Axis bank has hiked service charges for salary and savings account holders. The bank has said in a notification that “The Tariff structure for Savings/Salary Accounts is being revised effective 1st June, 2022 and 1st July, 2022.”
Average monthly Balance Requirement- The average monthly balance requirement applies to all Prime and Liberty – Semi Urban & Rural savings account variants. 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 under the prime version. The AMB on the Liberty version has been increased from ₹15,000 to INR. 25,000 or spending of INR. 25,000/-, and these amended fees will take effect on June 1, 2022.
Monthly Service Fee on non-maintenance of Balance- Domestic and non-resident account versions in the Easy & equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege, and Premium segments are subject to this fee. The fees have been raised by 7.5 per cent of the shortfall from AMB/AQB/HAB, which was formerly INR. 75+ INR, accounting for 5% of the shortfall from AMB/AQB/HAB. The minimum service price, which was previously INR 75, will now be NIL, while the maximum fee will be INR 600. The maximum monthly service charge for metro/urban regions 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 1st June 2022.
Monthly Cash Transaction Free Limits- This limit is applicable to both 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 take effect on July 1, 2022.
NACH Debit Failure- The charge has been increased to INR.500 per instance, up from INR.375 for the first return, INR.425 for the second return, and INR.500 for the third and subsequent returns. This charge will take effect on July 1, 2022.
Auto Debit Failure and Standing instructions rejection charges- This fee has been increased from INR 200 to INR 250 per failure, with effect from July 1, 2022.
Transaction Charges on Cash Deposit Transaction done at Bunch note acceptor (BNA) or Cash Deposit Machine- Axis Bank has said in an official note that “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 transaction), whichever is earlier.” These transaction charges would be applicable from 1st July 2022.
Physical Statement and Duplicate Passbook Charges- The charge has been increased from INR 75 per instance to INR 100 per instance and is applicable on all savings account variants, effective July 1, 2022.
Additional Cheque Book charges- This fee has been increased from INR. 2.5/cheque leaf to INR. 4/cheque leaf, effective July 1, 2022.
Outward Cheque Return charges- The charges were formerly INR 100 per return, but they will now be INR 50 for the first return and INR 100 for the second and subsequent returns. From July 1, 2022, these fees will be in effect.