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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.

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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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How to Buy an iPhone with the Bajaj Finserv EMI Card

iPhones are on the wishlist of many Apple enthusiasts and gadget lovers. These smartphones, manufactured by Apple, one of the leading companies in the world, come with a wide range of cutting edge features

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Apple iPhone 14 Pro Max

iPhones are on the wishlist of many Apple enthusiasts and gadget lovers. These smartphones, manufactured by Apple, one of the leading companies in the world, come with a wide range of cutting edge features. The experience of owning and using an iPhone is definitely different and unmatched. 

However, as with any product that is as feature-rich and well-designed as the iPhone, the price tag on these devices can be quite a downer. If you have the latest iPhone in your cart, but the steep price is stopping you from checking out, here’s an idea. Why not buy your iPhone on EMI?

Buying an iPhone on EMI 

Normally, when you make a purchase at a store or online, you will have to pay the entire price upfront. Now, in the case of an iPhone, paying the whole cost at the time of purchase can be quite challenging, because even entry level phones from Apple cost around Rs. 40,000 or more.

However, you can work around this by buying your iPhone on EMI or Equated Monthly Instalments. This means the purchase price of the iPhone will be divided into multiple EMIs across the EMI tenure you choose. You can then pay back the cost across this tenure by breaking up the lump sum payment into smaller EMIs.

For availing this service, you will have to pay an additional interest on the purchase price. But by applying for the Bajaj Finserv Card online, you can get your iPhone on no cost EMIs too, meaning that you don’t have to pay any extra charges.

How to Buy an iPhone with the Bajaj Finserv EMI Card

Buying an iPhone on EMI with the Bajaj Finserv EMI Card is fairly easy. You only need to follow the steps listed below.

Step 1: Browse the latest iPhones on the websites of our partner stores.

Step 2: Select the iPhone you wish to purchase and click on ‘Buy Now.’

Step 3: At the time of checkout, choose the Bajaj Finserv EMI Card as your preferred mode of payment and select the ‘No Cost EMI’ option.

Step 4: Choose the tenure over which you want to pay the EMIs.

Step 5: Click on ‘Submit’ and place your order. 

That’s it! This is all you need to do to buy your preferred iPhone on EMI. Using the Bajaj Finserv Card online is very simple. You can also use the card to pay for your Apple smartphone on EMI at any of the physical branches of our partner stores. 

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Reasons to Buy iPhones on EMI with the Bajaj Finserv EMI Card

There are many advantages that come with using the Bajaj Finance Card online to buy your preferred iPhone on EMI. Here are the top benefits. 

  • Zero Down Payment 

You can buy the best iPhones in the market on EMI even without a credit card. And you don’t even need to make a down payment on your purchase. 

  • High Pre-Approved Loan Limit

With the Bajaj Finserv EMI Card, you get a high pre-approved loan up to Rs. 4 lakhs. This is more than sufficient for you to get your preferred iPhone and pay for it in instalments.

  • Convenient Repayment Tenures

You can choose to repay your EMIs over convenient repayment tenures ranging from 3 to 24 months. 

  • No Foreclosure Charges

In case you want to pay off your purchase cost before the end of the repayment tenure, you can do so without any foreclosure charges. This can be done at any time after the first EMI has been paid.

  • No Added Charge on EMIs

You do not need to pay any additional interest charges on the EMIs, thanks to the no cost EMI option offered on the Bajaj Finserv EMI Card.

Conclusion

So, as you can see, it is extremely easy to buy your favourite iPhone on EMI using the Bajaj Finserv EMI Network Card. The steps listed in this article should help you make your purchase easily. Once you’ve made your purchase, remember to pay your EMIs on time, so your credit history and your credit score can benefit from your timely repayments.

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Indian business magnate Rakesh Jhunjhunwala passes away at 62 due to cardiac arrest

He is survived by his wife, Rekha Jhunjhunwala, who is also an investor, and three children.

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Indian businessman Rakesh Jhunjhunwala passes away at 62 due to cardiac arrest

Indian business magnate Rakesh Jhunjhunwala passed away today at a Mumbai hospital. The 62-year-old billionaire died due to a cardiac arrest.

Known as the Big Bull of India, Jhunjhunwala was the founder of the newest airline Akasa Air. He was rushed to the Breach Candy Hospital at around 6.45 am after he suffered a cardiac arrest, however, doctors declared him dead on arrival.

According to the reports, Jhunjhunwala was not keeping well for the past few days. He was discharged from the same hospital two-three weeks ago after being treated for kidney-related problems.

He was also known as India’s Warren Buffett. He was reported to have a net worth of around $5.5 billion. He is survived by his wife, Rekha Jhunjhunwala, who is also an investor, and three children.

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RBI hikes repo rate and bank rate by 50 basis points, a look at the key announcements

Repo refers to the interest rate at which the central bank lends short-term funds to banks.

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Reserve Bank of India

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points to 5.4 percent with immediate effect. The RBI took this decision as part of its ongoing attempts to control inflation, which recently reached a multi-year high.

RBI Governor Shaktikanta Das announced the August bi-monthly monetary policy on Friday. Apart from the hike in repo rates, the bank rate has also been increased by 50 basis points to 5.65 percent, the standing deposit facility (SDF) has also been raised by 50 basis points to 5.15 percent, MSF also rose by 50 basis points to 5.65 percent.

Repo refers to the interest rate at which the central bank lends short-term funds to banks. Changes in this rate are frequently passed on to the broader banking sector. The bank rate is the rate charged by the central bank for lending funds to commercial banks. 

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The 10-year government bond yield increased by 10 basis points to 7.25 percent after RBI Governor Shaktikanta Das stated that further monetary accommodation is necessary due to the inflationary situation.

While announcing the policy, Das said MPC remains focused on the withdrawal of accommodation to ensure inflation remains within target going forward, while supporting growth.

The RBI has increased interest rates for the third consecutive time. The repo rate was increased by 50 basis points to 4.9 percent by the RBI’s MPC in its last monetary policy review in June. After a 40 basis point off-cycle monetary policy increase in May, it was the second increase in a month.

India is expected to be the fastest growing economy in FY23, according to RBI Governor Shaktikanta Das. The external debt-to-GDP ratio decreased from 21.2 percent in March 2021 to 19.9 percent in March 2022.

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