Axis bank issued a mail to the account holders for the simplification of calculating average quarterly balance. Now the AQB is replaced by AMB and the account will be charged 250 Rs/month for non maintaining average monthly balance.
At Axis Bank, we strive to make your banking experience easy and convenient. That is why we have revised our fee structure, to help you understand & track your account fees better.
Following are the key highlights of the simplified structure.
• All account fees will now be levied monthly to help you to track them easily. Accordingly, the non-maintenance charge for Average Quarterly Balance (AQB) will be replaced with a flat Monthly Service Fee (MSF) of Rs. 250 per month. However, the Monthly Service Fee (MSF) will not be applied in case the Average Monthly Balance (AMB) is maintained as per the prescribed limits.
• With effect from 1st April 2014, the calculation period for balance maintenance criteria for Savings Accounts will move from 15th to 14th of every quarter to 1st to 28th/29th/30th / 31st of every calendar month.
• There is no change in the Average Monthly Balance to be maintained in the account , which remains Rs. 10000