 "Soon, you will be charged even for failed transactions at Axis Bank ATMs")
Private lender Axis Bank is set to extend the ATM transaction failure charge to its own ATMs from 1 April 2020. The proposed fee for failures due to insufficient funds is Rs 25 per transaction.
The announcement is among four charges proposed by the bank in a notice titled ‘Introduction of Fee on Negative behaviour' and uploaded on its website.
Axis Bank customers received a text message from the bank informing them of the proposed changes. The text read: "Attention! Fees and charges applicable on your Savings/Salary Account have been changed; to know more about the new fee structure, click here bit.ly/2SIHmPW".
The notice also states that there will be an increase in transaction failure fee for accounts not maintaining balance.
The bank is set to further introduce ‘fair usage fees on branch transactions’.
“It is proposed to introduce Fair usage fees for branch transactions which include branch cash, outward clearing, fund transfer, RTGS/NEFT & Remittances,” the note reads.
The proposal is to have 15 transactions free per month, and a charge of Rs 75 per transaction would be levied from the 16th transaction onwards. This will be over and above the existing fee structure.
The cheque book rate structure is also set to be tweaked according to ‘market practice’. Axis Bank customers will now avail of one multicity cheque book per year, instead of one such book every quarter, which is the existing practice. Further, the price of cheque book is set to rise to Rs 100 for each book having 20 leaves, compared to the prevalent price of Rs 60. The price per cheque/leaf is set to increase to Rs 5 from Rs 3.
The bank has also proposed to rationalise its free cash transaction limits across schemes, bank note acceptor (BNA) convenience fees and fee structure for its ‘Easy & Equivalent Savings’ scheme.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%