Axis Bank Service Charges: India’s leading private sector lender Axis Bank has revised its banking and non-banking service charges for customers with savings and salary accounts at the bank. This includes an increase in the service fee per month over non maintenance of minimum account balance, among others. While a portion of these Axis Bank new rules will come into effect from June 1, the other part will come into effect from July 1, the lender has said in a notification.
Here are the revised Axis Bank service charges that will come into effect from June 1 this year
Average Monthly Balance: The average monthly balance requirement for All savings and salary account variants under Prime and Liberty account programs have been raised. For semi-urban areas, the average monthly balance requirement has been hiked from Rs 15,000 to FRs 25,000 from June 1. The same for rural accounts in Axis Bank has also been hiked by the same rates, as per the notification.
Monthly Service Fee on Non- maintenance of Account Balance: The service fee will be applicable on domestic and non-resident account variants under easy and equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege, and Premium segments. The monthly service fee have been increased by Rs 7.5 per cent of the average monthly balance requirement. The minimum requirement for this has been done away with by Axis Bank, and the maximum limit has been raised 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 come into effect 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 lakhs whichever is earlier.” Earlier it was “First 5 Transactions or INR. 2 lakhs whichever is earlier.” This is applicable to all savings account variants 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 from third transaction onwards.
Auto Debit Failure and Standing Instructions Rejection Charges: This has been revised to Rs 250 per transaction from the earlier Rs 200 per transaction. Transaction Charges on Cash Deposit Transaction: As per Axis Bank website, “INR. 50 per transaction after banking hours (i.e. Between 5:00 pm to 9:30 am) and on Bank/State Holidays for deposits exceeding 2 transactions or INR. 5,000 per month (either single or multiple transactions), whichever is earlier.”
Cheque Book Charges: As per the Axis Bank website, physical statement and duplicate passbook charges has been revised from Rs 75 to Rs 100 per instance. Additional cheque book charges have been revised from Rs 2.5 per leaf to Rs 4 per leaf.
“All fees and charges are exclusive of taxes. The charges mentioned in the tariff will attract Goods & Services tax as applicable,” Axis Bank said in its notice. The move comes weeks after the RBI hiked its repo rates by 40 basis points.
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