The limit for maintaining the minimum balance in the savings account has been increased for the customers of semi-urban and rural areas. Customers in these areas will now have to keep a minimum of Rs 25,000 instead of Rs 15,000 in all types of savings accounts of Axis Bank or a term deposit of Rs 1 lakh.
New Delhi. Axis Bank, the third largest private sector bank, has given a big blow to its customers. Axis Bank has not only increased the minimum balance limit in the savings account, but has also increased the monthly service charge for non-maintenance of the minimum balance. This increase will be effective from June 1, 2022.
According to a report by Moneycontrol, the minimum balance in the savings account has been increased for the customers of semi-urban and rural areas. Customers in these areas will now have to keep a minimum of Rs 25,000 instead of Rs 15,000 in all types of savings accounts of Axis Bank or a term deposit of Rs 1 lakh.
increase in service charge
This limit is already there for maintaining minimum balance in savings account in metro and other big cities. The service charge levied if there is no minimum balance in the account has also been increased by the bank. Now the monthly service fee for account maintenance in metro and urban areas will be Rs 600. While this fee has been increased to Rs 300 for semi-urban areas and Rs 250 for rural areas. This means that if you have a savings account with Axis Bank and you do not maintain a minimum balance of Rs 25,000 in it, then you will now have to pay a higher service charge than before.
The bank has also increased the minimum balance in Liberty Savings Account from Rs 15,000 to Rs 25,000. Account maintenance fee has been reduced to 7.5 per cent for all domestic and NRI account holders under Easy & Equivalent, Prime, Liberty, Agriculture, Farmers, Senior Citizens and Premium segments.
Other charges also increased
Not only this, Axis Bank has also increased the second service charge. Under NACH, the charge for auto debit failure has also been increased. This means that if the EMI (monthly installment) of any type of loan is auto debited and the amount in your account is less, then the bank will now charge you more penalty than before. This increase will be applicable from July 1. Now even after taking extra check book, fees will have to be paid.
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