Axis Bank is all set to increase several charges for its savings bank account and salary account holders, starting from May 1. From the average monthly balance requirement to cash withdrawal, there will be a host of changes from next month. If you are a customer of Axis Bank, here is all you need to know
1) From May 1, the Axis Bank customers need to maintain a monthly balance of Rs 15,000. Earlier, the limit was set at Rs 10,000. For the Prime and Liberty branded savings account, the average monthly balance is fixed at Rs 25,000, up from Rs 15,000
2) If customers are unable to maintain the monthly balance limit, the bank will levy a penalty of Rs 10 per Rs 100 of the shortfall. The non-maintenance of monthly minimum balance charges will be in the range of Rs 50 to Rs 800, the lender said.
3) The private sector bank allows four free transactions or cash withdrawal of Rs 2 lakh in a month, whichever is earlier. Once the limit is over, the customer has to pay Rs 10 per Rs 1,000 withdrawn or Rs 150, whichever is higher.
4) For salary accounts that are more than six months old and do not receive any credit in a month, a penalty of Rs 100 per month will be levied from next month, Axis Bank said.
5) Savings accounts that have been dormant for a period of 17 months will attract a one-time fee of ₹100 in the 18th month, bank notified.
6) To obtain services like updation of PAN card or Form 60 details, updation of date of birth, change of address, updation of email ID, a fee of ₹100 per instance will be applicable, Axis Bank said.
7) Axis Bank has also increased its SMS charges. From July 1, the bank will charge 25 paise for every SMS alert, subject to a maximum of Rs 25 per month. It must be noted that the bank will not levy any charges for one-time passwords (OTPs) and promotional messages. Premium, staff, pension, small and basic accounts will be exempted from SMS alert charges.