Thursday, February 2, 2023

Axis Bank has increased the average balance threshold, as well as cash withdrawal and other fees.

Axis Bank : Beyond the free limit, the private sector lender has raised cash withdrawal charges from ATMs. In addition, the minimum balance requirements for different forms of savings accounts have been increased.

Here’s what you need to do if you’re a customer:

With effect from 1 May, the charges for cash withdrawals have been revised.

Axis Bank allows up to 2 lakh in cash withdrawals or four free transactions per month, whichever comes first. When the cap is exceeded, the bank assesses a fee of $5 per $1,000 withdrawn, with a minimum of $150 per transaction.

The fees will double on May 1st. Cash withdrawals from the savings account will now cost you $10 or $150, whichever is higher, for every $1,000 withdrawn.

With effect from May 1st, there will be a change in the Average Balance criterion.

The minimum balance requirement for Easy Savings schemes in metro areas has been increased from ten thousand to fifteen thousand dollars.

In semi-urban/rural areas, the average monthly balance threshold for Prime and Liberty savings accounts has increased to 25,000 from 15,000 previously.

With effect from 1 May, the maximum and minimum limits for non-maintenance charges will be revised.

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A penalty of 10% per 100 of the shortfall would be imposed if these limits were not met. The bank has, however, raising the minimum charges under this heading to $50, down from $150 previously. However, from the previous number of 600, the maximum charges have been raised to 800.

With effect from 1 May, there will be a change in the savings account tariff.

a) Fee for no wage credit in the salary account on a monthly basis

Salary accounts that are more than six months old and have not received any credit in a calendar month (via cash, transfer, clearing, digital, etc.) will be charged a fee of $100 per month.

b) One-time fee for no purchases in savings account for 18-24 months

In the 18th month, accounts that have had no transactions for the previous 17 months will be charged a one-time fee of $100.

c) Account information modification charge – This fee is only applicable to those branch requests for services where the Digital Solution is available.

A fee of $100 per instance will be charged for services such as updating PAN/Form 60 data, changing the date of birth, changing address, updating email ID, and transferring accountant, among others.

SMS charges will be implemented on June 1st.

Axis Bank has recalculated its SMS charges in response to a recent move by the telecom regulator. Instead of charging a flat fee of 5 per month, it will now charge 25 paise for each SMS warning it sends you (except for one-time passwords and promotional messages), with a monthly limit of 25 paise.

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