Axis Bank Will Charge For SMS Alert; Raises ATM Withdrawal Fees By 100%
Axis Bank has revised some of its charges including those for SMS alerts following the new regime introduced by the telecom regulatory authority.
The Expense of Scrubbing Messages
The bank has said that from July 2021 it will charge customers 25 paise for every SMS alert subject to a maximum of Rs 25 a month. This will not include promotional text messages or messages sent to the customer or the OTP that is sent to authenticate transactions. Premium accounts, salary accounts and basic accounts will be spared charges.
According to the new rules, bulk SMS message senders must first apply a pre-registered template, and subsequent messages must fit the template, otherwise, the telecom operator may block the messages. Scrubbing is the term for the method of authenticating messages.
The bank’s charges, according to telecom industry sources, represent the expense of scrubbing messages. In the private sector, Axis Bank has the largest number of mobile banking transactions. The private bank has increased cash withdrawal fees, lowered attestation fees, and increased the minimum average balance threshold, among other reforms.
Alerts and instructions
SMS alerts were developed as a security feature to keep you updated on transactions affecting your accounts. This is intended to make it easier to detect fraud cases right away.