Summer Training Report

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SUMMER TRAINING REPORT

ON

“COMPARATIVE ANALYSIS OF CURRENT ACCOUNT OF AXIS

BANK WITH HDFC BANK IN MIRZAPUR CITY”

Submitted in partial fulfilled of the requirement for the award of degree of Master of Business Administration

Of

G.B.T.U. formerly known as U.P. Technical University, Lucknow

Under the guidance of:- Submitted

by:-Mr. Prashant Tiwari Name- Ayushi Agrawal

(Branch Sales Manager) Roll

no-Axis Bank, Mirzapur Batch-2010-2012

Ghanshyam Binani Academy of Management Sciences, MZP 231001(U.P.)

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TABLE OF CONTENT

COMPANY CERTIFICATE COLLEGE CERTIFICATE DECLARATION

ACKNOWLEDGEMENT

PREFACE

S.N CHAPTERS

PAGE NO.

1. Introduction to Banking Sector

1-12

2. Introduction to Axis Bank

13-35

3. Conceptual Framework of topic

36-46

4. Conceptual Framework of topic in

concern company

47-97

5. Research Methodology

98-104

6. Data Analysis and Suggestions

105-116

7. Findings , Conclusion and Suggestions

117-122

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DELARATION

I

ayushi agrawal

declare that this summer training report entitled entitled “

comparative analysis of current account of Axis Bank with HDFC

Bank in

mirzapur city

”has been prepared by me during year 2011 under the

guidance of

Mr. Prashant tiwari ( Branch Sales Manger) Axis Bank

Mirzapur

.

I also declare that this summer training report has not been

submitted at any time to any other university or institute for the award of any degree or diploma

signature

(Ayushi Agrawal)

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ACKNOWLEDGMENT

The satisfaction and euphoria that accompany the completion of any task Would be but incomplete without the mention of people who made it possible, Whose constant guidance and encouragement crowned my effort with success.

I consider it privilege to express my gratitude and respect to all those who guided me in the completion of the project.

I have received enormous input and inspiration in various stages in carrying of my project from my guide

Mr.prashant tiwari (Branch Sales

Manager) Axis Bank, Mirzapur

I would also like to thank all other person who has helped me in Preparing this project report….As they have helped me from outside and given me constant encouragement to prepare a quality report in timely fashion. Lastly, I am thankful to Mr. Ajay Singh (Branch Manager) all the Member of Axis Bank, who has given me valuable information in part of my Project report.

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PREFACE

The project has been prepared to deliver, as much information from the very small but resourceful facts to must be known facts. Hence we had to do survey in mirzapur.

The project report tells about the “COMPARATIVE ANALYSIS

OF CURRENT ACCOUNT OF AXIS BANK WITH HDFC BANK IN

MIRZAPUR CITY”

In this report, I have tried to provide all the necessary related to the topic and also provide the latest trends which are happening in a day to day life in this organization which serves as a base for predicting about the future of services and products of this organization.

In this report I have tried to choose a very simple and easy language so that the project report can be easily understood by any stranger.

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CHAPTER-1

INTRODUCTION

TO

BANKING SECTOR

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A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:

Meaning of Bank

Bank is a lawful organization, which accepts deposits that can be withdrawn on demand. It also lends money to individuals and business houses that need i

Banks also render many other useful services – like collection of bills , payment of Foreign bills safe-keeping of jewellery and other valuable items, certifying the credit-worthiness of business, and so on.

Banks accept deposits from the general public as well as from the business community. Any one who saves money for future can deposit his savings in a bank. Businessmen have income from sales out of which they have to make payment for expenses. They can keep their earnings from sales safely deposited in banks to meet their expenses from time to time. Banks give two assurances

to the depositors –

a. Safety of deposit, and

b. Withdrawal of deposit, whenever needed

On deposits, banks give interest, which adds to the original amount of deposit. It is a great incentive to the depositor. It promotes saving habits among the public. On the basis of deposits banks also grant loans and advances to farmers, traders

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and businessmen for productive purposes.

Thereby banks contribute to the economic development of the country and well being of the people in general. Banks also charge interest on loans. The rate of interest is

generally higher than the rate of interest allowed on deposits. Banks also charge fees for the various other services which they render to the business community and public in general. Interest received on loansand fees charged for services which exceed the interest allowed on deposits are the main sources of income for banks from which they meet their administrative expenses.

The activities carried on by banks are called banking activity. ‘Banking’ as an activity involves acceptance of deposits and lending or investment of money. It facilitates business activities by providing money and certain services that help in exchange of goods and services. Therefore, banking is an important auxiliary to trade. It not only provides money for the production of goods and services but also facilitates their exchange between the buyer and seller.

Role of Banking

Banks provide funds for business as well as personal needs of individuals. They play a significant role in the economy of a nation. Let us know about the role of banking.

• It encourages savings habit amongst people and there by makes funds available for productive use

• It acts as an intermediary between people having surplus money and those requiring money for various business activities.

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• It facilitates business transactions through receipts and payments by cheques instead of currency

• It provides loans and advances to businessmen for short term and long-term purposes.

• It also facilitates import export transactions.

• It helps in national development by providing credit to farmers, small-scale industries and self-employed people as well as to large business houses which lead to balanced economic development in the country.

• It helps in raising the standard of living of people in general by providing loans for purchase of consumer durable goods, houses, automobiles, etc.

Types of Banks

There are various types of banks which operate in our country to meet the Financial Requirement of different categories of people engaged in agriculture, businnes profession On the basis of functions, the banking institutions in India may be divided into the following types:

Types of Banks

 Central Bank (RBI, in India)  Development Bank

 Specialised Banks (EXIM BANK SIDBI. NABARD)  Commercial Banks

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• Public Sector Banks

• Private sector banks

• Foreign Banks  Co-operative bank

• Primary Credit Societies

• Central Co-operative Banks

• State Co-operative Bank



Central Bank

A bank which is entrusted with the functions of guiding and regulating the banking system of a country is known as its Central bank. Such a bank does not deal with the general public. It acts essentially as Government’s banker, maintain deposit accounts of all other banks and advances money to other banks, when needed. The Central Bank provides guidance to other banks whenever they face any problem. It is therefore known as the banker’s bank. The Reserve Bank of India is the central bank of our country.

The Central Bank maintains record of Government revenue and expenditure under various heads.

It also advises the Government on monetary and credit policies and decides on the interest rates for bank deposits and bank loans. In addition, foreign exchange rates are also determined by the central bank.

