Axis Bank Business Classic Debit Card – Benefits, Fees & Eligibility

Introduction

The Business Classic Debit Card, issued by Axis Bank, is specifically designed for self-employed individuals to efficiently manage their business transactions. It is linked to eligible Current Account holders and offers a suite of benefits including higher transaction limits, comprehensive insurance coverage, dining discounts, and the unique option to personalize the card with a company name or logo.

Transaction Limits & Usage

• Daily ATM Withdrawal Limit: ₹40,000
• Daily Purchase Limit (POS/Online): ₹1 lakh (For new cards issued on or after February 20, 2019, the domestic purchase limit is enhanced to ₹2 lakh).
• Contactless Payments: Enjoy convenience with an increased payment limit up to ₹5,000.
• International Usage: The card allows transactions across the world. This service can be enabled through the Axis Bank mobile app or by calling customer care.
• Free Domestic Axis Bank ATM Usage: Unlimited free usage across any Axis Bank ATMs in India.

Fees and Charges

• Card Platform: Visa/Mastercard
• Issuance Fees (Primary/Joint): ₹250
• Annual Fees (Primary/Joint): ₹250
• Card Replacement Fees: ₹200
• Duplicate PIN: ₹100
• Domestic Cash Withdrawal (Axis Bank ATMs): Nil
• Domestic Balance Inquiry (Axis Bank ATMs): Nil
• Free Other ATM Transactions allowed per calendar month: 0
• Domestic ATM Cash Withdrawal Charges (Other Bank ATMs): ₹23 per transaction
• Domestic ATM Non-Financial Transaction Charges (Other Bank ATMs): ₹10 per transaction
• International ATM Cash Withdrawal Charges: ₹125 per transaction
• International ATM Non-Financial Transaction Charges: ₹25 per transaction
• Cross-Currency Mark-up: 3.5% will be levied on all international cash withdrawal and purchase transactions.
• Dynamic Currency Conversion (DCC) Markup Fee: 1% plus Goods and Services Tax (GST) will be applicable.
• Goods and Services Tax (GST): Applicable on all the above fees.
• Pro-rata Annual Fees: Annual fees will be charged on a pro-rata basis to customers whose cards are closed before the end of the card year.

Rewards & Offers

• Dining Delights Program:
  • Enjoy a minimum discount of 15% at over 5,000 different restaurants.
  • Get ₹500 off via the Axis Bank Dining Delights Program with Eazy Diner (Terms & Conditions apply).
• Complimentary Insurance Protection:
  • Personal Accident Insurance: In the event of loss of life of the cardholder due to an accident (as defined by IRDA), the nominee will be entitled to a compensation of ₹2 lakh. This is a Death-only cover, excluding natural deaths or deaths due to disease.
  • Purchase Protection Cover: Loss of any consumer durable goods purchased through the Business Classic Debit Card will be covered for 90 days from the date of purchase, against losses arising from Fire & Burglary from your residential premises, up to ₹50,000. Handheld devices are excluded from this benefit.
  • Air Accident Cover: In the event of death due to a commercial airplane crash, the nominee of the cardholder will be entitled to a compensation of ₹1 Crore.
  • Insurance Eligibility Note: To be eligible for complimentary insurance cover, there must be at least one POS/Ecom transaction in the last 90 days from the date of loss.

Account & Eligibility Criteria

• Eligibility: The Business Classic Debit Card is issued to all eligible Current Account holders.
• Application Process: You can apply for the Business Classic Debit Card online or by visiting your nearest Axis Bank branch.
• Documentation: Proper documentation must be submitted along with the complete application form for a smooth application process.

Debit Card Review

The Axis Bank Business Classic Debit Card is a strong offering for self-employed individuals seeking a dedicated solution for managing business expenses. Its key strengths lie in its high transaction limits, comprehensive insurance coverage (including significant air accident cover), and valuable dining discounts. The option for card personalization adds a professional touch. While it comes with standard issuance and annual fees, and charges for non-Axis Bank ATM usage and international transactions, these are typical for business-oriented debit cards. It is best suited for business owners who frequently use their card for transactions and value the added security and lifestyle benefits.

Important Product Details

• Card Name: Business Classic Debit Card
• Issuing Bank: Axis Bank
• Card Platform: Visa/Mastercard
• Key Features:
  • High daily cash withdrawal and purchase limits.
  • Complimentary insurance protection (Personal Accident, Purchase Protection, Air Accident).
  • Dining discounts and offers.
  • Option for card personalization with company name/logo.
  • International transaction capability.
  • Contactless payment facility up to ₹5,000.
  • Unlimited free usage at Axis Bank ATMs in India.
• Key Charges:
  • Issuance and annual fees applicable.
  • Charges for cash withdrawals and non-financial transactions at other bank ATMs.
  • Cross-currency and Dynamic Currency Conversion (DCC) markups for international transactions.

Other Details

• Card Personalization: You have the option to personalize your Debit Card with your company name, brand logo, or designation.
• Instant Alerts: The SMS alerts facility sends instant alerts each time the debit card is used to withdraw cash, and provides other important information such as balance inquiry, debit or credit alerts, and transaction details.
• Instant Card Blocking: In case of loss, theft, or suspected misuse, the card can be immediately blocked by:
  • SMS 'BLOCKCARD' to 5676782 (NRI customers to +919717000002).
  • Calling Emergency Helpline Number +91-22-67987700 or Customer Care Number 1860-419-5555/1860-500-5555.
  • Logging into Internet Banking and selecting 'Block Card' in the Debit Cards section.
• PIN Generation: Generate your Debit Card PIN anytime at your nearest Axis Bank ATM or by calling Axis Bank phone banking.
• Disclaimer on Overseas Foreign Exchange Trading: Customers are advised not to use their Debit Card or online banking facility for collecting and effecting/remitting payments directly/indirectly outside India towards overseas foreign exchange trading through electronic/internet trading portals, as this may lead to contravention of FEMA, 1999, and KYC/AML regulations.
• General Terms & Conditions: Access to detailed Terms & Conditions and FAQs are available for responsible usage and to make the most of the card's benefits.