Axis Bank has changed the rules for cash transactions and average minimum balance for its salary and savings account holders from April 1.
Axis Bank has changed the rules for cash transactions and average minimum balance for its salary and savings account holders from April 1. The bank has increased the average monthly balance limit for savings account to Rs 12,000 from the existing Rs 10,000. These rules will be applicable on Easy Savings and other similar schemes from 1st April 2022. Apart from this, the bank has also changed the rules for free cash transactions.
According to the information available on Axis Bank’s website, the average minimum balance limit for Easy Savings and Equivalent Schemes in metro/urban cities has been increased from Rs 10,000 to Rs 12,000. However, this change in the monthly balance limit will be applicable to only those schemes which require 10,000 average balance.
Change in monthly free cash transaction rule
Axis Bank has changed the monthly free cash transaction limit for Easy Savings and Equivalent Schemes. It has been changed from existing 4 free transactions or Rs 2 lakh to 4 free transactions or Rs 1.5 lakh. This change will come into effect from 1 April 2022. There is no change in the non-home and third party cash limit.
Transaction charges increased from January 2022
Earlier, Axis Bank and other banks have increased the charges on transactions after the free ATM transaction limit from January 1, 2022. In June, the Reserve Bank of India (RBI) allowed banks to increase the charges for cash and non-cash ATM transactions in excess of the free monthly limit from January 1, 2022. Now after the free limit, customers have to pay Rs 21 + GST.