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regulating their circulation in the country by different methods. No other bank than the Central Bank can issue currency.



Commercial Banks

Commercial Banks are banking institutions that accept deposits and grant term loans and advances to their customers. In addition to giving short-term loans, commercial banks also give medium-term and long-term loan to business

enterprises. Now-a-days some of the commercial banks are also providing housing loan on a long-term basis to individuals. There are also many other functions of commercial banks, which are discussed later in this lesson.

Types of Commercial banks: Commercial banks are of three types i.e., Public Sector banks, Private sector banks and Foreign banks.

• Public Sector Banks: These are banks where majority stake is

held by the Government of India or Reserve Bank o f India. Examples of public sector banks are: State Bank of India, Corporation Bank, Bank of Boroda and Dena Bank, etc.

• Private Sectors Banks: In case of private sector banks majority of share capital of the bank is held by private individuals . These banks are registered as companies with limited liability.

For example: The Jammu and Kashmir Bank Ltd., Bank of Rajasthan

Ltd.,Development Credit Bank Ltd, Lord Krishna Bank Ltd., Bharat Overseas Bank Ltd.,Global Trust Bank, Vysya Bank, etc

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headquarters in a foreign country but operate their branches in our country . Some o f the foreign banks operating in our country are Hong Kong and Shanghai

Banking Corporation (HSBC), Citibank, American Express Bank, etc. The number of foreign banks operating in our country has increased since the financial sector reforms of 1991.



Development Banks

Business often requires medium and long-term capital for purchase of machinery and equipment, for using latest technology, or for expansion and modernization. Such financial assistance is provided by Development Banks. They also undertake other development measures like Public Sector Banks comprise 19nationalised banks and State Bank of India and its 7 associate banks. Subscribing to the shares and debentures issued by companies, in case of under subscription of the issue by the public. Industrial Finance Corporation of India (IFCI) and

State Financial Corporations (SFCs) are examples of development banks in India.



Co-operative Banks

People who come together to jointly serve their common interest often form co-operative society under the Co-operative Societies Act. When a co-operative society engages itself in banking business it is called a Co-operative Bank. The society has to obtain a licence from the Reserve Bank of India before starting banking business. Any co-operative bank as a society is to function under the overall supervision of the Registrar, Co-operative Societies of the State.

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History of Banking in India

The first bank in India, though conservative, was established

in 1786. The journey of Indian Banking System can be segregated into three

distinct phases.

Phase 1 1786 to 1969

• 1786 : The General Bank of India Next came Bank of Hindustan

and Bengal Bank. The East India Company established Bank of

Bengal (1809), Bank of Bombay (1840) and Bank of Madras

(1843) as independent units and called it Presidency Banks.

These three banks were amalgamated in 1920 and Imperial Bank of

India was established which started as private shareholders banks.

• In 1865 Allahabad Bank was established and first time exclusively

by Indians, Punjab National Bank Ltd. Was set up in 1894 with

headquarters at Lahore. Between 1906 and 1913, Bank of India,

Central Bank of India, Bank of Baroda, Canara Bank, Indian

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Bank, and Bank of Mysore were set up. Reserve Bank of India

came in 1935.

• During the first phase the growth was very slow Banks also

experienced periodic failures between 1913 and 1948.There were

approximately 1100 banks, mostly small. The Government of India

came up with The Banking Companies Act, 1949 which was

later changed to Banking Regulation Act 1949 as per amending

Act of 1965 (Act No. 23 of 1965). Reserve Bank of India was

vested with extensive powers for the supervision of banking in

India as the Central Banking Authorit

Phase 2

Government took major steps in this Indian Banking Sector Reform After independence. In 1955, it nationalized Imperial Bank of India with

Extensive banking facilities on a large scale especially in rural and semi-urban areas. Second phase of nationalization Indian Banking Sector Reform was carried out in 1980 with seven more banks. This step brought 80% of the banking segment in India under Government ownership. The following are the steps taken by the Government of India to Regulate Banking Institutions in the Country:

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- 1955: Nationalization of State Bank of India - 1959: Nationalization of SBI subsidiary - 1961: Insurance cover extended to deposits. - 1969: Nationalization of 14 major banks. - 1971: Creation of credit guarantee corporation. - 1975: Creation of regional rural banks.

- 1980: Nationalization of seven banks with deposits over 200 crore

After the nationalization of banks, the branches of the public sector bank India

raised to approximately 800% in deposits and advances took a huge jump by 11,000%.Banking in the sunshine of Government ownership gave the public implicit faith and immense confidence about the sustainability of these institutions

Phase 3

1. This phase has introduced many more products and facilities in

the banking sector in its reforms measure. In 1991, under the chairmanship of M. Narasimha, a committee

was set up by his name which worked for the liberalization of

banking practices . Country is flooded with foreign banks and

their ATM stations.

o Efforts were being put to give a satisfactory service to customers.

o Phone banking and net banking was introduced. o The entire system became more convenient and swift.

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2. Emergence of Private Banks

Private banking in India was practiced since the beginning of

banking system in India. The first Private Bank in India to

receive an in principle approval from the Reserve Bank of

India was Housing Development Finance Corporation Limited. It

was incorporated in August 1994 as HDFC Bank Limited with

registered office in Mumbai and commenced operations as

Scheduled Commercial Bank in January 1995.

List of Private Banks in India

o Bank of Punjab

o Bank of Rajasthan

o Catholic Syrian Bank

o Centurion Bank

o City Union Bank

o Dhanalakshmi Bank

o Development Credit Bank

o Federal Bank

o HDFC Bank

o ICICI Bank

o IDBI Bank

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o Jammu & Kashmir Bank

o Karnataka Bank

o Karur Vysya Bank

o Laxmi Vilas Bank

o South Indian Bank

o United Western Bank

Organizational structure of a bank branch

Branches are the crucial point of all banks because all their operations are carried through branches. The structure of the branch may be as under:

Small/Medium Branch

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the structure will undergo slight changes as shown below:

Large Branch

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INTRODUCTION

TO

AXIS BANK

ABOUT AXIS BANK

Axis Bank was the first of the new private banks to have begun operations in

1994, after the Government of India allowed new private banks to be established.

The Bank was promoted jointly by the Administrator of the specified undertaking

Of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and

General Insurance Corporation of India (GIC) and other four PSU insurance

companies, i.e. National Insurance Company Ltd., The New India Assurance

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Company Ltd. , The Oriental Insurance Company Ltd. and United India Insurance

Company Ltd.

