By taking into consideration the new telecom regulatory authority's regime, Axis Bank, the country's largest private sector bank, has adjusted its SMS alert charges. Axis Bank savings account holders would be charged 25 paise for each SMS alert from July 2021, up to a limit of Rs 25 per month, according to the bank. Regarding the same, Axis Bank has stated on its 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.
Effective 1st July, 2021, SMS alert fee will be applied based on actual usage/SMS sent to the customer." The bank has also added some exclusions which are Burgundy, Burgundy Private, Priority, NRI, Trust & Government Accounts, Defense Salary Accounts, Staff Accounts, Small & Basic Accounts, Pension Accounts, Select Salary relationships and promotional SMS sent from Bank and One-Time Password (OTP) alerts.
Axis Bank SMS Alert Fee
The following SMS alert fee will be levied starting from July 1, 2021, depending on actual usage/SMS delivered to the account holder.
|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|
Meanwhile, with effect from June 22, 2021, Axis Bank has also revised interest rates on fixed deposits (FDs). After the most recent revision, the bank is promising an interest rate of 2.5% to 5.75% for a deposit period of 7 days to 10 years to the general public. On select maturities, Axis Bank provides elderly people with a higher rate of interest. On deposits maturing in 7 days to 10 years, senior folks would get interest rates ranging from 2.5 percent to 6.50 percent after the latest update on interest rates by the bank. To know more, click here.