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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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Xbox announces 3,200 layoffs as Asha Sharma outlines major restructuring plan

Xbox has announced plans to lay off 3,200 employees over the next year while introducing a major restructuring programme that includes management changes, studio restructuring and cost-cutting measures.

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XBOX layoff

Xbox has announced plans to reduce its workforce by 3,200 employees, representing around 20 per cent of its total staff, over the coming year as part of a broader restructuring programme linked to Microsoft’s increased investment in artificial intelligence.

According to an email shared with employees by Asha Sharma, the company will begin the process immediately, with 1,600 employees leaving on Monday, while the remaining job reductions will take place during FY27. The company also plans to divest four gaming studios and is preparing to separate from another.

Business reset planned amid financial challenges

In her message to employees, Sharma said the company’s current financial position required significant changes, stating that Xbox’s business was operating at substantially lower margins than comparable platform and publishing companies.

She said the layoffs were not a reflection of employees’ commitment or abilities but were part of a wider effort to strengthen the company’s long-term business.

The workforce reduction comes as Microsoft continues implementing AI-focused cost-cutting measures across its operations. Overall, the technology company is reportedly cutting 4,800 jobs, with Xbox accounting for the largest share.

Sharma also described the gaming sector as experiencing one of its most challenging hardware periods and said the company needed to “reset Xbox” to improve its future performance.

Company to streamline operations and reduce management layers

As part of the restructuring strategy, Xbox plans to simplify its organisational structure, revise its content portfolio and improve platform operations.

According to Sharma, the company currently loses 64 cents for every dollar invested annually, making operational efficiency a key priority.

She said Xbox would increasingly support independent game creators by offering open development tools and broader audience access.

The restructuring will also see Mojang and King report directly to Sharma. She said both studios have evolved into major gaming platforms with large monthly active player bases and will play a central role in Xbox’s future strategy.

To improve decision-making, the company plans to significantly reduce its management hierarchy. Sharma said some departments currently have as many as 14 management layers, which slow down operations. Xbox aims to reduce this to no more than five layers, and in some cases, only three.

The company will also reduce vendor spending by 50 per cent as part of its cost-saving measures.

Helen Chiang promoted to Chief Operating Officer

Alongside the restructuring announcement, Sharma confirmed the promotion of Helen Chiang to the newly created position of Chief Operating Officer.

Chiang will oversee profit and loss responsibilities across Xbox’s content, hardware, platform and services divisions while reporting directly to Sharma.

According to Sharma, the new operating structure is intended to improve investment decisions, strengthen accountability and better integrate the company’s various business units.

Despite the ongoing restructuring and job cuts, Sharma said Xbox remains committed to long-term growth and plans to continue investing heavily in the business, while placing greater emphasis on disciplined spending and strategic priorities.

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India News

Bank holiday today: Are banks open or closed on June 29? Here’s what RBI calendar says

Banks in Himachal Pradesh and Mizoram will remain closed on June 29, 2026, due to regional holidays, while banking operations will continue normally in most other states.

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Bank Holidays

As June comes to an end, many customers are wondering whether banks across the country are open on June 29, 2026. According to the Reserve Bank of India’s (RBI) holiday calendar, bank operations will not be affected nationwide, but branches in some states will remain closed due to local holidays.

Banks closed in these states on June 29

Banks will remain shut in Himachal Pradesh on Monday, June 29, on account of Sant Guru Kabir Jayanti. In addition, bank branches in Mizoram will remain closed to observe Remna Ni, a regional public holiday.

However, bank branches in most other states and Union Territories are expected to function normally as June 29 is not a nationwide banking holiday.

Will online banking services remain available?

Even when physical branches remain closed, customers can continue using digital banking facilities. Services such as internet banking, mobile banking, UPI transactions, ATM withdrawals and cash deposits at ATMs will remain operational.

Customers planning to visit a bank branch are advised to check with their local branch beforehand, as holiday schedules may vary depending on the state and local observances.

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India News

Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

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Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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