The online shopping festival started by Axis Bank, the country’s third largest private sector bank, is witnessing a 10-fold increase in sales as compared to normal days, amid demand hit in the economy due to the outbreak of Corona virus epidemic. The bank is offering flat 15 percent cashback on partner e-commerce portals like Flipkart and Amazon to its debit and credit card holders during this special shopping fest. This offer is valid till July 4.
Sameer Shetty, Head of Digital Business, Axis Bank told PTI, “We are seeing a 10-fold jump in total spend as Gross Business Value (GMV) when compared to the daily average prior to this launch. Apart from this, there is a bad news for bank customers. Axis Bank has increased various service charges for its savings bank account holders.
Some of these changes have come into effect from 1 May 202, some other revised charges will be effective from 1 July. The bank has increased the cash withdrawal charges from ATMs over and above the free limit. This has increased the minimum balance requirements for different types of savings accounts.