Axis Bank hikes charges for auto debit failure, additional cheque book, non-maintenance of bank balance

The private sector lender has revised several service charges for its savings bank account holders. These include a hike in monthly service fee on non-maintenance of balance, with effect from June 1, 2022. From July 1, charges for NACH debit and auto debit failures have been hiked, so have charges for additional cheque book requests.

Here is a look at the revised Axis Bank charges, according to the bank’s website.

(All fees and charges are exclusive of taxes. The tariff costs will be subject to Goods and Services Tax, if applicable.)

Average monthly balance requirement applicable from June 1, 2022

The average monthly amount required for savings and salary programs in semi-urban areas has been raised from Rs 15,000 to Rs 25,000 or Rs 1 lakh term deposit.

The minimum for a liberty savings account has been raised from Rs 15,000 to Rs 25,000 or spends Rs 25,000.

The average monthly amount required for all Prime and Liberty savings account variants in rural semi-urban and rural areas is Rs 15,000 Average Quarterly Balance (AQB) or Rs 1 Lakh Term deposit for Prime account. It is Rs 15,000 Average Quarterly Balance (AMB) or Rs 25,000 expenditures for Liberty accounts.

Monthly service fee on non-maintenance of balance from June 1, 2022

This is applicable to domestic and non-resident account variants under easy & equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege, and Premium segments. The charges are increased to Rs 7.5% of the shortfall from AMB requirement, the minimum requirement is removed, and maximum is increased to Rs 600 from Rs 500.

  • Metro/Urban – Rs 600 from 500
  • Semi Urban – Rs. 300
  • Rural – Rs 250

The below charges are applicable from July 1, 2022.

Monthly cash transaction free limits

This is applicable to all savings account variants under Prime and Liberty. The revised fee according to the Axis Ban website, “First 5 Transactions or INR. 1.5 lakhs whichever is earlier.”

Earlier it was “First 5 Transactions or INR. 2 lakhs whichever is earlier.”

NACH debit failure

The fee is revised and fixed to Rs 500 per instance. Earlier, 1st return, charges was Rs 375; 2nd charges was Rs 425 and 3rd return onwards it was Rs 500.

Auto debit failure and standing instructions rejection charges

Charges for auto debit failure and standing instruction rejection charges are hiked by Rs 50 Rs 250 per failure from earlier Rs 200.

Transaction charges on Cash Deposit Transaction

Cash deposit transaction fees transaction completed at a cash deposit machine or a bunch note acceptor (BNA) is as follows.

According to Axis Bank website, “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 transactions), whichever is earlier.”

Physical statement and duplicate passbook charges

Charges for Physical Statements and Duplicate Passbooks is increased to Rs 100 from Rs 75 per instance. IT is applicable to all savings accounts.

Additional cheque book charges

Charges for ordering additional cheque book is hiked to Rs 4 per cheque leaf from earlier Rs . 2.5 per cheque leaf.

Outward cheque return charges

Earlier, outward cheque return charges were fixed at Rs 100. Now, 1st return would be charged Rs 50 and thereafter Rs 100.

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