From December 1, selected account holders will get fewer free cash transactions, lose EDGE REWARD points and face higher balance-shortfall and cheque-return charges.
Axis Bank customers will face a higher cost for several everyday banking services from December 1, as the lender prepares to overhaul charges on selected domestic and non-resident Indian savings accounts. According to Business Standard, the changes will affect a wide range of products, including Easy Access, Prime, Prestige, Priority and Burgundy accounts, as the bank tightens fees, trims benefits and raises some relationship thresholds.
One of the most immediate changes is a reduction in free cash transactions for holders of domestic and NRI Easy Access accounts, along with Krishi and Sahaj savings accounts. Business Standard said customers will still be able to transact up to Rs 1 lakh in cash, but the number of free cash transactions will fall from four to three. That means frequent depositors and withdrawals could reach chargeable territory more quickly than before.
Axis Bank is also increasing penalties for customers who do not maintain the required average monthly balance. The bank will continue to calculate the fee at 6 per cent of the shortfall, but the maximum charge for domestic Easy Access and equivalent accounts at semi-urban and rural branches will rise to Rs 600. The same higher cap will also apply to NRI Easy Access and equivalent accounts in those locations. Business Standard reported that the existing Rs 600 ceiling in metro and urban branches will stay unchanged, while salaried customers will not be hit by the minimum balance charges.
At the same time, the bank is ending EDGE REWARD points for Burgundy, Priority, Prestige, Prime NRI and Easy NRI account holders from December 1. It is also raising the Total Relationship Value requirement for several premium and select savings account categories, including Prime, Prestige, Priority, Sampann, Advantage, Arise Women’s and Burgundy, from 75 per cent of the prescribed level to 100 per cent. In addition, outward cheque returns will cost Rs 200 each, while certain NRI deliverable returns will rise to Rs 500, Business Standard said. For customers, the practical effect is clear: those who rely on cash, cheques or linked account benefits may need to review whether their current banking habits still fit the new fee structure before the changes take effect.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
