Rules in lieu of minimum balance and fees on transactions at Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank and RBL Bank. It will be effective from August 1.
new Delhi. Many banks have announced a charge on minimum balance from August 1 to increase their cash balance and digital transactions. Also, after three free transactions in these banks, fees will also be charged. The charges will be effective from August 1 at Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank and RBL Bank. Savings account holders in Bank of Maharashtra have to keep a minimum amount of Rs 2,000 in their account in metro and urban areas, which was Rs 1,500 earlier. If the balance is less than Rs 2,000, the bank will charge Rs 75 in metro and urban areas, Rs 50 in semi-urban areas and Rs 20 per month in rural areas.
Bank of MaharashtraAfter three free transactions in a month in all branches of Bank of Maharashtra, there will be a charge of up to Rs 100 on deposits and withdrawals. Also, the deposit amount for the locker has been reduced but the penalty on the locker has been increased. Bank and Maharashtra MD and CEO, AS Rajeev said that the bank is currently doing all this to promote digital banking due to the Krona transition and to bring in fewer people to the bank. Some changes have also been made in the bank service charge.
Axis Bank – Axis Bank account holders will now have to pay 25 rupees on every transaction on ECS transactions. ECS transactions were previously charged at no charge. The private bank has introduced a handling fee of Rs 100 per bundle for bundles of Rs 10/20 and Rs 50.
Kotak Mahindra Bank Savings and Corporate Pay Account holders – Debit Card – ATM withdrawals five times a month after withdrawing Rs 20 per cash withdrawal and non – Financial transaction will be charged at Rs 8.5. If the transaction is unsuccessful if the balance is reduced in the account, then a fee of Rs 25 will be levied. Account holders in Kotak Mahindra Bank will have to pay a penalty for not keeping minimum balance on account category basis. In addition, a cash withdrawal fee of Rs 100 per transaction has been introduced for every fourth transaction.