The service charges for salary and savings account holders have been revised by the private sector lender Axis Bank. The savings/salary account fee structure has been altered as of April 1, 2022. Following the announcement, Axis Bank revised the balance requirement criteria for Easy Savings and equivalent schemes (domestic and non-resident segments) for both metro and urban locations.
For the same Axis Bank has said in an official announcement that "The average balance requirement threshold for Easy Savings and equivalent schemes at Metro/Urban locations is revised from INR. 10,000/- to INR. 12,000/-."
This revision is applicable on Domestic and NRI - Easy and Equivalent which includes all schemes under Digital and Savings SBEZY equivalent, Smart Privilege, and others according to the bank. Only the schemes with an average balance requirement of Rs. 10,000/- would be affected by the change in the monthly balance requirement.
The monthly limit for free cash transactions has been cut from Rs. 2 lakhs to Rs. 1.5 lakhs. The revision is applicable from April 1, 2022. Monthly cash transaction free limitations for Easy Savings and equivalent Schemes (Domestic & Non-resident segment) - all locations were revised by the bank.
For the same, Axis Bank has said in the official statement that "Monthly cash transaction free limits is revised from Rs. 2 Lakhs to Rs. 1.5 Lakhs for Easy Savings and equivalent schemes."
Earlier, the first four cash transactions or Rs 2 lakhs, whichever came first, were allowed as the monthly cash transaction free limit by the bank. But effective as of 1st April 2022 the free cash transaction limit for the month is now the first four transactions or Rs 1.5 lakhs, whichever comes first.
The non-home and third-party cash limitations have remained unchanged by the bank. The revised monthly limit for free cash transactions would be applicable on Domestic and NRI - Easy and Equivalent which includes all schemes under Digital and Savings SBEZY equivalent, Smart Privilege, and others.