Axis Bank, one of the leading banks in the domestic private sector, has announced changes to several rules, including the minimum average balance in salary and savings accounts. According to the bank’s official website, the new rules were effective from April 1, 2024.
Axis Bank is the fourth largest bank in the country. It offers various types of salary accounts to employees working in private companies. The bank has partnered with various companies to open salary accounts and facilitate the payment of employee salaries.
According to the revised details on the Axis Bank website, the bank is making changes related to various aspects, such as salary not being deposited in the salary savings account. The details state that when there is no salary credit for four months or non-deposit of salary accounts for two consecutive months, the bank will charge Rs. 100 per month on the salary accounts.
Additionally, depending on the type of salary account, there should be a minimum balance. The minimum balance is Rs. 12,000 for the Savings account, Rs. 12,000 for the Prime Liberty account, Rs. 75,000 for the Prestige account, and Rs. 2 lakhs for the Priority account.
Axis Bank Savings Account Charges 2024
Axis Bank has also revised its savings account charges, including changes to the average minimum balance and cash transaction limits. The average quarterly balance of the Priority Savings Account is Rs. 2 lakhs, and the monthly minimum balance has been changed to Rs. 2 lakhs as well. Furthermore, Prime, Liberty, Prestige, and Priority savings accounts have a free limit on third-party cash transactions, up to Rs. 25,000 for separate third-party transactions. After that, customers must pay Rs. 10 for every Rs. 1000. The Prime Liberty account is free for up to 5 transactions, free up to Rs. 1.5 lakh per month, while the Prestige account is free for the first 5 transactions only up to Rs. 2 lakh per month. The Priority account is free for the first 7 transactions up to Rs. 5 lakh per month.
