Thursday, July 16, 2020

Axis, Kotak Bank Increases Charges on Deposit and Withdrawl | BOM increased Minimum Balance after 1 August 2020

On one hand, the public is suffering due to the attack of Chinese Virus, on that banks also imposed the burden of their minimum balance and charges on the public.

Banking rules are going to change in Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank and RBL Bank from August 1. They will directly affect you. From this date, while some of these banks will charge fees on cash withdrawals and deposits, many are increasing the minimum balance. This is the amount that you have to maintain in the account. Penalty occurs when the account is less than the amount

Savings account holders of Bank of Maharashtra living in metro and urban areas will now have to maintain an average minimum balance in their account. It has been increased to Rs 2,000. Till now, Rs 1,500 had to be maintained in the account. If there is less balance in the account, there will be a penalty of Rs 75 in metro and urban areas. It is kept at Rs 50 in branches in semi-urban areas and Rs 20 in rural branches.

Current account holders of the bank will have to maintain an average monthly balance of Rs 5,000. Earlier this balance had to be maintained on a quarterly basis. After three free transactions in a month, both your and other bank branches will incur a cash handling fee of Rs 100 on deposits and withdrawals. Where the deposit for the locker has been reduced. At the same time, the penalty has been increased for locker rent arrears.

Bank of Maharashtra MD and CEO AS Rajiv said that there has been a lot of change in the banking industry after Covid-19. She is moving towards being digital. As part of our banking digital strategy, we are encouraging customers to use alternative channels in the current environment.

 Axis Bank customers will have to pay Rs 25 per ECS transaction. Earlier it was free. It has also started imposing charges on lockers' access beyond a limit. This private bank will also charge a cash handling fee of Rs 100 per bundle

Praveen Bhatt, head (retail liabilities and direct channel) of Axis Bank said that the focus of the bank is on promoting digital methods. He does not want more cash to be used.

The savings and corporate salary account holders of Kotak Mahindra Bank will have to pay a debit card-ATM charge of Rs 20 on every cash withdrawal after five free transactions every month.  Similarly, Rs 8.5 will be charged for every non-financial transaction. Due to insufficient balance, a fee of 25 rupees will be collected for a failed transaction at the merchant outlet or website or ATM.

Kotak Mahindra Bank will charge a penalty from the account holders for not maintaining the average minimum balance. This will depend on the category of the account. Apart from this, a withdrawal fee of Rs 100 will be charged after every four transactions.

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