1. Revision in average balance requirement criteria for Prestige savings accounts
The minimum balance requirement for Prestige savings accounts has changed from an average quarterly amount of 75,000 rupees to an average monthly balance (AMB) of 75,000 rupees.
| Details | Existing | Revised |
| Average balance required for Prestige schemes | Metro/Urban/Semi Urban/Rural | Metro/Urban/Semi Urban/Rural |
| Average Quarterly Balance (AQB) of INR. 75,000 | Average Monthly Balance (AMB) of INR. 75,000 |
Also read: NPS withdrawal, post office schemes’ investment limits, hallmarking of gold: Seven money changes that will come into effect in April 2023
2. Revision of charges on non-maintenance of minimum average balance
| Fee | Existing | Revised | |
| Non-maintenance of | INR. 7.5% of the | Easy & Equivalent (all amount in INR.) | |
| average balance charges | shortfall from AMB | Metro/Urban | |
| (applicable for Easy & | Requirement | Average Monthly | Fee |
| equivalent, Prime/Liberty, | Min: Nil | Balance (AMB) | |
| Krishi, Insurance Agent, | Max: | >=11,000 to | 50 |
| Future Star, Senior | Easy & Equivalent | >=9,000 to | 150 |
| Privilege and Premium | Metro/Urban – | >=6,000 to | 250 |
| segment) | INR. 600 | >=3,000 to | 450 |
| Semi Urban – INR. | 0 to | 600 | |
| 300 | Semi Urban | ||
| Rural – INR. 250 | AMB | Fee | |
| Premium segment | >=4,000 to | 50 | |
| is charged for Non | >=2,500 to | 150 | |
| maintenance if the | 0 to | 300 | |
| threshold is below | Rural | ||
| 25% of the | AMB | Fee | |
| required balance | >= 1000 | 75 | |
| 0 – | 150 | ||
| Senior Privilege Savings Account | Metro/Urban |
| Average Quarterly | Fee |
| Balance (AQB) | |
| >=11,000 to | 50 |
| >=9,000 to | 150 |
| >=6,000 to | 250 |
| >=3,000 to | 450 |
| 0 to | 600 |
| Semi Urban | Fee |
| >=4,000 to | 50 |
| >=2,500 to | 150 |
| 0 to | 300 |
Premium (Prestige)
Premium (Priority)
Future Stars Savings Account- Metro/Urban/Semi Urban
According to the Axis Bank website, “Non-maintenance fee is waived off for accounts having shortfall up to Rs 500 from the required minimum average balance. Non-maintenance fee is not applicable for Premium segment accounts if 25% of required TRV is maintained. Accounts with nil balance requirement like Small & Basic accounts, Salary accounts, Defence accounts, Ladies First card accounts, Youth Savings account, Sahaj accounts, Pension accounts, Trust & FCRA accounts are excluded from application of this fee”
3. Rationalisation of free cash transaction limit
| Details | Existing | Revised |
| Monthly free cash transaction limit (sum total of deposits & withdrawals) for Easy & Equivalent schemes | Number Limit: 4 | Number Limit: 4 |
| Value Limit: INR. 1.5 | Value Limit: INR. 1 Lakhs | |
| Lakhs | (whichever is earlier) | |
| (whichever is earlier) | ||
| Monthly free Limit for Third party Cash transactions | Part of the overall limits | Free monthly limit: INR. 25,000 |
| (Easy & Equivalent schemes) | Post free limits, INR. 10 per | |
| 1,000 or part thereof, subject to | ||
| a minimum of INR. 150/- | ||
| Monthly free Limit for Silver Trust Accounts | Cash Deposit free limit per | Cash Deposit free limit per |
| month (Home & Non- | month (Home & Non-Home | |
| Home Branch) – INR. 50 | Branch) – 8 times of Monthly | |
| Lakhs | Average Balance (MAB) | |
| Cash withdrawal: | maintained or INR. 50 Lakhs | |
| Unlimited | whichever is earlier | |
| Cash withdrawal: Unlimited |
4 Revision of DD issuance fee
| Fee | Existing | Proposed |
| Upto INR.10,000 – INR. 50 | ||
| Upto INR. 10,000 – INR. | >INR. 10,000 – INR. 20 Lakhs- INR. 5 per | |
| 50 | 1000 (min INR.. 75/-max INR. 7,500) | |
| DD Issuance | >INR. 20 Lakhs – INR. 1 cr- INR. 5 per | |
| charges | Above INR. 10,000 – INR. 5 | 1000 (max INR.10,000) |
| per 1,000 (min INR. 75/-max | Above INR. 1 cr- INR. 5 per 1000 (max | |
| INR. 10,000) | INR. 15,000) |
5. Revision of Inward cheque return charges
| Fee | Existing | Revised |
| Cheque Return – financial reasons | INR. 500 / instance | 1st return – INR. 500 |
| 2nd return onwards- INR. 550 | ||
| Cheque return – non- financial | INR. 50 / instance | INR. 150/ instance |
| reasons |
6 Revision of NACH Debit Failure charges
| Fee | Existing | Revised |
| NACH Debit Failure | INR. 500 / instance | 1st return – INR. 500 |
| 2nd return onwards – INR. 550 | ||
| NACH Debit Failure – Trust | INR. 50 / instance | 1st return – INR. 500 |
| segment | 2nd return onwards- INR. 550 |
7 Introduction of Branch NEFT/RTGS charges
| Fee | Existing | Revised |
| Branch NEFT Charges | Nil | Branch – Upto 10,000: INR. 2; |
| 10,001 to 1,00,000: INR. 4; | ||
| 1,00,001 to 2,00,000: INR. 14; | ||
| > 2,00,000: INR. 24 | ||
| Branch RTGS Charges | Nil | 2-5 lakhs – INR. 20 |
| >5 lakhs – INR. 45 |
8 Introduction of deliverable return charges
Deliverables that are returned for unfavourable reasons, such as address not located, customer not found, party moved, customer not resident at the supplied address, incomplete address, etc., will be charged INR 50 per return.
9 Revision in select service charges for savings account for Senior citizens
| Fee | Existing | Revised |
| Cheque book issuance | INR. 4 per leaf | INR. 3 per leaf |
| Duplicate Passbook/Statement | INR. 100 | INR. 75 |
| DD/PO Issuance | Nil free | 1 free p.m. |
| DD Cancel/ Revalidation/Duplicate | INR. 100 | INR. 75 |
| Photo attestation | INR. 100 | Nil |
| Address Conf/ Signature | INR. 100 | Nil |
| Verification/Balance Certificate |
As per the website, “Applicable for only Senior citizen accounts namely – Senior privilege savings account, Prestige senior account, Senior privilege priority savings account, Burgundy senior privilege account.”