The Bank as on 30th_{June, 2011 is capitalized to the extent of}

Rs. 411.88 crores

with the public holding (other than promoters and GDRs) at 52.87%.

The Bank's Registered Office is at Ahmedabad and its Central Office is located at

Mumbai. The Bank has a very wide network of more than 1281 branches

(including 169 Service Branches/CPCs as on 31st March, 2011). The Bank has a

network of over 6270 ATMs (as on 31st_{March, 2011) providing}

24 hrs a day

banking convenience to its customers. This is one of the largest ATM networks

in the country.

The Bank has strengths in both retail and corporate banking .

1. Journey From UTI to AXIS



1994-1997

• Incorporated as UTI Bank, headquartered in Mumbai • First Branch inaugurated at Ahmedabad

• Completes first profitable year in operation in 1995 • Deposit crosses Rs.10bn mark in 1996

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• Successfully completes its IPO in 1998 and gets itself listed on NSE and BSE

• Cash management services as well as credit card launched • Profit crosses Rs.500m in 2000

• Launches Internet banking module, iConnect retail loans introduced • Financial advisory services and e-commerce introduced

• Second largest ATM network in the country with 200 ATMs



2001-2005

• Private placement of 26% stake to CDC Capital Partners

• Deposit crosses Rs.100bn mark in 2001, advances crosses Rs.50bn • First commercial bank to open an ATM at a post office

• Crosses the 1,000 ATM mark in 2003

• Gets listed on the London Stock Exchange, raises $239.3m



2006-2008

• Opens its first international branch in Singapore • Opens Representative Office in Shanghai • Crosses the 2,000 ATM mark in 2006

• Opens a Full Licence Bank Branch in Hong Kong • Re-brands itself as Axis Bank

• Mumbai, Jul 30 2007 : UTI Bank on Monday rechristened itself as Axis Bank.

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BANK

THERE ARE 3 MAIN

REASONS-• They had to give up the UTI name after using it for 13 years as we were not prepared to accept terms and conditions (including royalty) from UTI AMC The decision to rebrand itself was taken by the bank as it was allowed to use the 'UTI' brand name for free till January 31, 2008, beyond which it had to pay royalty for using the name.

• The recommendation for name change to Axis Bank has arisen from the

existence of several shareholder-unrelated entities using the UTI brand, and the consequent brand confusion that this generates

• The name UTI bank was changed to AXIS bank as UTI gave a look of

government sector bank. They had to change our name to have our own brand and identity.

The new name AXIS

•The new name was chosen considering the bank’s pan-Indian as well as international presence.

•The first time that a bank has dropped an established brand for an unknown name.

•The name Axis is chosen as it is simple and it conveys a sense of solidity and a sense of maturity. It also has a universal appeal.

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•The New Logo The logo depicts a strong growth path for the bank supported by a strong base, indicating that the bank is moving on from a position of strength.

THE NEW LOGO

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

The logo depicts a strong growth path for the bank supported by a strong base,

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Vision 2015

To be the preferred financial solution provider excelling in customer Delivery through insight , empowered employees and smart use of technology .

Mission

 Customer Service and Product Innovation tuned to diverse needs of individual and corporate clientele.

 Continuous technology up gradation while maintaining human values.  Progressive globalization and achieving international standards.  Efficiency and effectiveness built on ethical practices.

Core Values of Axis

Customer satisfaction through

 Providing quality service effectively and efficiently&quot

 Smile, “it enhances your face value” is a service quality stressed on  Periodic Customer Service Audits

 Maximizations of Stakeholder value

 Success through Teamwork, Integrity and People  The banks business is divided into four segments:  Retail, corporate, treasury and merchant banking.

 Apart from this the bank is also into insurance, investment banking, mortgage financing, credit cards, and depository services amongst others.

 it is also registered on the following exchanges: OTCEI

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BSE NSE

London stock exchange

Services

Retail banking

 Deposits schemes  Loans and advances  Personal loans  Housing loans  Cards  Consumer durables  Auto loans

Personal Banking

 Accounts  Term deposit  Fixed deposit  Recurring deposit  Cards

 Different variant like: Gold plus card, Gold card, Silver & silver plus cards.

Corporate banking

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 Normal Current Account  Trust/NGO Savings Account

Services

 Private Equity, Mergers & Acquisitions

 Advisory Services

 Capital Market Funding

 E-Broking

Business divisions

 Treasury management

Treasury is responsible for the maintenance of the statutory requirements such as the cash reserve ratio (CRR), statutory liquidity ratio (SLR) and the investment of such funds. It also manages the assets and liabilities of the bank. Primary dealing activities can be classified into

• Money market operations

• Foreign exchange operations

• Derivatives

 Merchant Banking and capital markets

Axis Bank is a registered merchant Banker. The services offered are:

• Private placement/syndication

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• Debenture trustees

• Depository services

• Project advisory services, capital market services, advisory on Mergers & Acquisition

 Retail financial services

All branches have a dedicated financial advisory desk, wherein the mutual fund schemes are marketed. The objective is to provide customers with a larger portfolio of investment avenues thereby enhancing customer relationship. Other products handled by the

department include sale of Gold Coins as well as marketing of Depository services.

 Corporate and institutional banking o Cash management Services o Business current Accounts o Correspondent Banking o Government Business

 Retail Banking

Retail banking is one of the key departments in the bank. It has the largest variety in its portfolio which consists of retail asset and retail liability products. Retail Banking by definition implies banking services which are offered to individual customers as opposed to corporate banking which is meant for companies.

 International banking Major functions include

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various authorities such as RBI regulations, FEMA etc

• Keeping a track of the business volumes being generated by the branches and controlling the margins

• Maintaining relationship with correspondent Banks outside India

 Advances

The function involves extending fund and non-fund based credit facilities to different clients in the country, the department aims to maximize the interest spread earned on funds available with the bank while keeping the risk on the credit portfolio at acceptable limits. The department also tries to maximize fee-based income from both fund based and non-fund based activities.

Promoters

Axis Bank Ltd. Has been promoted by the largest and the best Financial Institution of the country, UTI. The Bank was set up with a c apital of Rs. 115 crore, with UTI contributing Rs . 100 crore, LIC - Rs. 7.5 crore and GIC and its four subsidiaries contributing Rs. 1.5 crore each.

