Axis Bank is India’s third-largest private bank. It is recognized as the best BFSI Brands at ET Now Conclave in 2024. Even though it might be one of the most used and trusted banks. However, there are still some issues that might affect the customers. One of them is consolidated charges. Here is how to stop consolidated charges in Axis Bank.
What are Consolidated Charges in Axis Bank
These applicable charges are imposed by the Bank depending on your Savings Account you have in the Bank. Or if you take any additional services from the bank, even then these charges are applicable. When all these charges are compiled and applied at the end of the month to your Savings Account, they are termed as Consolidated Charges.
How to Stop Consolidated Charges in Axis Bank
Now, the important question is how to stop these bank account charges. I know nobody likes any extra charges so it is important to know how to stop consolidated charges in Axis Bank account.
Consolidated charges are applied only if you fail to maintain the minimum balance in your Savings Account. Additionally, if you exceed the withdrawal limit on your ATM and Debit card, it will add to the consolidated amount.
Therefore, to escape from the charges, pay attention to your spending amount. It should be at most the amount set for the withdrawals. These depend on the method of payment you are using for your withdrawals.
There should be enough money in your account to maintain the minimum balance amount. If you are spending more without checking your bank balance or the minimum balance, you must pay the consolidated charges at the end of the month.
Maintain the Minimum Balance in your Savings Account
The most important solution to avoid consolidation charges is maintaining the minimum balance in the account. You can easily avoid most of the charges if you keep a check on your spending.
Minimize Unnecessary Charges
Cash can be withdrawn easily from any ATM, but it might lead to extra charges if you withdraw cash from a non-axis bank ATM. Along with that, the account statement charges can also lead to consolidated charges.
Review Your Account Statement
You need to keep a check on your transactions. Avoid unnecessary payments and keep a check on the history.
Switching to Different Account
If you feel your current account has high MAB charges and you don’t use the account often then switching to a different account is a better option. Also if you want to close your account in Axis Bank then know How to Initiate Axis Bank Account Closure Online? Easy Guide.
Seek Help from Bank
As a customer, you can always visit or reach out to the bank for any query. Visit the bank and receive all the solutions to your queries related to your bank account.
Complaining about Consolidated Charges
If you have any queries related to the consolidated charges, you can contact Axis Bank’s helpline numbers:
1-860-419-5555 (extra charges)
1-860-500-5555 (extra charges)
1-860-500-4971
Or
You can visit the official Contact Us website of Axis Bank.
You can also mail the bank via- email.service@axisbank.com
Make sure you keep a record of your minimum balance so that you can save yourself from the consolidated charges.
What all Charges are Included in Consolidated Charges?
Consolidated charges include all the other charges related to your transactions. These include:
- Charges applied to failing the minimum account balance. The minimum balance differs according to the type of Savings Account:
| Type of Savings Account | Minimum Account Balance |
| Easy Access Savings Account | Rs. 12,000 |
| Liberty Savings Account | Rs. 25,000 |
| Prestige Savings Account | Rs. 75,000 |
- Debit Card charges vary according to the type of card
| Type of Card | ATM Withdrawal Limit
(per day) |
Purchase Limit
(per day) |
| Visa Classic/Platinum | Rs. 40,000 | Rs. 3,00,000 |
| Burgundy Debit Card | Rs. 3,00,000 | |
| Titanium Rewards Debit Card | Rs. 50,000 | Rs. 5,00,000 |
2. Message Alerts– These are the value-added services. Axis Bank sends you an SMS which adds to the extra charges. You can easily unsubscribe these SMS by either visiting an ATM or the Bank’s branch.
3. Auto Debit failure– It is the failure of a transaction due to an insufficient amount in your account.
Vigilance Regarding Consolidated Charges
Even though Axis Bank’s Consolidation Charges are related to the user’s daily and monthly transactions. It is important to alert the bank if you feel the charges are high. Don’t panic, if the charges are levied unnecessarily, the bank will compensate for your losses. For more details regarding the charges and their compensation, you can Contact Us.
You can check for the details about the consolidated charges by the following:
- Internet Banking- Click on the Account Charges from the Accounts Option and check for details of the charges displayed.
- Axis Bank Portal- According to your Account Type, you can view the charges here.
- SMS- The Bank might also send you an SMS regarding the charges. Keep a check of your inbox.
Final Note
You should always keep a record of your spending throughout the month. The only way to escape from consolidated charges is by staying vigilant about your spending and maintaining a minimum balance in your account. I hope the information regarding how to stop consolidated charges in Axis Bank helps you to make fine decisions before making any transaction from your Savings Account.
