The Average Balance Requirement Hiked

BANKING AND ECONOMY

  • The minimum balance of several types of savings accounts was hiked by the Axis Bank with immediate effect for eligible customers of the bank.
  • The hike revision is applicable to Domestic and NRI - Easy and Equivalent includes all schemes under Digital and Savings SBEZY equivalent, Smart Privilege, and others.
  • The minimum balance for Easy Savings and equivalent schemes at Metro/Urban locations was raised to ₹12,000 from ₹10,000.
  • The free cash transaction limit has been reduced from ₹2 lakh to ₹1.5 lakh.
  • The customers with zero balance accounts or with accounts that have other minimum balance requirements are not falling within this ambit.

Facts to know:

 

  • Recently, the RBI imposed a fine of Rs.93 lakhs on Axis Bank for violation of certain guidelines of RBI.
  • Axis Bank was established in 1993.
  • Headquarters of Axis Bank: Mumbai
  • CEO of Axis Bank: Amitabh Chaudhry.
Axis Bank
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