Four Banks To Revise Minimum Balance, Handling Charges From August 1. Find Out New Rates Here

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Axis Bank has revised its cash and ATM transaction norms

Four banks – namely, Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank and RBL Bank – will impose revised minimum balance requirements and handling charges from August 1. Here are the details of the revised norms:

Bank of Maharashtra:

A savings account holder at Bank of Maharashtra, will now have to maintain a minimum of monthly average balance of Rs 2,000 with branches in metro and urban areas, compared to Rs 1,500 earlier, failing which there is a penalty of maximum of Rs 75 in metro and urban branches, Rs 50 in semi-urban branches and Rs Rs 20 in rural branches per month.

For current account holders, a monthly average balance of Rs 5,000 to be maintained, compared to the previous rule of quarterly maintenance. A cash handling fee of Rs 100 on deposits and withdrawals, after three free transactions (each) in a month in both home and  non-home branches put together has also been introduced. While deposit for locker has been reduced, the penalty for locker rent arrears has been increased.

Here is the full list of changes:

RBL Bank:

Private lender RBL Bank has revised the charges for replacing a lost or damaged debit card to Rs 200, besides charging an annual fee of Rs 250 to issue a ‘Titanium Debit Card’. It has also put a limit of five free ATM transactions.

Kotak Mahindra Bank:

For savings and corporate salary account holders at Kotak Mahindra Bank, debit card-ATM charges have been fixed at Rs 20 per cash withdrawal and Rs 8.50 per non-financial transaction, after five free transactions per month. Also, A Rs 25 fee will be levied on every failed transaction at merchant outlets or websites or ATMs, due to insufficient balance.

Account holders in Kotak Mahindra Bank will have to pay a penalty if they do not maintain an average minimum balance, depending on the account category. Besides, a cash withdrawal fee of Rs 100 per transaction for every fourth transaction has been introduced.

Axis Bank:

Axis Bank has decided to impose charges for not maintaining minimum account balance in its prime and premium savings accounts. Besides, it has also put charges on cash and ATM transactions beyond the monthly free limit. 

Here is the full list:

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