Service charges for salary and savings account customers have increased at Axis Bank. “The Tariff structure for Savings/Salary Accounts is being updated effective 1st June, 2022 and 1st July, 2022,” the bank stated in a statement.” Average Monthly Balance Requirement- All Prime and Liberty – Semi Urban & Rural savings account variations have an average monthly balance requirement.
Under the premier version, the average monthly balance (AMB) for Semi-Urban/Rural regions has increased from INR 15,000 to INR 25,000 or INR 1 lakh Term Deposit.
The AMB for the Liberty version has been raised from INR. 15,000 to INR. 25,000 or a spending of INR. 25,000/-, with these new fees taking effect on June 1, 2022. Monthly Average Balance Requirements- All Prime and Liberty savings account variations – Semi Urban and Rural – are subject to the average monthly balance requirement.
In the prime edition, the average monthly balance (AMB) for Semi-Urban/Village locations has been raised from INR 15,000 to INR 25,000 or INR 1 lakh Deposit Term. The AMB in the Liberty edition has been increased from??15,000 INR. 25,000 or INR spending. 25,000/- to??15,000 INR. 25,000/-, with the new fee taking effect on June 1, 2022.
Non-Balance-Maintenance Monthly Service Fee This cost is applicable to domestic and non-resident account versions in the Easy & equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege, and Premium sections. The lack of AMB/AQB/HAB, which was previously INR, raises costs by 7.5 percent.
75+ INR, based on a 5% AMB/AQB/HAB deficiency calculation. The minimum service fee, which was formerly INR 75, has been reduced to NIL, with a maximum fee of INR 600. The maximum monthly service cost for metro / urban areas is INR. 600, INR. 300 for semi-urban areas, and INR. 250 for rural areas. From June 1, 2022, this fee will be in force.
Monthly Free Cash Transaction Limit- This limit applies to both Prime and Liberty savings accounts. Previously, the monthly cash transaction limit was set at the first 5 transactions or INR 2 lakhs, whichever came first, but it will now be set at the first 5 transactions or INR 1.5 lakhs, whichever comes first.
These new restrictions will go into force on July 1, 2022. NACH Debit Failed- The charge has risen to INR.500 per sample, up from INR.375 for the first return, INR.425 for the second, and INR.500 for the third, and so on. This fee will be implemented on July 1, 2022.
The cost of denial for auto debit failure and instruction has been increased from INR 200 to INR 250 per failure, effective July 1, 2022.
Follow and connect with us on Facebook, LinkedIn & Twitter
