Popular private sector Axis Bank increased various service charges for savings bank account holders last month. Now the bank is going to increase the fee on MMS services. In such a situation, customers may have to loose more pockets. These rules will be applicable from July 1.
The bank said that from July 2021, it will charge customers 25 paise for each SMS alert and 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. The bank has taken the decision to increase MMS charges keeping in mind the new system introduced by the Telecom Regulatory Authority.
Earlier, 5 paise per message was being charged every month by Axis Bank. But after the implementation of the new rule, it will be 25 paise per message. It is to be known that this private sector bank had increased the cash withdrawal fee from ATMs more than the free limit. Along with this, Axis Bank had also increased the minimum balance for various types of savings accounts.
FD interest rates also changed
Axis Bank also revised interest rates on fixed deposits in May. Under this, it is offering an interest rate of 2.50 percent on maturity between 7 days to 29 days. Offering 3% interest on FDs less than 30 days and 3 months and 3.5% on FDs less than 3 months and 6 months. At the same time, 4.40 percent interest is being given in 6 months and 11 months less than 25 days. The bank will give an interest rate of 5.20 percent on deposits maturing in 15 months and less than 18 months. Axis Bank offers an interest rate of 5.40 per cent on long term FDs maturing in 2 years to 5 years. With deposits maturing in 5 years to 10 years, you will get an interest rate of 5.75 percent.
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