New Delhi: Axis Bank Recently Increased Various Service Charges For Its Savings Bank Account Holders. While Some Of These Changes Came Into Effect From 1 May 2021, Others Will Be Effective From 1 July. Axis Bank Has Increased The Cash Withdrawal Charges From ATMs Over And Above The Free Limit. It Has Also Increased The Minimum Balance Requirements For Different Types Of Savings Accounts.
The Lender Had Restructured Its SMS Charges Following The New Regime Introduced By The Telecom Regulatory Authority. The Bank Informed Customers That From July 2021, It Will Charge Customers 25 Paise For Each SMS Alert, Subject To A Maximum Of Rs 25 Per Month. This Will Not Include Promotional Messages Or Messages Sent To The Customer Or OTPs Sent For Authentication Of Transactions.
SMS Charges:
Axis Bank Has Re-Calibrated Its SMS Charges Due To The Recent Change Made By The Telecom Regulator. Instead Of Charging A Flat Fee Of Rs 5 Every Month It Will Charge 25 Paise For Every SMS Alert, Subject To A Maximum Of Rs 25 Per Month, With Effect From July 1 (Excluding One-Time Passwords And Promotional Messages) It Sends To You . No SMS Alert Charges On Premium, Staff, Pension, Small And Basic Accounts Etc.
Bulk Messages Have Been Mandated To Conform To A Particular Standard In The New Telecom Regulations. SMS Not Matching This Format Get Blocked. The Process Of Authenticating SMS Alert Messages Is Called ‘Scrubbing’. Industry Sources Say The New Cost Is To Recover The Cost Of Scrubbing The Messages. Other Banks May Also Announce Similar Changes In SMS Charges.
Markets Regulator SEBI Has Recently Given More Time For Implementation Of Guidelines Related To SMS Alerts Under The Unified Payment Interface (UPI) System For Shares Implemented And Allotted During IPOs. The Deadline For Setting Up An Automated Web Portal In Respect Of Initial Public Offers (IPOs) Through The UPI System Has Also Been Extended.
The Extension Has Been Given After Contacting The Stakeholders Seeking Additional Time To Implement The Changes In The System In View Of The Prevailing Uncertainty Due To The COVID Pandemic. SEBI Said In A Circular That The Framework For Automated Web Portals Will Come Into Effect From October 1, 2021, While Those Related To SMS Alerts Will Come Into Force From January 1, 2022. Earlier, The Framework Was To Come Into Force For The IPO Opening From May 1, 2021.
With Regard To SMS Alerts, The Regulator Said That Self Certified Syndicate Banks (SCSBs) Will Have To Continue To Send SMS Alerts During The Actual Block/Debit/Unblock Of Unified Payment Interface (UPI) In The Prescribed Format. The Regulator Said The Details Of The Total Number Of Shares Applied, Allotted Or Non-Allocated For Public Issue With Effect From January 1, 2022, Would Be Included In The SMS.
