Many rules going to change in these banks, will be applicable from August 1

Many rules going to change in these banks, will be applicable from August 1

Many banks have changed the rules for increasing the minimum balance limit and fees on transactions.

Many banks are going to increase the minimum balance limit and change the rules for fees on transactions. These rules will be effective from August 1. Banking rules of Bank of Maharashtra, Axis Bank and Kotak Mahindra Bank are going to change this.

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According to media reports, many banks have made these changes to increase their cash balance and promote digital transactions. Now the savings account holders in Bank of Maharashtra have to keep a minimum amount of Rs 2000 in their account in metro and urban areas. Earlier this limit was Rs 1500, which has now been increased. Apart from this, a fee of Rs 75 per month will be charged in metro and urban areas due to low balance in the account. In semi-urban areas, the charge will be Rs 50 and in rural areas it will be Rs 20.

All three branches of Bank of Maharashtra will be charged up to Rs 100 for depositing and withdrawing money after three free transactions. Axis Bank account holders will now have to pay a charge of Rs 25 for each ECS transaction. Till now no charge was levied on ECS transactions. Now bundle handling charges have been introduced on bundles of Rs 10, Rs 20 and Rs 50.

Similarly, after withdrawing money from a debit card at Kotak Mahindra Bank five times a month, it took out Rs 20 per cash and would incur a fee of Rs 8.5 on non-financial transactions. 25 will be charged if the transaction fails due to lack of balance in the account. If there is no minimum balance in the account with this bank, the account holders will have to pay a penalty based on their category. In addition, a withdrawal fee of Rs 100 per transaction has been introduced on every fourth transaction.