SUUTI - Shareholding 23.60%

Erstwhile Unit Trust of India was set up as a body corporate under the UTI Act,1963, with a view to encourage savings and investment. In December 2002, the UTI Act, 1963 was repealed with the passage of Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 by the Parliament, paving the way for the

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bifurcation of UTI into 2 entities, UTI-I and UTI-II with effect from 1st_February

2003. In accordance with the Act, the Undertaking specified as UTI I has been transferred and vested in the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), who manages assured return schemes along with 6.75% US-64 Bonds, 6.60% ARS Bonds with a Unit Capital of over Rs. 14167.59 crores.

The Government of India has appointed Shri K. N. Prithviraj as the Administrator of the Specified undertaking of UTI, to look after and administer the schemes under UTI - I, where Government has continuing obligations and commitments to the investors, which it will upho

Board of Directors

Dr. Adarsh Kishore Chairman

Smt. Shikha Sharma Managing Director & CEO Shri S. K. Chakrabarti Deputy Managing Director

Dr. R.H. Patil Director

Smt. Rama Bijapurkar Director

Shri R.B.L. Vaish Director

Shri M.V. Subbiah Director

Shri K. N. Prithviraj Director Shri V. R. Kaundinya Director

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MILESTONE

•

Mar-08 - Axis Bank launches Platinum Credit Card, India's first

EMV chip based card

•

Dec-07 - Axis Bank gets AAA National Long-Term Rating from Fitch

Ratings

•

Sept-07- Axis Bank ties up with Banque Privée Edmond de Rothschild

Europe for Wealth Management

•

July-07- UTI Bank re-brands itself as Axis Bank

•

July-07- UTI Bank successfully raises USD 1050 million

•

July-07- UTI Bank ties up with Tata Motors Ltd. for Car Loans

•

June-07- UTI Bank's expansion into Asia supported by FRS

•

May-07- UTI Bank launches 'Spice Rewards' on the bankcards - India's

first-ever merchant-supported rewards program

•

April-07 -UTI Bank opens a Financial Services Category I Branch in the

DIFC in Dubai

•

Mar-07- UTI Bank ties up with Hyundai Motor India Ltd. for Car Loans

•

Mar-07- UTI Bank ties up with IIFCL to provide finance for

infrastructural projects in the country

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Udyog Ltd

•

Mar-07- UTI Bank opens a Full License Bank Branch in Hong Kong

•

Feb-07 -Finance Minister Shri P. Chidambaram Launches Shriram – UTI

Bank Co- Branded Credit Card Exclusively For Small Road Transport Operators (SRTOS)

•

Feb-07- UTI Bank announces the launch of its Meal Card

•

Feb-07- UTI Bank announces the launch of its Gift Card

•

Feb-07- LIC Premium payment now through UTI Bank Branches

•

Jan-07- UTI bank opens Priority Banking branch in Mumbai and Kolkata

•

Nov-06- UTI Bank opens Priority Banking Lounge in Pune

•

Sep-06 -UTI Bank launches operations of UBL Sales, its Sales

Subsidiary – Inaugurates its first office in Bangalore

•

Aug-06 -UTI Bank announces the launch of its Credit Card Business

•

Aug-06 UTI Bank becomes the first Indian Bank to successfully issue

Foreign Currency Hybrid Capital in the International Market

•

Aug-06- UTI Bank Business Gold Debit Card MasterCard Launched –

Designed for business related spending by SMEs and self employed professionals

•

Aug-06 -UTI Bank announces the scheme of issuance of "Senior Citizen

ID Card" in association with Dignity Foundation

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•

July-06- UTI Bank opens Representative Office in Shanghai

•

May-06- UTI Bank and LIC join hands to launch an Annuity Card for

group pensioners of LIC

•

May-06 -UTI Bank ties up with Geojit Financial Services to offer Online

Trading service to its customers

•

Apr-06- UTI Bank opens its first international branch in Singapore

•

Jan-06 -UTI Bank and UTI Mutual Fund to launch a new service for sale

and redemption of mutual fund schemes through the Bank's ATMs across the country Dec-05 UTI Bank wins International Financing Review (IFR) Asia 'India Bond House' award for the year

•

Oct-05 UTI Bank extends banking services to the rural milk producers in

Anand and Kheda districts in Gujarat

•

July-05 UTI Bank and Visa International launch Mobile Refill facility -

Anytime, Anywhere Pre-Paid Mobile Refill for all Visa

Cardholders in India

•

May-05- UTI Bank and Bajaj Allianz join hands to distribute general

insurance products

•

Apr-05- UTI Bank launches Smart Privilege - a special bank account

designed for women

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•

Mar-05 -MTNL ties up with UTI Bank for payment of telephone bills

through the Bank's ATM network

•

Mar-05 -UTI Bank gets listed on the London Stock Exchange, raises US$

239.30 million through Global

•

Mar-05- Depositary Receipts (GDRs)

•

Feb-05 -UTI Bank appointed by Government of Karnataka as the sole

banker for the Bangalore One (B1) project

•

Feb-05 -UTI Bank launches a powerful version of Kisan Credit Card

•

Jan-05 -UTI Bank ties up with Remit2India to launch the Remittance

Card.

•

Mar-04- UTI Bank enables premium payment of LIC policies through its

ATMs.

•

Feb-04- Bilateral arrangement between State Bank of India (and its

associate member banks) and UTI Bank. comes into force with the commencement of operations (as on 3rd February '04) of the combined network of over 4000 ATMs Feb-04 UTI Bank (by pursuing a proactive strategy of forging bilateral agreements and being a progressive player in the multi-lateral consortiums for shared ATM network) offers its customers access to over 7000 ATMs across the country - the largest to be offered by any bank in India so far.

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Sikkim. This ATM is at the highest altitude in India.

•

Sep-03- The Bank's ATMs across the country crosses the thousand mark

•

Sep-03 -Bank launches the Travel Currency Card.

•

Aug-03- The Bank's Debit Card crosses the one million mark.

•

Aug-03- Total Advances cross Rs 7,000 Crore.

•

May-03- Bank declares a net profit of Rs 192.18 crores for FY03, a

growth of 43% over the previous year

•

Mar-03- Bank signs Agreement with Employees Provident Fund

Organization (EPFO) for disbursement of Pension

•

Mar-03 -Bank crosses the 800 ATM mark

•

Mar-03- The Bank issues 3,83,62,834 fully paid up equity shares totaling

to Rs. 164.00 crores, through a

•

Mar-03 -Preferential offer to Life Insurance Corporation of India (now

constituting 13.54% of

•

Mar-03- the Bank's expanded equity), Citicorp Banking Corporation,

Bahrain (holding 3.84%), Chris Capital I, Mar-03 LLC, Mauritius (holding 3.84%) and Karur Vysya Bank Ltd.(constituting 1.00%) The Bank also

•

Mar-03- Increases the authorized share capital of the Bank from Rs. 230

crores to Rs. 300 crores.

