Axis Bank increases average monthly balance, minimum account balance, checkbook fees and other service charges
Axis Bank, India’s largest private sector lender, has revised its bank and non-bank service charges for customers with savings and salary accounts. The new rules include increased minimum account balance, service fees, transaction fees, checkbook fees and other similar details. Some of Axis Bank’s new rules will come into effect from June 1 while others will come into effect from July 1.
New Axis Bank rules that will come into effect from June 1
- Average monthly balance
Axis Bank has increased the average monthly balance required for all salary and savings accounts under the Prime and Liberty account programs. According to the latest notification, the average monthly balance required for semi-urban accounts has been increased from Rs 15,000 to Rs 25,000 and the same rates have also been increased for rural accounts.
- Monthly service charge if account balance is not maintained
In the Easy and Equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege and Premium segments, service fees will be applied to both domestic and non-resident account variants. The monthly service fee has been increased to 7.5% of the average monthly balance required. Axis Bank has eliminated the minimum requirement for this while increasing the maximum amount from Rs 500 to Rs 600 in urban areas. In semi-urban areas, the maximum amount has been increased to Rs 300, and in rural areas, it is Rs 250.
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New Axis Bank rules that will come into effect from July 1
- Checkbook fees
Prices for physical statements and duplicate passbooks have been increased from Rs 75 to Rs 100 per instance. Charges for additional checkbooks have been increased from Rs 2.5 to Rs 4 per sheet.
- NACH debit failure
The amount per transaction has been increased to Rs 500. Previously, the first transaction cost Rs 375, the second cost Rs 425 and the third cost Rs 500.
- Monthly limit without cash transaction
Monthly cash transaction cost structure has been updated by Axis Bank. Axis Bank free cash transactions are now limited to the first 5 transactions or INR. 1.5 lakhs, whichever comes first. Previously, it was the first 5 transactions or INR 2 lakhs, whichever comes first. This is valid for all Prime and Liberty savings account variants.
- Automatic Debit Default and Standing Instruction Rejection Fee
This has been revised to Rs 250 per transaction from the earlier Rs 200 per transaction. Transaction fees on cash deposit transactions: According to the Axis Bank website, INR 50 per transaction after banking hours (i.e. between 5:00 p.m. and 9:30 a.m.) and on public holidays for deposits exceeding 2 transactions or INR 5,000 per month (single or multiple transactions), whichever comes first.
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