Axis Bank reduces free cash transactions limit to Rs 1.5 lakh

Mumbai, April 13 (KNN) Private sector lender Axis Bank has reduced free cash transaction limit from Rs 2 lakh to Rs 1.5 lakh and increased limit for easy savings and similar account minimum balance in metro, urban areas from Rs 10,000 to Rs 12,000.

Earlier the free limit for the first monthly cash transaction was the first four transactions or Rs 2 lakh, whichever comes first.

Now with the new rule, the free cash transaction limit will be for the first four transactions or Rs 1.5 lakh, whichever is earlier.

The private lender made this changes on April 1, the first day of the new fiscal year.

In order to avoid fine, Axis Bank customers that earlier required an average balance of Rs 10,000 will now have to maintain a minimum amount of Rs 12,000.

The changes announced are applicable for both domestic and NRI customers, said the commercial bank.

These changes will also be applicable to other schemes including Digital and Savings SBEZY Equivalent, Smart Privilege under Easy and Equivalent.

Monthly Service Fee (MSF) will be charged from the customers for every difference of Rs 100 in the prescribed minimum amount plus Rs 5 plus Rs 75 or Rs 500 whichever is less. For urban customers the minimum fee is Rs 75.

The bank has made no changes in the non-home and third party cash transaction limits. (KNN Bureau)