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facility, free of cost, for all its Savings Bank customers.

•

Feb-03- Bank wins mandate to set up 14 ATMs at the Western Railway

stations along the Mumbai division.

•

Oct-02- Bank launches Corporate iConnect? - the Internet Banking

facility for Corporate

•

Aug-02 -Bank signs MoU with BSNL regarding bill collection services

across the country through both online and offline channels.

•

Apr-02- Bank opens its 500th ATM Mar-02 Deposits Cross Rs.12, 000

Crore

•

Jan-02- The Bank's 100th branch opens at Tuticorin, Tamilnadu

•

jan-02 -The Bank opens an ATM at the Gol Dak-Khana, i.e. the

New Delhi GPO, making it the first instance of a

commercial bank setting up an ATM at any post-office in the country.

•

Dec-01- Total Advances cross Rs 5,000 Crore

•

Nov-01 -The deposit base for the Bank crosses Rs. 10,000 Crore

•

Sep-01 -Private placement of 26% stake in the Bank to CDC

Capital Partners. UTI holding reduces to 44.88%

•

Aug-01- Bank signs MoU with India Post for introducing value

added financial products and services to customers of

both organizations, including setting up of UTI Bank ATMs in post offices.

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•

July-01 -Bank ties up with Govt of Andhra Pradesh for collection of

commercial tax

•

Dec-00- Bank opens its 200th ATM. It becomes the 2nd largest ATM

network inthe country, a position held even today.

•

Oct-00- Bank becomes fully networked

•

July-00- E-commerce initiatives announced

•

July-00 -Financial Advisory Services offered beginning with marketing

of US 64

•

Apr-00- UTI Bank calls off its proposed merger with Global Trust Bank

and surges ahead on its own.

•

Apr-00 Bank launches its Internet banking module, iConnect Retail loans

introduced for the first time by the Bank

•

Mar-00 -Profits cross Rs 50 crore mark for the first time.

•

Feb-00- Bank adopts Finacle software from Infosys for core banking

•

jan-00 -Dr.P.J Nayak takes over as Chairman and Managing Director

from Shri Supriya Gupta.

•

Sep-99 -Cash management services (CMS) launched, Co branded credit

card launched

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•

Sep-9- UTI Bank goes public with a Rs. 71 crore public issue; Issue

over- subscribed 1.2 times, over 1 lakh retail investors. UTI holding reduces to 60.85%

•

Jun-96- Crosses Rs.1000 crore deposit mark

•

Mar-95- Completes first profitable year in operation

•

Apr-94 -First branch of UTI Bank inaugurated at Ahmedabad by Dr.

Manmohan Singh, Hon'ble Finance Minister, Government of India.

•

Dec-93 -UTI Bank comes into being

•

Dec-93- Registered office at Ahmedabad; Head office at Mumbai

Customer service in Banking Operations

ChequeDrop Box Facility RBI's Committee on Procedures and Performance Audit on Public Services has recommended that both the drop box facility and the facility for acknowledgement of the cheques at the regular collection counters should be available to customers and no branch should refuse to give an acknowledgement if the customer tenders the cheques at the counters.

?Issue of Cheque Books: The Committee has observed that some banks do not allow depositors to collect their cheque book at the branch but insist on dispatching the cheque book by courier to the depositor. Further, it is stated by the Committee that the depositor is forced to sign a declaration that a despatch by the courier is at the depositor's risk and consequence and that the depositor shall not hold the bank liable in any manner

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whatsoever in respect of such despatch of cheque book. Committee has observed this as an unfair practice and advised banks to refrain from obtaining such undertakings from depositors. Banks should also ensure that cheque books are delivered over the counters on request to the depositors or his authorized representative.

?Statement of Accounts / Pass Books: The Committee has noted that banks

invariably show the entries in depositor’s passbooks / statement of accounts as "By Clearing" or "By Cheque". Further, in the case of Electronic Clearing System (ECS) and RBI Electronic Funds Transfer (RBIEFTR) banks invariably do not provide any details even though brief particulars of the remittance are provided to the receiving bank. In some cases computerized entries use sophisticated codes which just cannot be

deciphered. With a view to avoiding inconvenience to depositors, banks are advised to avoid such inscrutable entries in passbooks statements of account and ensure that brief, intelligible particulars are invariably entered in passbooks / statements of account. Banks may also ensure that they adhere to the monthly periodicity prescribed by us while sending statement of accounts.

KYC (KNOW YOUR CUSTOMER)

As per KYC guideline the RBI has advised banks to follow KYC guidelines of RBI mandates banks to collect three proofs from their customers they are:

• Photograph

• Proof of Identity

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Accordingly, Axis bank has framed its KYC procedure according to which, a photograph and documentary proof of personal identification and address proof are required t be provided.The account Opening form Provides the nature of documents required /

procedure to be followed for opening a new account. You may also log in to our website www.axisbank.com for such information which is displayed product- wise.

PRODUCT OF AXIS BANK

• Easy Access Saving Account • Saving Account for Women • Prime Saving Account

• Senior Citizens Saving Account • Priority Banking

• Corporate Salary Account • Trust /NGOs Saving Account • Resident Foreign Currency Account • Online Trading Account

• Current Account • Term Deposits • Locker Facilities • NRI Services • Depository Services

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• Wealth Management Services

• Insurance Solutions – Life and General • Retail Loans

• Credit Loans

• Travel Currency Cards

GROWTH PROSPECT OF AXIS BANK

Over the last five years, the CAGR for loan growth for the banking industryhas

been 25-26 per cent; for Axis Bank it has been above 40 per cent.

Nonetheless, the bank is still expected to grow its loan portfolio at 1.5-1.7x

theindustry average.

In FY09 its advances grew at the rate of 37.5 per cent.

In FY10 they are expected to grow at the rate of 27-28 per cent and in FY11 at25

per cent.

For the banking industry as a whole, the loan book is expected to grow at 18per

cent in FY10 and 16 per cent in FY11.

Thus, Axis Bank’s fast pace of growth is expected to sustain over the next couple

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CHAPTER-3

Conceptual framework

OF

TOPIC

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What are current account ?

