Axis Bank Savings & Salary Account Tariff Revisions: Enhancing Flexibility for Customers

Axis Bank, one of India's leading private sector banks, has recently announced revisions to its savings and salary account tariff structure, effective April 1st, 2024. This move reflects the bank's commitment to aligning its services with evolving market dynamics.

Axis Bank has introduced revisions to its cash transaction limits, aiming to enhance customer flexibility and streamline banking services. Under the revised structure, a distinct monthly third-party transaction-free limit of INR 25,000 has been introduced, with a fee of INR 10 per thousand for transactions exceeding this limit, capped at a minimum of INR 150. The remaining cash transactions for Prime/Liberty, Prestige, and Priority accounts will remain unchanged: Prime/Liberty accounts will maintain their allowance of the first 5 transactions per month, Prestige accounts will retain the first 5 transactions per month, and Priority accounts will uphold the first 7 transactions per month, each with their respective transaction limits.

Additionally, Axis Bank has proposed revisions to the no-salary-credit fee for Salary Savings Accounts, whereby accounts meeting certain conditions will incur a monthly charge of INR 100. These conditions encompass a vintage of 4 months, the absence of salary credits for two consecutive calendar months, and the inability to uphold the average balance as stipulated by the corresponding non-salary segment requisites. The bank aims to ensure greater clarity and consistency in its fee structure while maintaining competitiveness and meeting the evolving needs of its customers.

One significant revision pertains to the average balance requirement for Priority Savings Accounts, which will now be based on an average monthly balance (AMB) of Rs 200,000, as opposed to the previous average quarterly balance (AQB) requirement. This adjustment aims to streamline account maintenance criteria and ensure consistency across account types.

Overall, these revisions signify Axis Bank's proactive approach to enhancing its banking services, ensuring greater transparency, and aligning its offerings with the evolving needs of its customers in an increasingly digital and dynamic banking landscape.