Axis Bank has increased the minimum balance amount for easy savings and similar savings accounts in metro cities and metropolitan areas. Axis Bank, one of the largest private sector banks in India, has recently announced various changes in its financial transactions. These announcements are published on the official website of Axis Bank.
Savings Account Minimum Balance:
Each bank has set a minimum balance for each savings account, ie a certain amount that must always be in the account.
There should be a minimum balance of ₹ 500 for a few banks. Some banks require a minimum balance of ₹ 5000 for a savings account.
In that regard, Axis Bank has now announced a minimum balance of ₹ 12,000 for Easy Savings and some other similar savings accounts. Earlier, the bank had fixed a minimum balance of ₹ 10,000 for such savings accounts.
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This means that if you have a savings account with Axis Bank you should always have a minimum balance of ₹ 12,000 in your bank account.
The bank said the savings account minimum balance increase would only apply to metro and urban cities. The announcement said the change would only apply to Axis Bank savings accounts, which have been required to have a minimum balance, and not to zero balance accounts or any other bank account.
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As mentioned on the Axis Bank website, this minimum balance increase applies to both domestic savings accounts and NRI savings accounts. Not only that but it also applies to Digital and Savings SBEZY Equivalent, Smart Privilege and some other accounts.
If you maintain a minimum balance in your account, you will be charged accordingly. This too will vary according to each bank. Further details can be found on the official website of Axis Bank.
Free Cash Transaction Limit:
It also announced changes to the rules relating to cash transactions. Previously, up to 2,00,000 was offered free of charge. Currently it has been reduced to 1,50,000.
These rules have been in effect since April 1, 2022.
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