This major bank overhauls certain tariffs for salary, savings accounts – All you need to know

financialexpress.com:

Axis Bank has revised certain criteria, including average balance requirement, for salary and savings accounts with effect from April 1, 2024.

Axis Bank, India’s 4th largest bank, offers different types of salary accounts to individuals who work for various companies in the private sector. Banks tie up with companies for opening salary accounts of their employees since it simplifies for employers payroll processes.

Here’s what the bank’s website says about revision of ‘no salary credit fee’ for salary savings accounts proposed:

Salary accounts with following criteria will be charged at INR 100/- per month:

Easy & Equivalent Savings – INR 12K

Prime/Liberty – INR 25K

Prestige – INR 75K

Priority – INR 2 Lacs

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The private sector bank has also revised savings account tariff structure for savings accounts average balance minimum criteria, and cash transaction limitations.

Revision in average balance requirement criteria for Priority Savings Accounts:

For Priority savings accounts, the average balance requirement has been changed from an average quarterly balance (AQB) of Rs 200,000 to an average monthly balance (AMB) of Rs 200,000

Existing: Average Quarterly Balance (AQB) of INR 200,000

Revised: Average Monthly Balance (AMB) of INR 200,000

Rationalisation of free cash transaction limit:

For Prime/Liberty/Prestage and Priority savings accounts, there is a monthly free limit on third-party cash transactions.

Cash transaction limits are revised as per the details given below:

Separate third-party transaction free limit of INR 25,000 per month.

Beyond free limit, INR 10 per thousand, subject to a minimum of INR 150/- Remaining cash