Axis Bank is India’s leading and third largest private sector bank, providing a massive range of financial services. Its customer-friendly banking facilities are available for personal & corporate banking.
However, this bank levies different types of applicable charges as per the set norms depending on the type of Savings Bank Account held by its customers with the bank and opt to avail of any additional product or some exclusive services.
If you are a Savings Bank Account holder with Axis Bank, then you should know about consolidated charges and how to stop consolidated charges in Axis Bank. Keep reading! Type of Charges are Levied as Consolidated Charges
When a Savings Bank Account holder with Axis Bank opts to avail its any additional product or some exclusive services, such as Debit Card Annual /Issuance fee, Debit Card Replacement fee, ATM withdrawal beyond the limit, Cheque book, SMS Alert, Auto Debit Failure, Cheque Return /bounce, Cash Transaction, DD Issue Charges/Revalidation, Stop Cheque, Duplicate Passbook/Statement Fees, I-connect /Net Secure device charges, Annual charges towards DEMAT account and Annual locker charges.
Also, suppose they fail to maintain the minimum balance as per the limit applicable to their account type or cross beyond stipulated free transaction limits, or fall under various chargeable levies, then, in such a case.
In that case, these charges are consolidated and levied to the account holder at the end of the month under the header “Consolidated Charges.” So now let us see how you can stop the consolidated charges in Axis Bank.
How to know the details of the Charges Levied?
- SMS: Axis Bank sends an SMS of consolidated charges with the amount on your registered mobile number.
- Internet Banking: First login to your internet banking account > Accounts > Services > Account Charges > Then click on the charge and click on ‘View levied charges‘. You will see details of all charges.
How to Stop Consolidated Charges in Axis Bank?
Suppose you are a Savings Bank Account holder with Axis Bank, and you want to stop or avoid the consolidated charges in your bank. Suppose, for some reason, you have no idea how to stop consolidated charges in Axis Bank. Then you should follow the below-given instructions and some easy steps to avoid consolidated charges, such as:
1. You should never fail to maintain a sufficient minimum average balance with your bank account.
2. If you are paying a loan EMI, then you need to ensure availability for sufficient balance at least a day before the due date or any other standing instruction applicable to you.
3. You should minimize the frequency of withdrawals through ATMs to keep the number of ATM withdrawals within the limit.
So this way, you can follow the above tips to stop consolidated charges in Axis Bank.
How do Get Axis Bank consolidated charges Refunded?
Many users reported that Axis bank is deducting unusual charges every quarter. If you are sure money is deducted in the name of consolidated charges by bank mistake or technical issue, then directly call customer care at 18604195555/18605005555 or send email an email through the website and ask for a refund. If you are not satisfied with their customer care regarding this matter, I will suggest you file a complaint against the bank in RBI.
The Wrapping Up Thoughts
Hopefully, you must have learned enough when everything is informed to help you to stop consolidated charges in Axis Bank.
However, as you are well aware of the fact that your bank will deduct the consolidated charges at the end of each month, you must be alert while using the consolidated charges related to products and services. It will be sensible for you to plan ahead accordingly so that to keep track of what’s happening during the month.
It would be best to avoid situations like your cheque is bounced, you miss paying a loan EMI, or you didn’t pay a credit card payment on time, or some other such incidents. Because for all such reasons, your bank will charge you excessively. As long as you do not commit such mistakes, you need not be concerned in this regard.
Requested to refund consolidated charge deducted on 19.03.2023.for no reason in my account