Business

oi-Vipul Das

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Axis Bank, India’s third-largest private sector bank, will revise its financial transaction fees on salary and savings accounts. According to the bank’s official website, the new fees will take effect on January 1, 2022. In an official statement, the bank said that “as of January 1, 2022, financial transaction fees above the free limit in Axis Bank or other ATMs will be INR 21 + GST. “

Axis Bank will charge a fee of INR 21 per transaction starting next month if a customer exceeds the free limit on Axis / Non-Axis ATMs: cash withdrawal (financial transactions).

However, the bank did not make any changes to Axis / Non-Axis ATM: Balance Inquiry (Non-Financial Transactions). Therefore, the bank would charge an existing fee of INR 10 per transaction to exceed the free limit from January 1, 2022.

Axis Bank financial transaction fees

Fee type Existing amended
Axis / Non-Axis ATM: cash withdrawal fees (financial transaction) over limits INR.20 per transaction INR.21 per transaction
Axis / Non-Axis ATM: Over-Limit Balance Investigation Fee (Non-Financial Transaction) INR.10 per transaction No change
Source: Bank website

For holders of a value-based checking account, Axis Bank had also revised its fees and service charges the previous month and the new fees are in effect from 01-11-2021. The new fees are applicable on certain programs such as Normal (CANOR), Advantage (CAADV), Select (CASEL), Large Retailers & Distributors (CAPHM), Business Classic (CABCA), Business Privilege (CABPL), Channel One (CACH1) and Club50 (CAC50).

For the cash handling fee on cash deposited in low face value notes (LDN), the bank had revised its fee to 1% on the value of cash deposited in low face value notes, exceeding Rs. 15,000 per month, in single or multiple transactions. Low face value notes include banknotes and coins valued at Rs. 50 and less and other fees and charges applicable to your Checking Account, not specified above, will remain unchanged, according to the bank.

Article first published: Sunday, December 5, 2021, 8:47 a.m. [IST]

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