Axis Bank Update: Private sector lender Axis Bank has recently announced several changes in its financial transaction policies. Axis Bank, in a notice on its website, said that it has increased the minimum amount required for several categories of savings accounts. Bank Ltd. has also notified that it has reduced its free cash transaction limit. The new rule has already been implemented for the eligible customers of the bank.
Axis Bank Savings Account Minimum Monthly Balance
axis Bank The minimum balance for easy savings and other similar accounts in metro and urban areas has been increased to Rs 12,000 from the previous Rs 10,000, it said in its notification. On the other hand, the lender further said that the free cash transaction limit per month has been reduced from Rs 2 lakh to Rs 1.5 lakh. According to the notice, both these rules have come into force from April 1.
“The average balance limit for easy savings and equivalent schemes at metro/urban locations has been revised from INR. 10,000 to INR. 12,000,” axis Bank “The change in monthly balance requirement is applicable only to those schemes where the average balance requirement is currently Rs.10,000,” the notice said. This means that accounts with zero balance or other minimum balance requirement do not fall under this purview.
The latest hike in average monthly balance is applicable to households and NRIs – Easy and Equivalent includes all schemes under Digital and Savings SBEZY Equivalent, Smart Privilege, and others, according to the bank’s website. Other customers will not be eligible for this.
Banks often require their savings account customers to maintain a minimum monthly balance. Most lenders also charge fines from customers who do not comply and do not maintain the balance. This minimum monthly amount requirement varies from bank to bank and is often based on the location of the account holder and the category of their account.
Axis Bank Cash Transaction Limit
For certain accounts, Axis Bank has also revised the monthly cash transaction fee limit. According to the same notice, the new limit has been reduced from Rs 2 lakh to Rs 1.5 lakh. “The monthly cash transaction free limit has been revised from Rs. 2 lakh to Rs. 1.5 lakh for easy savings and equivalent schemes,” the bank said.
Earlier, the monthly cash transaction limit in Axis Bank was Rs 2 lakh for the first four transactions or Rs 2 lakh, whichever comes first. With the new rule, the free transaction limit has been revised to the first four transactions or Rs 1.5 lakh, whichever comes first, the bank said. It also clarified that no change in non-home and third party cash limits will be applicable.
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