Axis Bank, a private sector lender, has increased the minimum balance requirements for several types of savings accounts. The free cash transaction limit has been reduced from Rs. 2 lakhs to Rs. 1.5 lakhs per month. The changes are applicable from April 1, 2022.
The minimum balance requirement for easy savings and similar programs in Metro, Urban areas has been increased from Rs 10,000 to Rs 12,000. Axis bank customers should note that the change in monthly balance requirement only applies to plans with an average balance requirement of Rs 10,000.
Savings account holders are often required to maintain a minimum monthly balance in their bank account, and most banks impose a penalty charge if this balance is not maintained. The requirement varies across bank and is sometimes based on the account holder’s location and account category.
According to Axis Bank website, “The average balance requirement threshold for Easy Savings and equivalent schemes at Metro/Urban locations is revised from INR. 10,000/- to INR. 12,000/-.”
The latest revision in Average Monthly balance is applicable to Domestic and NRI – Easy and Equivalent includes all schemes under Digital and Savings SBEZY equivalent, Smart Privilege, and others, according to Axis Bank website.
Fee for non-maintenance
Monthly Service Fee (MSF) of Rs 5 for every Rs 100 difference in the required amount plus Rs 75 or Rs. 500, whichever is less, with a minimum charge of Rs 75 for Urban customers.
Monthly cash transaction limit
The monthly cash transaction free limitations for easy Savings and similar accounts have been reduced from Rs 2 lakhs to Rs 1.5 lakhs.
Previously, the monthly cash transaction free limit was the first four transactions or Rs 2 lakhs, whichever came first. Now, the monthly cash transaction free limit is the first four transactions or Rs 1.5 lakhs, whichever is first.
The bank has made no change in the non-home and third party cash limits.