Axis Bank revises savings, salary account tariff structure with effect from April 1, 2024

Axis Bank has revised savings account tariff structure for savings, salary accounts average balance minimum criteria, and cash transaction limitations. The new tariff will be effective from April 1, 2024, as per the Axis Bank website.

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 200,000Existing: 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:

Existing

• Free limit for overall cash transactions i.e. by self and by third party:
• PRIME/LIBERTY– First 5 transactions per month / transactions upto INR 1.5 lacs per month PRESTIGE – First 5 transactions per month/ transactions upto INR 2 lacs per month
• PRIORITY – First 7 transactions per month/ transactions upto INR 5 lacs per month
• Beyond above threshold, INR 5/1000 subject to a minimum of INR 150/-
• For third party transactions, INR 10/1000 subject to a minimum of INR 150/-

Revised

• 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 transactions to continue as
• PRIME/LIBERTY – First 5 transactions / transactions upto INR 1.5 lacs per month
• PRESTIGE – First 5 transactions / transactions upto INR 2 lacs per month
• PRIORITY – First 7 transactions / transactions upto INR 5 lacs per month

Revision of No Salary credit fee for Salary Savings Accounts
Existing
Salary accounts with following criteria are charged at INR 100/- per month:
1. 6 months vintage
2. Zero credit in two consecutive calendar months (by any mode viz cash, transfer, clearing, digital, etc.)
3. Not maintaining average balance as per base variant (Easy Access Savings Account)

Proposed
Salary accounts with following criteria will be charged at INR 100/- per month:
1. 4 months vintage
2. Not receiving salary credits in two consecutive calendar months.
3. Not maintaining average balance as per corresponding non-salary segment.

• Easy & Equivalent Savings – INR 12K
• Prime/Liberty – INR 25K
• Prestige – INR 75K
• Priority – INR 2 Lacs

All fees and charges are exclusive of taxes. The charges mentioned in the tariff will attract Goods & Services tax as applicable.

Existing exclusions to continue – Burgundy, Burgundy Private, NRI variants, Defence & Police, Axis Republic, Top Corporate Labels, Reimbursement accounts (SBERA).

NRI Priority Savings Account

• Existing: Average Quarterly Balance (AQB) of INR 200,000
• Revised: Average Monthly Balance (AMB) of INR 200,000

Non-maintenance of average balance fee
Existing: Accounts with Revised: Accounts with

Priority & Prime Savings Account (Cash transaction Limit)
Monthly free Limit for Third party Cash transactions
Revised
· 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.
· Overall cash transactions to continue as:
· Priority: – First 7 transactions per month / transactions upto 5 lakhs per month
· Prime:- First 5 transactions per month / transactions up to INR 1.5 lakhs per month