4 Banks to increase their Service Charges and Minimum Balance From August 1
1. Bank of Maharashtra
The earlier policy of the bank included Rs. 1,500 as average monthly balance but according to the revised policy, an average minimum balance of Rs 2,000 must be maintained in the savings account on the monthly basis. On failing, a penalty maximum of Rs 75 in the metro and urban branches, Rs 50 in semi-urban branches, and Rs 20 in rural branches are imposed per month.
2. RBL Bank
Charges for a lost or damaged debit card are revised to Rs 200 in addition to an annual fee of Rs 250 for issuing the Titanium Debit Card. A limit of five free ATM transactions is also being imposed.
3. Kotak Mahindra Bank
After five free transactions per month, debit card-ATM charges have been fixed at Rs 20 per cash withdrawal and Rs 8.50 per non-financial transaction for savings and corporate salary account holders at Kotak Mahindra Bank. An amount of Rs 25 fee will be charged on each failed transaction for insufficient balance. A penalty will be charged for not maintaining an average minimum balance and an additional fee of Rs 100 per transaction will be charged for every fourth transaction.
4. Axis Bank
Charges on cash and ATM transactions beyond the monthly free limit have been imposed by Axis Bank along with charges for maintaining minimum account balance in its prime and premium savings accounts.