A Current Bank Account is a transactional account designed especially for the business community. The account enables businessmen and entities to access flexible payment methods and directly distribute money to vendors and suppliers from the account. This is achieved via the check book facility, and special arrangements made to accommodate standing orders, debit card payments and direct debits into the account. A Current Account also comes along with an overdraft facility that enables the businessman to borrow money from the bank to meet any urgent business commitment. Current Accounts also come along with the 'offset mortgage' facility that allows the business entity to MIS Services purchase property and benefit from the reduction in the rate of interest. This 'offsetting' of a credit balance is basically offered against the incurred mortgage debt. Current Accounts attract a higher rate of interest, both earned and payable, since the volume of transactions and savings are on the higher side. These accounts are designed to make business transactions free of personal handling of liquid funds and ensure the availability of funds when most necessary via exclusive Internet banking. The account is run with the primary aim of ensuring that profitable business transactions do not run into deficit due to non-availability of funds.

Most of the banks usually insists for a higher minimum balance as compared to savings account to be maintained in Current account. Now Current accounts are available with debit card and online banking facilities which make the transactions more easier. Certain service charges are also imposed for operating current account. However these account cannot be considered as a saving account since the banks are not allowed to pay any interest to current account balance. Incase of death of the account holder his legal

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death till the date of settlement. Advantages:

• Overdraft facility is available

• Speedy fund transactions can be done by this account. • Unlimited depositing and withdrawing facility

• Nomination facility is available under this current account.

• Third party cheque will be collected by the depositor if they are endorsed. How to open?

Opening a Current Account will vary depending up on the bank type. Current Account can be opened in the name of an individual or in joint names of the depositors by filling up the appropriate forms. Normally the applicant has to visit the bank himself for opening a new account. Most of the procedures are same as opening a saving account. Any of the address proofs such as Passport, Driving License, Voters ID etc along with two passport size photos are required for opening an account. PAN Number and Declaration in Form 60 and 61 as per the Income Tax Act, 1961 is also necessary. An existing account holder or a respectable citizen, well known to the bank should introduce the applicant at the time of opening the account. For business accounts, copy of the Business Registration to be submitted by the account holder. Copy of the Memorandum of Association and Article of Association duly certified to be submitted for opening a current account for company or a firm. Opening current account for a society, constitution together with a list of current office bearers to be submitted

Current account can be opened by:

•An individual who has attained majority.

•Two or more individuals in their joint names.

•Sole proprietorship concerns.

•Partnership concerns.

•Hindu Undivided Family (HUF).

•Limited Companies.

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•Trusts, Executors and Administrators.

•Others - Govt. and semi Govt. bodies, local authorities etc.

Documents Required for opening a current account

Following documents are required in case of individuals

• Two passport size photographs

• Proof of residence i.e. Passport/driving license/Gas / Telephone / Electricity Bill/ Ration card/voters identity card

• An introduction of the person from an existing account holder.

• PAN number / Declaration in form no.60 or 61 as per the Income Tax Act 1961

Different set of documents are required as per bank's norms if the account is opened by partnership firms, private and public limited companies, HUFs / specified associates, societies, trusts etc

Features of Current Bank Account

The main features of current account are as

follows:-• The main objective of current bank account is to enable the businessmen to conduct their business transactions smoothly.

• There is no restriction on the number and amount of deposits. There is also no restriction on the withdrawals.

• Generally bank does not pay any interest on current account. Nowadays, some banks do pay interest on current accounts.

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• Current account is of continuing nature and as such there is no fixed period.

Advantage of Current Bank Account

The advantages of current account are as

follows:-• Current account enables businessmen to conduct his business transactions smoothly.

• The businessmen can withdraw any amount at any time from their current accounts. There are also no restrictions on withdrawals.

• The businessmen can make direct payment to their creditors with the help of cheques.

• The bank collects money on behalf of its customers and credits the same to their accounts.

• Current account enables the account holder to obtain overdraft facility.

• The creditors of the account holder can get credit-worthiness information of the account holder through inter bank connection.

• Current account facilitates the industrial progress of the country. Without the help of this account, businessmen would have difficulties in running their business

Benefits of a Current Account

A current account has many benefits more than you could imagine. This account can serve you in many ways and can make your every transaction very

convenient and fast. Here are the benefits:

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• Salaries can be deposited to this type of account

• You can withdraw money from ATMs

• You can issue checks

• You can avail of the overdraft facility that will prevent you from incurring bouncing checks

• You can transfer money to other accounts

• You can earn interest from your account

• Electronic payment facilities

Drawbacks

:

• Usually low interest rates

• Maximum daily limits on cash withdrawals

• Fees charged for package current accounts

• Special services may incur heavy charges

• Security of electronic transfer and card payments can be compromised

• Paperwork and terms and conditions can be confusing and time-consuming

• Large corporate businesses may pay large fees on transactions

• Losing a card can restrict access to funds

• Chance of fraud when using internet banking

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statements that can help enlighten your confusion.

• You want to have a check book and an ATM card

• You want to monitor your account 24/7

• You want to avail of an overdraft facility in case you run out of fund

• You want to pay your bills online

• You want your account to earn interest

If these statements all seem true for you, then you really want to have a current account!

Who Can Be A Current Account Holder?

Almost everyone be a current account holder aged 11 years old and above. But people who usually use this type of account are those who get to work for the first time and need an account where they can deposit their salary.

If you make regular monthly payments, a current account may be the right

account for you since you can make use of an auto-debit where your dues and liabilities will be paid automatically in a specified date month to month. Be reminded that not all banks allow 11 year old children to have a current account. Some would only allow those aged 18 years old and above. Their reason behind this is that minors still can't handle check books as well as obligations at a tender age.

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SMS Banking Facility (Current Account)

In today's fast business environment with unending deadlines to fulfill and lot of appointments to meet, there is need for an account 'that travels with you'. Axis Bank provides you a robust SMS banking facility to access your account conveniently from anywhere and at anytime. Our SMS Banking facility would benefit you by adding safety and convenience to transactions leading to saving of time and keeping you updated round the clock.

Our SMS Banking service helps you to keep a check on your account and prevent misuse of your account.

Added Convenience

• We send you the instant alerts on Transaction, Minimum monthly average balance, Inward and Outward Cheque return instances

You can request information on your account from anywhere and anytime of the day or night. Just send the specified keyword as an SMS to +919717000002 or 5676782 to receive the information on your account

Benefits

Safety:

Every debit and credit to your account above a certain value is intimated to you. Stay updated on your account transactions anywhere and at anytime.

