Axis Bank has hiked several service charges for savings account customers with effect from June 1, 2022. These include the monthly service fee on non-maintenance of balance. The hike in charges for NACH debit and auto debit failures will take effect from July 1, along with the hike in charges for additional cheque book.
Here are the details of the various hikes:
Average monthly balance requirement, effective date: June 1, 2022
The average monthly amount required for all savings account variants under Prime and Liberty (semi-urban and rural) has been raised.
The average monthly balance requirement for savings in semi-urban areas has been raised from Rs 15,000 to Rs 25,000 or Rs 1 lakh term deposit.
For Liberty savings account, the same has been raised from Rs 15,000 to Rs 25,000 or spends of Rs 25,000.
Monthly service fee on non-maintenance of balance, effective date: June 1, 2022
For all domestic and non-resident account variants under Easy and Equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege, and Premium segments, the monthly service fee on non-maintenance of balance charges has been increased to 7.5 percent of the shortfall from AMB requirement. The previous minimum requirement of Rs 75 has been removed and maximum requirement has been increased to Rs 600 from Rs 500.
For Easy & Equivalent accounts, the revised charges are as follows:
For all savings account variants under Prime and Liberty, the free transaction limit has been revised from “first five transactions or Rs 2 lakh, whichever is earlier” to “first five transactions or Rs 1.5 lakh. whichever is earlier.”
NACH debit failure charges, effective date: July 1, 2022
The NACH debit failure fee was earlier Rs 375 for first return, Rs 425 for second return and Rs 500 from third return onwards. This has been revised to Rs 500 per instance.
Auto debit failure and standing instructions rejection charges, effective date: July 1, 2022
Auto debit failure and standing instruction rejection charges have been increased from Rs 200 to Rs 250.
Transaction charges on Cash Deposit Transaction, effective date: July 1, 2022
For cash deposit transaction completed at a cash deposit machine or a bunch note acceptor (BNA), the charges have been revised to Rs 50 per transaction after banking hours (between 5.00 pm to 9.30 am). The same is applicable for transactions on bank/state holidays for deposits exceeding two transactions or Rs 5,000 per month (either single or multiple transactions), whichever comes first.
Physical statement and duplicate passbook charges, effective date: July 1, 2022
Physical statements and duplicate passbook issuance charges have been increased from Rs 75 per instance to Rs 100 per instance.
Additional cheque book charges, effective date: July 1, 2022
Charges for obtaining additional cheque book have been hiked to Rs 4 per cheque leaf from Rs 2.5 per cheque leaf.
Outward cheque return charges, effective date: July 1, 2022
Outward cheque return charges have been revised from Rs 100 to Rs 50 for first return and Rs 100 from second return onwards.
The Axis Bank website mentioned that the charges and fees are exclusive of taxes and the charges mentioned in the tariff will attract GST as applicable.