Do you have a salary or savings account with Axis Bank? Private sector lender Axis Bank has hiked various service charges for its savings bank account holders with effect from 1 May 2021. The private sector lender has increased cash withdrawal charges from ATM beyond the free limit. Also, it has increased the minimum balance requirements for various types of savings accounts.
If you are a customer, here’s what you need to know:
Revision of cash withdrawal charges with effect from 1 May
Axis Bank allows four free transactions or cash withdrawals of up to ₹2 lakh in a month, whichever is earlier. Once the limit is breached, the bank charges ₹5 per ₹1,000 withdrawn, subject to a minimum of ₹150 per transaction.
From May 1, the charges would double. For every ₹1,000 withdrawn, you will now pay ₹10 or ₹150, whichever is higher, for cash withdrawals from the savings account.
Revision in Average Balance requirement with effect from 1 May
- The average balance requirement threshold for Easy Savings schemes at metro locations is revised from ₹10,000 to ₹15,000.
- For the Prime and Liberty savings accounts in semi-urban/rural areas, the average monthly balance threshold is ₹25,000, up from ₹15,000 earlier.
Revision of maximum and minimum caps for non-maintenance charges with effect from 1 May
Any failure in maintaining these limits would attract a penalty of ₹10 per ₹100 of the shortfall. However, the bank has reduced the minimum charges under this head to ₹50, down from ₹150 before. But it has increased the maximum charges to ₹800 from the existing sum of ₹600.
Revision in Savings account tariff with effect from 1 May
a) Monthly Fee for no salary credit in Salary account
Salary accounts that are more than 6-months-old and do not receive any credit (by any credit mode via cash, transfer, clearing, digital, etc.) in a calendar month will be levied a fee of ₹100 per month.
b) One-time Fee on no transactions for 18-24 months in Savings account
Accounts in which there have been no transactions for a continuous period of 17 months will attract a one-time fee of ₹100 in the 18th month.
c) Account details modification fee – Applicable only for select requests given at Branches for services where Digital Solution is available
For services like Update PAN/Form 60 details, Update Date of Birth, address change, Update email ID, Transfer accountant others, a fee of ₹100 per instance would be levied for placing the request through Branches.
SMS charges with effect from 1 June
Due to a recent change by the telecom regulator, Axis Bank has also recalibrated its SMS charges. Instead of charging a flat fee of ₹5 every month, it will now charge 25 paise for every SMS alert, subject to a maximum of ₹25 per month, effective July 1 (except for one-time passwords and promotional messages) it sends you.