Convenience:

No more queues at Branches or at ATMs for transaction queries.

Time Saving:

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Updates:

Get automatic updates on your balance and also cheques status on your cell.

Accessibility:

Avail of this service from anywhere, even on the move.

NEW INITIATIVES BY AXIS BANK:

Remittance Card:

• A unique product that has changed the way money is sent across borders.

• Available as a delivery mode for remittances made through the Web Portalwww.Remit2India.com.

• Based on the remitter’s request, a personalized Remittance Card is prepared for the

beneficiary, which is preloaded with the funds remitted to him in INR.

VISA Money Transfer Service:

• To send money from an AXIS Bank account to any of the VISA Cards issued in India

• To pay VISA credit card bills by giving the card number and making a direct payment

• The sender’s account would be debited instantaneously with the transferred amount, but the funds will reach the beneficiary’s VISA Card within one or two days.

• The service has been enabled through all Axis bank’s ATMs and i-Connect (Internet Banking)

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EMV standard based Platinum Credit Card

• Card has an embedded chip, which stores cardholder’s information in an encrypted format, thereby providing the highest level of security to the card holder against possible misuse.

• Offers clear authentication of debit and credit payments combined with easyfraud detection.

• The chip cannot be duplicated, ruling out counterfeiting and skimming. This makes your card safer and secure than any other card in India.

Forex and Currency Futures: CF Trading Account Opening Process

Trading Requirement:

To open a savings or current account with Axis Bank for maintaining margins. Clients who have an existing current account / savings account with Axis Bank can operate through the same.

To complete KYC form, Client Agreement and other required documents.

Read and understand fully the exchange provided Risk Disclosure Document for Currency Derivatives Segment and Investors' Rights and Obligations.

Account Opening Process:

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Step 2 -Open a Savings /Current account for maintaining margins Step 3 - Submit Form

Step 4 - Deposit initial margin and trade Step 5 - Internet based trading

CHAPTER-4

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OF

TOPIC IN

CONCERN COMPANY

Current account of axis bank

1.Normal Current Account

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Average Balance (MAB) of Rs. 10,000*, this account takes you into an all-new world of banking.

Features

Home Branch Cash Deposit Facility

• Free upto Rs. 1.2 Lacs per month

Inter Branch Cash Deposit Facility

• Deposit cash up to Rs. 2 Lacs per day at a remote branch for instant credit into your account.

Non-Cash Services

• Free Anywhere Banking, DD & PO transactions up to Rs. 12 Lacs per month.

Intercity Cash Withdrawal Facility

• Cash withdrawal upto Rs. 5 Lacs per day at a remote branch.

Fund Transfer

• Completely free Funds Transfer & local cheque collection and payments across Axis Bank locations all over the country.

Free Transactional Package

• Free upto 25 transactions (Cash / Clearing / Transfer) per month.

Other ancillary services

• Mobile Alerts

• ATM cum International Business Debit Card

• Phone Banking

• Corporate iConnect

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2.Business Advantage Account

As your business growth gains momentum, your banking requirements begin to diversify increasingly. To cater to your diversified banking needs, we offer you our Business Advantage Account which comes with a host of privileges while requiring you to maintain Rs. 25,000* as Monthly Average Balance.

Features

Home Branch Cash Deposit Facility

• Free upto Rs. 3 Lacs per month

Inter Branch Cash Deposit Facility

Non-Cash Services

Free Cheque Leaves

• Free upto 50 cheque leaves per month

Intercity Cash Withdrawal Facility

Fund Transfer

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• Free upto 50 transactions (Cash / Clearing / Transfer) per month.

Other ancillary services

• Mobile Alerts

• Phone Banking

• Daily free account statements through e-mail

3.Business Select Account

This unique current account is the first of its kind which has both flexibility and

fungibility of free limits as its core feature. The Monthly Average Balance requirement shall be Rs 50,000.

Features

Flexible Cash deposit

• Enjoy free cash deposit upto 12 times the monthly average balance maintained in the same cycle with minimum free limit of Rs. 6 Lacs per month.

Fungible Free limits

• For the first time enjoy fungibility of Free limits between Home branch and Non Home branch cash deposit.

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Free Cheque Leaves

Doorstep Banking

• Avail services like cheque and DD pick up, PO delivery and cash pick up or delivery at nominal cost.

Fund Transfer

Other ancillary services

• Mobile Alerts

• Phone Banking

4.business classic account

Business Classic Account from Axis Bank helps you co-ordinate your finances perfectly with total control on your funds. So enjoy the power. All at a Monthly Average Balance of Rs 1 lac.

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• Free upto Rs. 12 Lacs per month

Inter Branch Cash Deposit Facility

Non-Cash Services

• Free Anywhere Banking, DD & PO transactions up to Rs. 1.20 Crores per month.

Free Cheque Leaves

Intercity Cash Withdrawal Facility

Fund Transfer

Other ancillary services

• Mobile Alerts

• Phone Banking

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Enjoy the host of privileges with our Business Privilege Account. If you can maintain Rs 5 lacs monthly average balance, opt for the great facilities on offer with this account.

Features

Home Branch Cash Deposit

• Free home branch Cash Deposit upto Rs. 60 Lacs per month.

Inter Branch Cash Deposit Facility

• Free Inter Branch Cash Deposit upto Rs. 12.50 Lacs per month.

Non-Cash Services

• Free Anywhere Banking, DD & PO transactions up to Rs. 6 Crores per month.

Intercity Cash Withdrawal

• Upto Rs. 5 Lacs per day at remote branch with upto Rs. 1 Lac free per day

Free Cheque Leaves

Fund Transfer

Other ancillary services

• Mobile Alerts

• Phone Banking

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6.Channel One Current Account

Channel One is Axis Bank's high end Current Account with Minimum Monthly Average Balance requirement of Rs. 10 lacs (Rs. 5 lacs at Semi - Urban / Rural branches).

Features

Doorstep Banking

• Doorstep Banking and designated relationship manager are the salient features which include services like free cheque and DD pick up, PO delivery and cash pick up or delivery at nominal cost.

Dedicated Relationship Manager

• To make your day to day banking hassle free, a Relationship Manager will be available to attend your banking requirements at the branch.

Free Non - Home Branch Cash Deposit Facility

• Maintain the required monthly average balance and enjoy free non - home branch cash deposit upto Rs. 25 lacs per month.

Free Home Branch Cash Deposit

• Upto Rs. 1.2 cr. per month at Home branch.

