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Suspense crime, Digital Desk : Axis Bank, one of India's prominent private sector banks, has recently updated its rules and charges concerning ATM transactions and the maintenance of minimum account balances. These revisions, which came into effect from May 1st, are important for all customers to understand to avoid unexpected fees and manage their banking more effectively.

Key Changes in ATM Transaction Charges:                                                                                                                                             

The bank has revised the charges applicable after customers exhaust their free monthly ATM transaction limits.

  1. Free Transaction Limits:
  • At Other Bank ATMs: In metro cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, Hyderabad), Axis Bank customers generally get the first 3 transactions (financial or non-financial) free per month. In non-metro locations, this limit is typically 5 free transactions.
  • At Axis Bank's Own ATMs: Customers usually receive 5 free financial transactions per month. (Note: Some premium accounts may offer unlimited free transactions).                                                                                                               

                                                                                                                                                                                                        
   2. Charges Beyond Free Limits:

  • Financial Transactions: For every cash withdrawal made beyond the free limit at any ATM (Axis Bank or other banks), a charge of ₹21 plus applicable GST will be levied.
  • Non-Financial Transactions: For non-financial transactions like balance inquiries, mini-statement requests, or PIN changes conducted beyond the free limit at any ATM, a fee of ₹10 plus applicable GST will be charged.                                                                                                                                                                                                               

Revisions in Minimum Account Balance (AMB) Requirements:                                                                                                               

Axis Bank has also adjusted the Average Monthly Balance (AMB) requirements for several of its savings account variants. For example:

  • For Easy Access Savings Accounts and similar schemes:
  1. In metro/urban areas, the required AMB has been increased from ₹15,000 to ₹18,000.
  2. In semi-urban areas, the AMB is up from ₹5,000 to ₹6,000.
  3. In rural areas, the requirement has been raised from ₹2,500 to ₹3,000.

Failure to maintain the stipulated AMB will attract non-maintenance charges as per the bank's schedule of fees.

It's worth noting that certain premium account categories, such as 'Prime' and 'Liberty' savings accounts, often come with benefits like unlimited free ATM transactions, making them exempt from these specific transaction-based charges.

Axis Bank customers are advised to review the specific terms and conditions associated with their account type and monitor their ATM usage and account balances to avoid incurring these revised charges. Staying informed about these changes can help in better financial planning.


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