According to the Axis Bank website, the minimum average balance limit for easy savings and similar schemes in metro or urban areas has been revised from Rs 10,000 to Rs 12,000.
New Delhi: Axis Bank has increased the minimum balance limit for various savings accounts. This means that now you have to keep more balance in your savings account to avoid the fine. Not only this, this private sector bank has reduced the limit of free cash transactions from Rs 2 lakh to Rs 1.5 lakh. These changes have come into effect from 1 April 2022.
The limit for easy savings and similar account minimum balance in metro, urban areas has been increased from Rs 10,000 to Rs 12,000. Axis Bank customers should note that the change in the required monthly balance has been made only for those accounts that require an average balance of Rs 10,000.
Customers have to keep a minimum amount in their bank account. Most of the banks levy a fine for not maintaining this balance. This balance limit varies from bank to bank. According to the Axis Bank website, the minimum average balance limit for easy savings and similar schemes in metro or urban areas has been revised from Rs 10,000 to Rs 12,000.
According to the Axis Bank website, the change in the average monthly balance limit for these schemes is applicable for both domestic and NRI customers. These changes will be applicable to other schemes including Digital and Savings SBEZY Equivalent, Smart Privilege under Easy and Equivalent.
Monthly service fee
Monthly Service Fee (MSF) will be charged from the customers for every difference of Rs 100 in the prescribed minimum amount plus Rs 5 plus Rs 75 or Rs 500 whichever is less. There is a minimum fee of Rs 75 for urban customers.
No change in third party cash transaction limit
Monthly free cash transaction limit reduced from Rs 2 lakh to Rs 1.5 lakh for easy savings and similar accounts. The free limit for the first monthly cash transaction was the first four transactions or Rs 2 lakh, whichever comes first. Now, the free cash transaction limit will be for the first four transactions or Rs 1.5 lakh, whichever is earlier. There has been no change in the non-home and third party cash transaction limits.