Free Non cash transactions every month

• Enjoy free multi city cheque facility which are payable At Par across all our locations. You can deposit your local cheques at any of our branches / service outlets across the country and get the credit as if these transactions were done at your own home branch absolutely free.

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• Enjoy local clearing transactions and free fund transfers without any limit between Axis Bank accounts.

• Free DDs and POs payable at Axis Bank locations

Free RTGS / NEFT Facility

• Maintain your required monthly average balance and enjoy the benefits of free RTGS / NEFT facility all through.

Free Transactions and Cheque Leaves

• As high as 1000 transactions and 1000 cheque leaves can be availed absolutely free every month.

Cheque Protection Facility*

• Cheque protection upto Rs. 50,000/- per day.

7.Current Account for Govt Organisations

The Government Organisations/Bodies (Central Govt./State Govt./Local

Govt./Autonomous) are offered Current Accounts with no Minimum Balance Stipulation and host of other services without any charges as under.

Features

Account Management Services:

• Current Account with No Minimum Balance Stipulation.

• Free Anywhere Banking Facility at all Axis Bank Locations.

• Free Cash Deposit Facility.

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• Free At Par Payable Cheque Facility with no limit on the amount of the cheque at all Axis Bank centres across the country. The Multi-city At Par Cheque book enables the cheques to be treated as local cheques across any of the centres across the country where Axis Bank is present.

• Free Instant Online Funds Transfer Facility to Axis Bank Beneficiary Accounts.

• Free Demand Drafts/ Pay Orders on all Axis Bank Locations.

• Free Demand Drafts on Non-Axis Bank Centres, on a case to case basis.

Collection Services:

• Free Local Cheque Collection Facility - Deposit cheques at any Axis Bank Branch and get the credit into the Account as per local clearing cycle.

• Free Outstation Cheque Collection Facility - Collection of outstation cheques drawn on any Axis Bank location with assured faster realization (only out of pocket expenses to be charged).

Other Value-Added Services

• Account Statements: Monthly Account Statement delivered at doorstep as well as Daily Account Statement through e-mails.

• Internet Banking Facility - Corporate iConnect.

• Delivery & Pick-up of Cheques and Cash from Office premises.

8.Current Account for Banks

One of the fastest growing New Generation Private Sector Banks presently having more than 850 branches / outlets and 3,700 plus ATM's which are interconnected to each other on a Real Time Online mode giving you the convenience of having a bank account in any

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of the more than 500 locations where we have our presence.

We have a special relationship with over 1000 Co-operative Banks/Private Sector Banks/MNC Banks/Public Sector Banks across the country. We have a dedicated business unit to take care of the banking requirements of these Banks.

Features

We offer the following services under Correspondent Banking arrangement.

• Payable at Par-Cheque Drawing Arrangement

• Up Country Cheque Collection (UCC) - At all Axis Bank locations. Collections at our Correspondent Bank's locations and Remote locations can also be availed under Cash Management Services (CMS) arrangement.

• Remote Pay Outs

• Constituent's Subsidiary General Ledger Account

• Corporate Demat Account

• Foreign cheque collection

• Collateralized Borrowing & Lending Operations (CBLO)

• Trading in Government & Corporate securities.

9.Capital Market Current Account

The current account product for brokers comes with wider choice of variants and you may choose the variant, which suits you the best.

Features

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• CAP Business Classic: MAB - Rs. 1,00,000

• CAP Business Privilege: MAB - Rs. 5,00,000

• CAP Channel One: MAB - Rs. 10,00,000

Free Anywhere Banking

• Irrespective of variant you choose you can pay / deposit cheques at any of our branches / outlets absolutely free of cost and you will get the credit as if these transactions were done at your home branch.

Free Funds Transfer

• Instant Funds Transfer across all locations absolutely free.

Customized Cheque Printing

• Customized Cheque printing at nominal cost. You may also avail the benefits of our robust technology for bulk printing of your payment instruments with least turn around time. Top of all a customized solution for MIS and reconciliation is also available.

Credit Facilities for clients

• Fund based and Non-fund based credit facilities available subject to satisfying the Bank's lending norms.

Other ancillary services

• Mobile Alerts

• ATM cum International Debit Card

• Phone Banking

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10.Krishi Current Account

Business Account for Agri based businesses

The product with half yearly average balance requirements captures the seasonality nature of agriculture based businesses and is packed with host of powerful features and incentives for higher balances.

Features

Half Yearly Average Balance

• There are different Half Yearly Average Balances (HABs) for different category of locations.(Urban - Rs. 10,000, Semi Urban - Rs. 5,000, Rural - Rs. 2,500)

Anywhere Banking

• Enjoy Anywhere Banking with Axis Bank from more than 800 branches / service outlets where you can :

• Issue multi-city cheques payable "At-Par" at any Axis Bank branch.

• Deposit cheques drawn on any location in the country for local clearing.

Upto 50% rebate on charges for maintaining higher balances

• You deserve to be treated differently if you maintain higher balances. The product comes with reward in the form of rebate on transaction charges, if you maintain higher balances. Higher the balances you maintain higher is the scale of rebate.

Fund transfer

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Other ancillary services

• Mobile Alerts

• Phone Banking

11.Business Global Current Account

A current account for Exporters / Importers that satisfies their banking needs for both domestic & foreign transactions.

Features

Zero Balance Current Account

• To facilitate your domestic transactions, Business Global brings you a zero balance current account.

Rebates

• Enjoy rebates upto 60% on current account charges.

Specialised Forex services at concessional rates

• Export / Import Bill Collection

• Foreign Inward / Outward Remittance

• Foreign DD Issue

• Foreign Cheque Collection

Inland Demand Drafts / Pay Orders

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• Enjoy 10 free DDs per day and 5 free POs per day of unlimited amount.

Enhanced transaction limits

• Avail the facility of higher free limits for funds transfer and Anywhere Banking.

Travel Currency Debit Card

• Available off the shelf at your nearest Axis Bank Branch and select FFMCs (Full Fledged Moneychangers), the Travel Currency Card is a secure, convenient and hassle free way to carry money and make payments when in foreign shores.

Other ancillary services

• Mobile Alerts

• Phone Banking

12.Club 50 Current Account

At a half yearly average balance of Rs. 50 lacs (Rs. 25 lacs at Semi - Urban / Rural branches), this premium current account smoothly fulfills your daily banking

requirement. It gives you the freedom to concentrate on what you do best - growing your business and attaining new heights of success.