Including me Doing Account Funding txns to get 750 GV and Account Funding Txns also is not a Valid Spend at all.

But still Axis sent 750 GV for such Txns every Quarter since Liberty Account was launched even Axis Know Such txns are not spends at all but sent GVs
 

Now Users Base is increasesd to that Level they Have to exclude all such MCCs and Why are we surprised for such Exclusion ??

 
I am not taking Axis side but This is all what I have to say.

I agree with this.

It was obvious that they will soon introduce these changes because of the increasing popularity. I don't have a problem with that at all.

The main issue here is that they haven't informed customers regarding such changes and just started imposing charges.

 

[telescope]

Have they defined spends anywhere from the beginning??

I have no problem with implementing rules…
There should be some consistency and transparency in implementing these rules..
They just can’t continuously change the rules depending upon the situation

Not only they are changing rules, they are giving out different informations and justifications for charges.

 

[Deleted member 2540]

Even now those MCCs are nowhere written on the website

It is there .
As a PDF link

But axis did not sent a Formal Communication for Exclusion is a mistake, I agree

and this birth month only thing is also nowhere there on the website.

It is mentioned in SOC since Account Launch.

Many People do not even read SOC and Blame Bank for charges.

 

[telescope]

You can Check Product Page itself.

Here is a Snapshot
View attachment 44604

Did they define 'merchant'? Atleast some fine print should have been there through some annexure.

 

[SSV]

You can Check Product Page itself.

Here is a Snapshot
View attachment 44604

This is just vague and general statement.. where are the MCCs listed here or MCCs excluded here?? I mean from the beginning..
Just mentioning merchants transactions is just a very plain definition

 

[Deleted member 2540]

Did they define 'merchant'? Atleast some fine print should have been there through some annexure.

Earlier there is no restrictions, so they did not define it explicitly

Now In December'23 they Excluded certain Merchants and update the same on Website in PDF

 

[Deleted member 2540]

This is just vague and general statement.. where are the MCCs listed here or MCCs excluded here?? I mean from the beginning..
Just mentioning merchants transactions is just a very plain definition

Since Account launch there is no exclusion at all.

Changes mande in Dec'23

 

[SSV]

It was obvious that they will soon introduce these changes because of the increasing popularity. I don't have a problem with that at all

No one here arguing that the bank can’t change the rules…
It is about the consistency in implementing the rules and communicating the rules..

They can change rules everyday if they want then customers will decide whether they want to take up their product or not

 

[telescope]

It is mentioned in SOC since Account Launch.

Many People do not even read SOC and Blame Bank for charges.

Got this reply, they did not reverse Non maintenance charges, saying 25k spend for MAB charges waiver is applicable for Birthday month only.

@VISHESH_BANSAL I mentioned about birth month in the above context, that, axis is saying spending waiver condition is applicable only for birth month, and rest 11 month spending instead of MAB not possible. Where is this mentioned in SOC tell us.

 

[SSV]

ince Account launch there is no exclusion at all.

Changes mande in Dec'23

Were the customers informed by email or sms highlighting the major changes?

 

[SSV]

@VISHESH_BANSAL I mentioned about birth month in the above context, that, axis is saying spending waiver condition is applicable only for birth month, and rest 11 month spending instead of MAB not possible. Where is this mentioned in SOC tell us.

Yes, guys please provide this info to enlighten us
Just stay on this point .. don’t deviate

 

[telescope]

Earlier there is no restrictions, so they did not define it explicitly

Now In December'23 they Excluded certain Merchants and update the same on Website in PDF

Banking is a business of trust. Everything should be transparent and explicit. No scope of ambiguity in this business.

 

[Deleted member 2540]

Were the customers informed by email or sms?

Is it mandatory ?

They Updated on Website is sufficient for them

But a formal communication is not sent is a Mistake I agree

 

[telescope]

Since Account launch there is no exclusion at all.

Changes mande in Dec'23

Even these changes were never communicated. Atleast I didn't receive any email / sms

 

[Deleted member 2540]

@VISHESH_BANSAL I mentioned about birth month in the above context, that, axis is saying spending waiver condition is applicable only for birth month, and rest 11 month spending instead of MAB not possible. Where is this mentioned in SOC tell us.

This is clearly Miscommunication.

AXIS May be Planning to Introduce it in future but as of know it is not applicable.

I am using this Account from Last 3-4 Years and Never maintained MAB till Dec'23 and never got charged for NON MAINTAINCE

SO This Statment is just Miscommunication

 

[telescope]

Is it mandatory ?

They Updated on Website is sufficient for them

But a formal communication is not sent is a Mistake I agree

Yes mandatory. As per RBI rules any change in product must be communicated at least 30 calendar days before implementing.

 

[Juganta]

@VISHESH_BANSAL I mentioned about birth month in the above context, that, axis is saying spending waiver condition is applicable only for birth month, and rest 11 month spending instead of MAB not possible. Where is this mentioned in SOC tell us.

This is new SOC w.e.f 1st Arpril 2024, There is no mention of only Birthday month NMC /Spend based waiver. Axis giving us mental harassment only.

 

[SSV]

Is it mandatory ?

They Updated on Website is sufficient for them

But a formal communication is not sent is a Mistake I agree

This is what I am saying.. they just change and update somewhere in their website.. people like us have time and knowledge to go and find the changed rules..
Meanwhile majority of typical customers get charged and these charges will run into crores ..

Regarding mandatory or not, I don’t know about RBI guidelines… Assume it is not mandatory, this is how axis does their business and increase their revenue and hence I am not in favour of recommending their products to any normal customer…

There should be some professional etiquette every organisation that need to be maintained..
Any governing body can’t mandate every single piece of conducting their activities