Private sector lender Axis Bank has hiked various service charges for its savings bank account holders. Some of these changes came into effect from 1 May 2021. The private sector lender has increased cash withdrawal charges from ATM beyond the free limit. Also, it has increased the minimum balance requirements for various types of savings accounts.
The Bank had recalibrated its SMS charges too following the new regime introduced by the telecom regulatory authority. The bank has said that from July 2021 it will charge customers 25 paise for every SMS alert subject to a maximum of ₹25 a month. This will not include promotional text messages or messages sent to the customer or the OTP sent for authentication of transaction.
"Due to a recent change by the telecom regulator, Axis Bank has also recalibrated its SMS charges. Instead of charging a flat fee of ₹5 every month, it will now charge 25 paise for every SMS alert, subject to a maximum of ₹25 per month, effective July 1 (except for one-time passwords and promotional messages) sends you," the lender posted on its website.
