Axis Bank has increased the minimum balance requirements for several types of savings accounts. The latest revision in Average Monthly balance is applicable to Domestic and NRI - Easy and Equivalent includes all schemes under Digital and Savings SBEZY equivalent, Smart Privilege, and others, according to the Axis Bank website.
Axis Bank savings account: Minimum monthly balance
The average balance requirement threshold for Easy Savings and equivalent schemes at Metro/Urban locations is revised from ₹10,000 to ₹12,000.
“The change in monthly balance requirement only applies to schemes where the average balance requirement is currently Rs. 10,000," the lender noted on its website.
Axis Bank cash transaction limit
The free cash transaction limit has been reduced.
The new limit has been lowered from ₹2 lakh to ₹1.5 lakh, according to the same notice. “Monthly free cash transaction limits are revised from Rs. 2 lakhs to Rs. 1.5 lakhs for Easy Savings and equivalent schemes," the bank said.
The changes are applicable from April 1, 2022.
Axis Bank latest FD rates
Axis Bank has increased interest rates on fixed deposits for tenure 1-year 11 days to less than 1-year 25 days by 5 basis points to 5.30%. The revised rate will be applicable from 21 March.
Meanwhile, the Reserve Bank of India (RBI) on Friday said it has imposed a penalty of ₹93 lakh on Axis Bank for various violations, including those related to KYC guidelines.
The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines and 'levy of penal charges non-maintenance of minimum balances in savings bank accounts, it added.
