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Soon, you will be charged even for failed transactions at Axis Bank ATMs

The proposed fee will be Rs 25 per transaction; the bank has uploaded a notice on its website listing this and three other charges coming into effect from 1 April 2020

BS Web Team 

Axis Bank

Private lender is set to extend the ATM transaction failure charge to its own 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.

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.

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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’. 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.

First Published: Tue, February 25 2020. 20:04 IST
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