Axis Bank Hike Service Charges: Is your salary account or savings account with private sector Axis Bank? If yes, then this news is of your use. Axis Bank has changed the rules for keeping minimum balance in savings account with effect from 1 May. At the same time, withdrawing cash from ATM after free limit from May 1, will have to pay double charge as compared to the present time. Apart from this, the bank has already increased the charge for other services. Let us know that Axis Bank has presented its quarterly results on 27 April. The bank has made a profit from the losses and the bank has made a profit of 2677 crores in the March quarter. For the time being, if you are a customer of the bank, then know about these changes.
The rule of minimum average balance changed
Axis Bank has increased the minimum average balance limit from 1 May 2021. The minimum balance requirement has been increased from Rs 10,000 to Rs 15,000 for Axis Bank’s Easy Savings Schemes account in metro cities. This will be applicable to all domestic and NRI customers.
At the same time, the minimum balance requirement for Prime and Liberty Savings Account in Semi Urban and Rural areas has been increased from Rs 15000 to Rs 25000.
Excess charge on cash withdrawal
Withdrawing cash from Axis Bank will also be costlier now. Axis Bank offers 4 ATM transactions or a free transaction of 2 lakh rupees every month. After this, a charge has to be given on additional transactions. So far, 5 rupees per 1000 rupees are deducted after free limit. Now from May 1, now customers will have to pay 10 rupees per cash withdrawal of Rs 1000 after free limit.
SMS alert charge
According to the bank’s website, now the bank will charge 25 paise per SMS. Currently charges 5 rupees per month. The SMS alert fee will be a maximum of Rs 25 per month. Explain that it will not include OTP and promotional SMS sent by the bank. This new rate will be applicable from 1 July 2021. Explain that these charges are different for premium accounts, salary accounts and basic accounts.
Changes in the rules of salary account
Axis Bank has also changed the rules of salary account. If your salary account is more than 6 months old and there is no credit in any one month, then a charge of Rs 100 per month will be charged. At the same time, if there is no transaction in your account for 17 months, then in the 18th month, one time charge of Rs 100 will be charged.