Axis Bank increases service fees for savings and salary accounts: check the details

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Axis Bank has raised service fees for salary and savings account holders. The bank said in a notification that “the fee structure for savings/salary accounts is being reviewed effective June 1, 2022 and July 1, 2022.”

Need average monthly balance- The average monthly balance requirement applies to all Prime and Liberty – Semi Urban & Rural savings account variants. Average Monthly Balance (AMB) for semi-urban/rural areas has been increased from INR 15,000 to INR 25,000 or INR 1 lakh term deposit under the main version. The AMB on the Liberty version has been increased by INR 15,000. 25,000 or INR expenses. 25,000/-, and these amended fees will take effect on June 1, 2022.

Monthly service charge in case of non-maintenance of the balance- Domestic and non-resident account versions of the Easy & equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege and Premium segments are subject to these charges. The fee was increased by 7.5% of the shortfall of AMB/AQB/HAB, which was previously INR. 75+ INR, accounting for 5% of AMB/AQB/HAB’s shortfall. The minimum service charge, which was previously INR 75, will now be NIL, while the maximum charge will be INR 600. The maximum monthly service charge for metropolitan/urban areas is INR. 600, for semi-urban areas it is INR. 300, and for rural areas it is INR. 250. This fee will be applicable from 1 June 2022.

Monthly No-Cash Transaction Limits- This limit applies to the Prime and Liberty savings account versions. The monthly cash transaction limit was previously set at the first 5 transactions or INR 2 lakhs, whichever comes first, but it will now be set at the first 5 transactions or INR 1.5 lakhs, whichever comes first. This revised limit will come into effect on July 1, 2022.

NACH debit failure- The fee has been increased to INR 500 per instance from INR 375 for the first return, INR 425 for the second return and INR 500 for the third and subsequent returns. This fee will take effect on July 1, 2022.

Automatic Debit Failure and Standing Instruction Rejection Fees- This fee has been changed from INR 200 to INR 250 per failure, effective July 1, 2022.

Transaction fees on cash deposit transactions made with the Bunch Note Acceptor (BNA) or cash deposit machine – Axis Bank said in an official note that “INR. 50 per transaction after banking hours (i.e. between 5:00 p.m. and 9:30 a.m.) and public holidays for deposits exceeding 2 transactions or INR. 5 000 per month (single or multiple transaction), whichever comes first.” These transaction fees would be applicable from July 1, 2022.

Physical statement and passbook duplicate fees- Fees have increased from INR 75 per instance to INR 100 per instance and apply to all savings account variants, effective July 1, 2022.

Additional Check Book Fee- This tax has been increased compared to the INR. 2.5/check sheet at INR. 4/check slip, effective July 1, 2022.

Overseas Check Return Fees- The charge was previously INR 100 per return, but will now be INR 50 for the first return and INR 100 for the second and subsequent returns. As of July 1, 2022, these fees will be in effect.

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