Important Notice For Axis Bank Prepaid Cardholders (As per Bank’s reports)

By Pradeep Yuvaraj | September 8, 2011

According to reports from Axis Bank, the banks have announced that the following changes will come into effect from 1st November 2011. With respect to the usage of other bank ATM’s, it has said that the transactions on prepaid cards i.e. the cash withdrawals would be Rs. 20.00/- (including taxes) per Financial transaction and Rs. 8.50/- (excluding taxes) per Non-Financial transaction such as Balance Inquiry, Pin Change & Mini Statement. Reports also mentioned that the transactions on Axis Bank ATMs for the bank’s card holders were completely free.

Reports also included the change in charges for failed ATM transactions. It said that in case of Short or Zero Cash dispensed at other Bank ATMs, complaint can be lodged at the nearest Axis Bank branch OR by calling Phone Banking OR by writing to the Bank at “”.

It said that the bank will credit such wrongly debited amounts within a period of 7 working days from the date of the complaint as per the RBI guidelines. Reports added saying that the Bank will pay Rs.100/- per day beyond 7 working days only if the complaint is lodged within 30 days of the date of the transaction.

It also said that the other Bank customers using Axis Bank ATMs will have to contact their Bank in case of Short / Zero cash dispensation.

Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. Its loan portfolio includes home loan, personal loans, car loans, mortgage loans, gold loans etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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