Axis Bank Update: Private sector lender Axis Bank has announced a host of changes in its financial transaction policies recently. In a notice on its website, Axis Bank said it has hiked the minimum amount of balance required for several categories of savings accounts. The bank has also notified that it has lowered its free cash transaction limits. The new rule has already come into effect for eligible customers of the bank.
Axis Bank Savings Account Minimum Monthly Balance
Axis Bank in its notification said that the minimum balance requirement for Easy Savings and other similar accounts in metro and urban areas have been increased to Rs 12,000, from the previous Rs 10,000. On the other hand, the lender further said that the free cash transaction limit per month has been lowered from Rs 2 lakh to Rs 1.5 lakh. Both these rules have come into effect from April 1, as per the notice.
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“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,” Axis Bank said in the notice, adding, “Change in monthly balance requirement is only applicable to the schemes where the average balance requirement is currently Rs. 10,000.” This means that customers with zero balance accounts or with accounts that have other minimum balance requirement are not falling within this ambit.
The latest hike in average monthly balance requirement is applicable to Domestic and NRI – Easy and Equivalent includes all schemes under Digital and Savings SBEZY equivalent, Smart Privilege, and others, as per the bank’s website. Other customers will not be eligible for this.
Banks often require its customers with savings account to maintain a minimum monthly balance. Most lenders also charge a penalty to those customers who do not follow this and does not maintain the balance. This minimum monthly amount requirement varies from bank to bank and is often based on the account holder’s location and their category of account.
Axis Bank Cash Transaction Limit
For some accounts, Axis Bank has also revised the monthly cash transaction fee limit. The new limit has been lowered from Rs 2 lakh to Rs 1.5 lakh, as per the same notice. “Monthly cash transaction free limits is revised from Rs. 2 Lakhs to Rs. 1.5 Lakhs for Easy Savings and equivalent schemes,” the bank said.
Earlier, the monthly cash transaction limit in Axis Bank was the first four transactions or Rs 2 lakh, whichever came first. With the new rule, the free transaction limit has been revised to the first four transactions or Rs 1.5 lakh, whichever comes first, the bank said. It also clarified that there will be no change implemented on the non-home and third party cash limits.
