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The new rate of cash withdrawal will be effective from 1 May 2021
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New charge on SMS will be applicable from July 1
If you are an Axis Bank customer then there is bad news for you. The bank has increased the cash withdrawal and SMS charge on the savings bank account. The new rates related to cash withdrawal will be effective from 1 May 2021.
New Cash Withdrawal Fee?
Axis Bank allows its savings account holders to withdraw 4 transactions or 2 lakh rupees free in a month. After this, on withdrawing the cash, it charges 5 rupees per thousand or a maximum of 150 rupees. Now the bank has increased the charge of Rs 5 charged after free transaction to Rs 10. However, the maximum charge of Rs 150 has been retained.
What is the minimum balance to be kept?
The bank has also increased the average minimum balance in the accounts. From May 1, customers will have to keep an average minimum monthly balance of Rs 15,000 in their account. Till now the limit was 10,000 rupees. Similarly, the minimum minimum balance limit in Prime and Liberty Savings Account has been increased from Rs 15,000 to Rs 25,000.
What is the charge for not having minimum balance?
Axis Bank charges Rs 10 per 100 rupees for not having an average minimum monthly balance. At present, the bank charges Rs 150 to Rs 600 for not having a minimum monthly balance. From May 1, the minimum charge on this will be reduced to 50 rupees, but the maximum charge will increase to 800 rupees. That is, the bank will charge from 50 rupees to 800 rupees for not keeping the minimum balance. There is an additional tax in this.
What is the charge per SMS?
Currently Axis Bank charges Rs 5 per month for all SMS. Now the bank will charge customers at the rate of 25 paise per SMS. However, a maximum of 25 rupees can be taken. This new rate will be effective from 1 July 2021. This will not include OTP and promotional SMS sent by the bank. This change has been made due to new regulations related to SMS from Telecom Regulator TRAI. The SMS charge will not be applicable to the premium account holder, bank staff, pension account holder, small and basic account.
Changes in the rules of salary account
Axis Bank has also changed the salary account rules. If your salary account is more than 6 months old and there is no credit in any one month, then a charge of Rs 100 per month will be charged. If there is no transaction in your account for 17 months, then one time charge of Rs 100 will be taken in the 18th month.
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