How to Fight and Waive Axis Bank Savings Account Charges
Axis bank offers a wide variety of savings accounts. The money in the accounts earns interest annually, bringing you extra money and helping you save money. However, a savings account in Axis bank also incurs some charges.
To fight these extra charges, there is a set of requirements you need to meet, which might be financially limiting, especially for people of limited means. To successfully fight and waive Axis Bank Savings Account charges, use DoNotPay.
Types of Axis Bank Savings Account Charges
The different types of savings accounts offered by Axis Bank are designed to accommodate people from all walks of life. Each account offers unique features that work to their best to meet your needs.
The most common types of Axis savings accounts are:
- Burgundy Digital Savings Account
- Priority Digital Savings Account
- Easy Access Digital Savings Account
- Small Basic Savings Account
- Future Stars Savings Account
- Government Scholarship Savings Account
- Easy Access Savings Account
- Liberty Savings Account
The different types of Axis Bank Savings Account incur different types of charges. These fees include:
1. Monthly Maintenance Fee
Each account holder at Axis Bank has to pay a monthly service price. The amount you pay is dictated by the location of the bank branch you use.
The monthly service fees are shown in the table below:
|Type of Account||Monthly Service Fee|
|Metro Account||Rs.5 for every Rs.100 shortfall plus Rs. 75 in required balance or Rs. 500, whichever is lower, with a minimum charge of Rs. 75.|
|Urban Account||Rs.5 for every Rs.100 shortfall plus Rs. 75 in required balance or Rs. 500, whichever is lower, with a minimum charge of Rs. 75.|
|Semi-urban Account||Rs.5 for every Rs.100 shortfall plus Rs. 75 in required balance or Rs.300, whichever is lower, with a minimum charge of Rs. 75.|
|Rural Account||Rs.5 for every Rs.100 shortfall plus Rs. 75 in required balance or Rs.250, whichever is lower, with a minimum charge of Rs. 75.|
2. Excessive Withdrawal Fee
Excessive withdrawal fees are fees imposed to limit the number of times and amount of money you take out of your Axis Bank savings account. The fees are Rs. 5 per Rs.1000 or Rs.150, whichever is higher for transactions above 15 free transactions, or Rs.20 lakhs, whichever is breached earlier.
3. ATM Transaction Fees
Axis Bank charges extra ATM withdrawal charges on withdrawals above the daily free withdrawal limit. Here is a representation of the fees:
|Cash Withdrawal (Financial transaction) fees beyond limits||INR.20 per transaction|
|Balance Inquiry (Non-Financial transaction) fees beyond limits||INR.10 per transaction|
4. Safe Deposit Locker Annual Rent
Axis Bank offers safe boxes for customers to save their valuable items. If you get a safe box from Axis Bank, you will pay an annual rent fee as follows, depending on the location of your savings bank branch of choice and the size of the locker room:
|Location||Charges (in Rs.)/Locker Size|
How to Avoid or Waiver Axis Bank Savings Account Charges by Yourself
1. Maintain the Minimum Average Monthly Balance
Axis Bank offers waivers on monthly service fees on the various accounts, provided that the average monthly balance is maintained. Here is a breakdown of each account and the average monthly balance required to secure a waiver:
|Type of Account||Average Balance Required (in Rs.)|
2. Upgrade Your Subscription
Locker room rental fees are standard; you cannot get a discount. However, if you upgrade your saving account status to a Priority account, you will automatically gain a 50% discount off on your locker rent.
A Priority account will not only give you a discount on locker rent but also on other services such as dining and movie discounts.
3. Transact Within the Provided Limits
To avoid fees such as excessive withdrawal fees, transact within the set limits. Below are the transactional limits you should operate within:
|Daily ATM Withdrawal||Rs.50,000|
|Daily POS Shopping Transaction||Rs.1,25,000|
|Metro/Urban Monthly Cash Transaction Fee||First 4 Transactions or Rs 2 lakhs|
|Axis Bank ATM: No. of Free Transactions||First 5 Financial transactions Free and Unlimited Non-financial transactions|
|Maximum Transaction Count Limit on ATM Transaction||Maximum 30 transactions allowed in a month|
How to Get Axis Bank Savings Account Charges Waived with DoNotPay
Axis Bank's platforms for lobbying for your savings account charges are difficult to maneuver and do not guarantee successful fee waivers. To successfully fight and waive Axis Bank Savings Account Charges, use DoNotPay. If you want to get Axis Bank savings to account charges waived but don't know where to start, DoNotPay has you covered in 4 easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
What Else Can DoNotPay Do for You?
DoNotPay is the perfect avenue to fight and waive Axis Bank Savings Account Charges because DoNotPay is
- Saves your resources
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