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Axis Bank raises average monthly balance, minimum account balance, cheque book charges and other service charges | All you need to know

Axis Bank, India’s largest private sector lender, has revised its banking and non-banking service charges for customers with savings and salary accounts.

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Axis Bank
Axis Bank, India's largest private sector lender, has revised its banking and non-banking service charges for customers with savings and salary accounts.

Axis Bank, India’s largest private sector lender, has revised its banking and non-banking service charges for customers with savings and salary accounts. The new rules include the increase of minimum account balance, service fee, transaction fee, cheque book charges, and other such details. Some of the new Axis Bank rules will come into effect from June 1 while others will come into effect from July 1.

New Axis Bank rules that will come into effect from June 1

  1. Average Monthly Balance

Axis Bank has raised the average monthly balance requirement for all salary and savings accounts under the Prime and Liberty account programs. According to the latest notification, the average monthly balance requirement for semi-urban has been hiked from Rs 15,000 to Rs 25,000 and the same rates have been hiked for rural accounts too.

  1. Monthly Service Fee on Non- maintenance of Account Balance

Under the easy and equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege, and Premium segments, the service fee will be applied to domestic and non-resident account variants. The monthly service fee has been raised to 7.5 percent of the average monthly balance requirement. Axis Bank has eliminated the minimum requirement for this while increasing the maximum amount from Rs 500 to Rs 600 in urban areas. In semi-urban areas, the maximum amount has been increased to Rs 300, and in rural areas, it is Rs 250.

Read Also: Former Haryana CM Om Prakash Chautala gets 4-year jail in disproportionate assets case

New Axis Bank rules that will come into effect from July 1

  1. Cheque Book Charges

Physical statement and duplicate passbook prices have been raised from Rs 75 to Rs 100 per instance. Charges for additional cheque books have been increased from Rs 2.5 to Rs 4 per leaf.

  1. NACH Debit Failure

The amount per transaction has been increased to Rs 500. Previously, the first transaction cost Rs 375, the second cost Rs 425, and the third cost Rs 500.

  1. Monthly Cash Transaction Free Limit

The cost structure for monthly cash transactions has been updated by Axis Bank. Axis Bank’s free cash transactions are now limited to the First 5 Transactions or INR. 1.5 lakhs, whichever comes first. Previously, it was the First 5 Transactions or INR 2 lakhs whichever is earlier.  This is valid for all Prime and Liberty savings account variants.

  1. Auto Debit Failure and Standing Instructions Rejection Charges

This has been revised to Rs 250 per transaction from the earlier Rs 200 per transaction. Transaction Charges on Cash Deposit Transaction: As per the Axis Bank website, INR 50 per transaction after banking hours (i.e. between 5:00 pm to 9:30 am) and on Bank/State Holidays for deposits exceeding 2 transactions or INR 5,000 per month (either single or multiple transactions), whichever comes first.

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Google reduces 10% of managerial staff to enhance efficiency and ‘Googleyness’

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Google has pruned its managerial workforce, reducing it by 10% in a move aimed at streamlining operations and redefining its corporate culture in a year-long push. This pruning, part of a broader efficiency drive, includes a 10% cut at manager, director, and vice president levels.

Reports indicate that during an all-hands meeting, CEO Sundar Pichai outlined the rationale behind the decision, emphasizing the need for efficiency and redefining the company’s core values, often referred to as “Googleyness.”

A Google spokesperson revealed that some affected employees would transition to individual contributor roles, while others faced role eliminations. These adjustments come amidst growing challenges in the tech industry, particularly with rapid developments in artificial intelligence (AI) and fierce competition from rivals like OpenAI.

The AI race and Google’s response

The tech giant has recently intensified its focus on AI innovations, unveiling Gemini 2.0, its most advanced AI model yet. Sundar Pichai described the new model as heralding a “new agentic era” in which AI systems are designed to comprehend and make decisions about the world.

This announcement boosted Google’s stock, which surged by over 4% following the news, a day after a 3.5% increase attributed to breakthroughs in its quantum chip technology.

Previous layoffs in 2024

The latest layoffs mark Google’s fourth round of job cuts in 2024. Earlier in January, Google eliminated several hundred positions in its global advertisements team. In June, its cloud unit also saw workforce reductions. By January of this year, Google had already cut 12,000 roles, equivalent to 6.4% of its global workforce.

In a letter addressed to employees during the earlier layoffs, Pichai took responsibility for the decisions, stating that the company had experienced dramatic growth that required adjustments to sustain operations. Despite efforts, he acknowledged the process could have been managed better.

Redefining ‘Googleyness’

At the same meeting, Pichai stressed the need to revisit and reshape the concept of “Googleyness.” This term, often used to define the company’s unique culture and hiring philosophy, will now play a pivotal role in transforming corporate dynamics to adapt to new challenges.

The adjustments highlight Google’s commitment to staying competitive while reshaping its operational framework to remain aligned with its long-term vision.

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Zomato introduces Food Rescue feature

“We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage,” he said.

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Zomato has introduced a new feature called Food Rescue to minimise food wastage, announced the food delivery platform CEO Deepinder Goyal on Sunday.

Announcing the new feature on X, Goyal said the decision, to introduce the new feature, was taken to prevent the tremendous amount of food wastage due to order cancellation on the platform.

Committed to minimising food wastage, the Zomato boss said: “We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage.”

Goyal said despite having stringent policies, and a no-refund policy for cancellations, more than 4 lakh perfectly good orders get cancelled, for various reasons by customers.

He said the top concern for the online food delivery platform, the restaurant industry, and even the customers who cancel these orders, is to somehow save the food from going to waste.

With the launch of the new feature, Food Rescue, cancelled orders will now pop up for nearby customers, who can grab them at an unbeatable price, in their original untampered packaging, and receive them in just minutes.

According to Zomato, the cancelled order will pop up on the app for customers within a 3 km radius of the delivery partner carrying the order. To ensure freshness, the option to claim will only be available for a few minutes.

The online food delivery platform will not keep any proceeds except the required government taxes and the amount paid by the new customer will be shared with the original customer (if they made payment online) and with the restaurant partner.

Orders containing items sensitive to distances or temperature such as ice creams, shakes, smoothies, and certain perishable items, will not be eligible for Food Rescue.

Restaurant partners will continue to receive compensation for the original cancelled order, plus a portion of the amount paid by the new customer if the order is claimed, the company said. “Most restaurants have opted in for this feature, and can opt of it easily whenever they want, directly from their control panels,” it added.

The delivery partners will be compensated fully for the entire trip, from the initial pickup to the final drop-off at the new customer’s location, it said.

Food Rescue will show up on the customers’ home page automatically if there’s a cancelled order available for them to grab. The Customers have to refresh the home page to check for any newly available orders which need to be rescued.

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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