Axis Bank, a private sector lender, has adjusted its SMS fees in response to the telecom regulatory authority's new regime. According to the bank, the fees will be charged at 25 paise for each SMS alert, up to a limit of Rs 25 per month starting from 1st July 2021. This excludes promotional text messages as well as One-Time Password (OTP) alerts. The bank has posted on its official website that "Value-added SMS fee is currently charged at INR 5 per month (levied quarterly at INR 15 per quarter) on subscription basis for certain Value-Added Services (VAS) alert(s). This will continue till 30th June 2021."
According to the bank, from July 1st, 2021, an SMS alert fee will be charged depending on actual usage/SMS sent to the customer. Burgundy, Burgundy Private, Priority, NRI, Trust & Government Accounts, Defense Salary Accounts, Staff Accounts, Small & Basic Accounts, Pension Accounts & Select Salary relationships, Promotional SMS sent from Bank, and One-Time Password (OTP) alerts are excluded from charges, according to the bank.
Axis Bank SMS Alert Charges
|SMS Alert Fee (Quarterly Frequency)||INR 5 per month for VAS registered customers||25 paise per SMS Max cap at INR 25 per month|
|Source: Axis Bank|
Axis Bank SMS Banking Services enable customers to meet their banking requirements according to their convenience. They can check their balance, check details of the last three transactions, issue a cheque book, change their email address, and so on. They can do this by sending an SMS with a particular keyword to +918691000002 or 56161600. All domestic savings account holders who have availed SMS banking service of the bank would be charged Rs 15 each quarter, exclusive of taxes.