Axis Bank revises savings account charges on these nine services from April, 1 2023

Axis Bank has revised service charges for salary and savings account holders. The bank has revised charges on various services such as revision in average balance requirement criteria, non-maintenance of minimum average balance, free cash transaction limit, DD issuance fee and more. According to the Axis Bank website, “The Tariff structure for Savings/Salary/Trust Accounts is being revised effective 1 st April’ 2023.”

1. Revision in average balance requirement criteria for Prestige savings accounts
The minimum balance requirement for Prestige savings accounts has changed from an average quarterly amount of 75,000 rupees to an average monthly balance (AMB) of 75,000 rupees.

Details	Existing	Revised
Average balance required for Prestige schemes	Metro/Urban/Semi Urban/Rural	Metro/Urban/Semi Urban/Rural
	Average Quarterly Balance (AQB) of INR. 75,000	Average Monthly Balance (AMB) of INR. 75,000

Also read: NPS withdrawal, post office schemes’ investment limits, hallmarking of gold: Seven money changes that will come into effect in April 2023
2. Revision of charges on non-maintenance of minimum average balance

Fee	Existing	Revised
Non-maintenance of	INR. 7.5% of the	Easy & Equivalent (all amount in INR.)
average balance charges	shortfall from AMB	Metro/Urban
(applicable for Easy &	Requirement	Average Monthly	Fee
equivalent, Prime/Liberty,	Min: Nil	Balance (AMB)
Krishi, Insurance Agent,	Max:	>=11,000 to < 12,000	50
Future Star, Senior	Easy & Equivalent	>=9,000 to < 11,000	150
Privilege and Premium	Metro/Urban –	>=6,000 to < 9,000	250
segment)	INR. 600	>=3,000 to < 6,000	450
	Semi Urban – INR.	0 to < 3,000	600
	300	Semi Urban
	Rural – INR. 250	AMB	Fee
	Premium segment	>=4,000 to < 5,000	50
	is charged for Non	>=2,500 to < 4,000	150
	maintenance if the	0 to < 2,500	300
	threshold is below	Rural
	25% of the	AMB	Fee
	required balance	>= 1000 < 2,500	75
		0 - <1000	150

Senior Privilege Savings Account	Metro/Urban
Average Quarterly	Fee
Balance (AQB)
>=11,000 to < 12,000	50
>=9,000 to < 11,000	150
>=6,000 to < 9,000	250
>=3,000 to < 6,000	450
0 to < 3,000	600

Semi Urban	Fee
>=4,000 to <5000	50
>=2,500 to <4000	150
0 to < 2,500	300

Premium (Prestige)

AMB	Fee
0 - <25% of required balance	600
>=25% - <100% of required balance	Nil

Premium (Priority)

AQB	Fee
0 - <25% of required balance	600
>=25% - <100% of required balance	Nil

Future Stars Savings Account- Metro/Urban/Semi Urban

AMB	Fee
>= 1000 < 2,500	75
0 - <1000	150

According to the Axis Bank website, “Non-maintenance fee is waived off for accounts having shortfall up to Rs 500 from the required minimum average balance. Non-maintenance fee is not applicable for Premium segment accounts if 25% of required TRV is maintained. Accounts with nil balance requirement like Small & Basic accounts, Salary accounts, Defence accounts, Ladies First card accounts, Youth Savings account, Sahaj accounts, Pension accounts, Trust & FCRA accounts are excluded from application of this fee”

3. Rationalisation of free cash transaction limit

Details	Existing	Revised
Monthly free cash transaction limit (sum total of deposits & withdrawals) for Easy & Equivalent schemes	Number Limit: 4	Number Limit: 4
	Value Limit: INR. 1.5	Value Limit: INR. 1 Lakhs
	Lakhs	(whichever is earlier)
	(whichever is earlier)
Monthly free Limit for Third party Cash transactions	Part of the overall limits	Free monthly limit: INR. 25,000
(Easy & Equivalent schemes)		Post free limits, INR. 10 per
		1,000 or part thereof, subject to
		a minimum of INR. 150/-
Monthly free Limit for Silver Trust Accounts	Cash Deposit free limit per	Cash Deposit free limit per
	month (Home & Non-	month (Home & Non-Home
	Home Branch) – INR. 50	Branch) - 8 times of Monthly
	Lakhs	Average Balance (MAB)
	Cash withdrawal:	maintained or INR. 50 Lakhs
	Unlimited	whichever is earlier
		Cash withdrawal: Unlimited

4 Revision of DD issuance fee

Fee	Existing	Proposed
		Upto INR.10,000 – INR. 50
	Upto INR. 10,000 – INR.	>INR. 10,000 – INR. 20 Lakhs- INR. 5 per
	50	1000 (min INR.. 75/-max INR. 7,500)
DD Issuance		>INR. 20 Lakhs – INR. 1 cr- INR. 5 per
charges	Above INR. 10,000 – INR. 5	1000 (max INR.10,000)
	per 1,000 (min INR. 75/-max	Above INR. 1 cr- INR. 5 per 1000 (max
	INR. 10,000)	INR. 15,000)

5. Revision of Inward cheque return charges

Fee	Existing	Revised
Cheque Return – financial reasons	INR. 500 / instance	1st return – INR. 500
		2nd return onwards- INR. 550
Cheque return – non- financial	INR. 50 / instance	INR. 150/ instance
reasons

6 Revision of NACH Debit Failure charges

Fee	Existing	Revised
NACH Debit Failure	INR. 500 / instance	1st return – INR. 500
		2nd return onwards – INR. 550
NACH Debit Failure – Trust	INR. 50 / instance	1st return – INR. 500
segment		2nd return onwards- INR. 550

7 Introduction of Branch NEFT/RTGS charges

Fee	Existing	Revised
Branch NEFT Charges	Nil	Branch - Upto 10,000: INR. 2;
		10,001 to 1,00,000: INR. 4;
		1,00,001 to 2,00,000: INR. 14;
		> 2,00,000: INR. 24
Branch RTGS Charges	Nil	2-5 lakhs – INR. 20
		>5 lakhs – INR. 45

8 Introduction of deliverable return charges
Deliverables that are returned for unfavourable reasons, such as address not located, customer not found, party moved, customer not resident at the supplied address, incomplete address, etc., will be charged INR 50 per return.

9 Revision in select service charges for savings account for Senior citizens

Fee	Existing	Revised
Cheque book issuance	INR. 4 per leaf	INR. 3 per leaf
Duplicate Passbook/Statement	INR. 100	INR. 75
DD/PO Issuance	Nil free	1 free p.m.
DD Cancel/ Revalidation/Duplicate	INR. 100	INR. 75
Photo attestation	INR. 100	Nil
Address Conf/ Signature	INR. 100	Nil
Verification/Balance Certificate

As per the website, “Applicable for only Senior citizen accounts namely – Senior privilege savings account, Prestige senior account, Senior privilege priority savings account, Burgundy senior privilege account.”