Axis Bank News: If you are an Axis Bank customer, then there is important news for you. Private sector lender Axis Bank has increased the minimum balance limit for different types of savings accounts. Also, the bank has reduced the free cash transaction limit from Rs 2 lakh to Rs 1.5 lakh per month. These rules of the bank have come into effect from April 1, 2022.
Know which customers will be affected
The minimum balance has been increased from Rs 10,000 to Rs 12,000 for accounts in metro, urban areas. Please note that this change will be applicable only to those customers who were required to maintain a minimum average balance of Rs 10,000. Explain that savings account holders are often required to maintain a minimum monthly balance in their bank account. If not, most of the banks levy a penalty for this.
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What about the bank?
As per information on Axis Bank’s website, “The limit for average minimum balance for Easy Savings and Equivalent Schemes at Metro/Urban locations has been revised from Rs.10,000/- to Rs.12,000/-.” According to the bank, the new changes in the average minimum balance are applicable to domestic and NRI customers.
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Monthly Cash Transaction Limit
Monthly cash transaction free limits for Easy Savings and Equivalent Schemes accounts have been reduced from Rs 2 lakh to Rs 1.5 lakh. At the same time, for every difference of Rs 100 in the required amount, a monthly service charge (MSF) of Rs 5 plus Rs 75 will be charged.