From average balance requirement to SMS charges to increased cash withdrawal, check out THIS bank's rules from May 1

Axis bank will charge 25 paise per SMS alert, up to a maximum of Rs 25 per month, instead of the current Rs 5 every month.

New Delhi: Axis bank customers may need to brace themselves, as the private lender has revised its various charges that will come into effect from May 1, 2021. From average balance requirement to SMS charges to increased cash withdrawal, here’s everything that Axis Bank has revised for its customers. 

Average balance requirement increased

Axis Bank customers will now have to maintain a monthly average balance of Rs 15000, up from Rs 10,000. Meanwhile, Prime and Liberty branded savings account holders will now have to maintain a monthly balance of Rs 25,000, up from Rs 15,000 earlier.

If you fail to maintain the limits set by the bank then get ready to pay Rs 10 per Rs 100 of the shortfall. However, Axis Bank has decreased the minimum charges that it can charge as a fine to Rs 50, while it has increased the maximum penalty to Rs 800 from Rs 600. 

Withdrawal charges increased

Axis Bank currently charges Rs 5 per Rs 1,000 per withdrawal after the free four transitions or cash withdrawals of up to Rs 2 lakh in a month. Customer will now have to pay Rs 10 for cash withdrawals after exhausting their free limit from May 1 onwards. 

HDFC Bank and ICICI Bank haven’t revised their charges yet and their fees still stand at Rs 5 per withdrawal after a customer exhausts the monthly free limit. 

Change in SMS charges

Axis Bank customers will now have to pay more as SMS charges. The bank will charge 25 paise per SMS alert, up to a maximum of Rs 25 per month, instead of the current Rs 5 every month. The rule will be effective from July 1. However, the bank won’t charge for one-time passwords and transactional OTPs.