This change will be applicable only in those schemes, where there is a provision to keep the average monthly balance in the account of Rs 10,000.
This means that this new rule will not apply to accounts with zero balance and other such accounts with minimum balance.
Axis Bank Update: Private sector bank Axis Bank has recently changed many of its rules. The bank has increased the limit of the minimum amount to be kept in different types of savings accounts.
The bank has also reduced the number of free cash transactions. These new rules of the bank have also come into effect from April 1 for the customers.
According to the information given on the bank’s website, at least Rs 12,000 will have to be kept in easy savings and other such accounts in metro and big cities. Earlier this amount was Rs 10,000.
This change will be applicable only in those schemes, where there is a provision to keep the average monthly balance in the account of Rs 10,000.
This means that this new rule will not apply to accounts with zero balance and other such accounts with minimum balance. According to the bank, the new changes in the average minimum balance are applicable to domestic and NRI customers.
Cash Transaction Limit Reduced
Monthly free cash transaction limit in Axis Bank Easy Savings and other such schemes has been reduced from Rs 2 lakh to Rs 1.5 lakh. Till now, Axis Bank used to provide 4 transactions of Rs 2 lakhs free of cost to its customers every month. Now only 1.5 lakh-1.5 lakh rupees can be withdrawn four times a month without paying any fee.
However, the bank has clarified that there is no change in the non-home and third party cash limit. Axis Bank said that these changes in the rules related to minimum balance and cash transactions have come into effect from April 1, 2022.
Savings account holders of almost all banks are required to maintain a minimum amount in their account. Almost all banks also charge fines from customers who do not maintain the minimum balance. This minimum amount stipulation varies from bank to bank and is generally decided on the basis of geographical locations and type of account.
