Axis Bank is increasing the charge for not keeping minimum balance in savings account, withdrawing cash and SMS alerts.
If you are a customer of Axis Bank in the private sector, then this news is important for you. Axis Bank has increased the fees for its savings bank account holders. Axis Bank is increasing the charge for not keeping minimum balance in savings account, withdrawing cash and SMS alerts. If your account is Axis Bank, then know how much the charge has increased.
May 1, the minimum average balance limit has been increased. Charges have also increased in the case of non-maintenance monthly balance charges. From May 1, you need a monthly balance of Rs 15,000 in your account, currently it is Rs 10,000. Similarly, the average monthly balance threshold for Prime and Liberty branded savings accounts has been raised to Rs 25,000, which was earlier Rs 15,000.
How much will the fine be
Customers will have to pay penalty for not maintaining these limits. For every Rs 100 reduction in minimum average balance, a penalty of Rs 10 will be imposed. However, the bank has reduced the minimum fee under this to Rs 50, which was earlier Rs 150. But it has increased the current charge of Rs 600 to a maximum of Rs 800.
Understand this – after taking effect from May 1, if your average monthly balance is between Rs 5,000 to Rs 7,500, then the bank will charge 800 rupees and tax.
Cash withdrawal fee
Axis Bank allows up to four free transactions or cash withdrawals up to 2 lakh rupees a month, whichever is earlier. After the limit is over, customers charge Rs 5 per cash withdrawal of Rs 1,000.
From May 1, the charge will be doubled. You will now have to pay Rs 10 or Rs 150, whichever is higher, for withdrawal of cash withdrawal from the savings account for every 1000 rupees.
SMS Charges
Currently, the SMS charge in Axis Bank is 5 rupees per month. 15 rupees are deducted from the bank account of the customers every three months. By June 30, they will have to pay only 15 rupees. But from July 1 it costs 25 paise per SMS. But no more than 25 rupees will be charged in any one month.
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