Axis Bank Service Charges: Leading Private Sector Lenders of India axis Bank The bank has revised its banking and non-banking service charges for customers with savings and salary accounts. This inter-alia includes an increase in service charges per month for non-maintenance of minimum account balance. while a part of new rules of axis bank With effect from June 1, the second part will be applicable from July 1, the lender said in a notification.
Here are the revised Axis Bank service charges that will be applicable from June 1 this year
Average Monthly Balance: The average monthly balance has been increased for all savings and salary account types under the Prime and Liberty account programs. For semi-urban areas, the average monthly balance has been increased from Rs 15,000 to Rs 25,000 with effect from June 1. As per the notification, similar rates have been hiked for rural accounts in Axis Bank as well.
Monthly service charges for non-maintenance of account balance: Service charges will be applicable on domestic and non-resident account types under Easy and Equivalent, Prime, Liberty, Agriculture, Farmer, Senior Privilege and Premium segments. Monthly service charge has been increased to 7.5 percent of the average monthly balance. The minimum requirement for this has been done away with by Axis Bank, and the maximum limit has been increased from Rs 500 to Rs 600.
– Metro/Urban – Rs. 600
– Semi Urban – Rs. 300
– Rural – Rs. 250
Here are the revised Axis Bank service charges that will be applicable from July 1 this year:
Monthly Cash Transaction Free Limit: Axis Bank has revised its fee structure on monthly cash transactions. Under the new rule, Axis Bank free cash transactions are limited to “first 5 transactions or INR 1.5 lakh whichever is earlier.” Earlier it was “First 5 Transactions or INR. 2 lakh whichever is earlier.” This is applicable to all savings account types under Prime and Liberty.
NACH Debit Failure: This has been revised to Rs 500 per transaction. Earlier it was Rs 375 for first transaction, Rs 425 for second transaction and Rs 500 for third transaction.
Auto Debit Failure & Standing Instruction Rejection Fee: This has been revised to Rs 250 per transaction from the earlier Rs 200 per transaction. Transaction charges on cash deposit transactions: As per the Axis Bank website, “INR. 50 per transaction after banking hours (i.e. between 5:00 PM to 9:30 PM) and 2 transactions or on bank/state holidays for deposits of more than INR. 5,000 per month (either single or multiple transactions), whichever is earlier.
Check Book Fee: According to the Axis Bank website, the physical statement and duplicate passbook fee has been increased from Rs 75 to Rs 100 per instance. The additional check book fee has been revised from Rs 2.5 per sheet to Rs 4 per sheet.
“All duties and charges are separate from taxes. The charges mentioned in the tariff will attract Goods and Services Tax, if applicable, Axis Bank said in its notice. The move comes weeks after the RBI hiked repo rates by 40 basis points. .
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