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Why axis charging for auto debit/NACH/ECS successful transactions?

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arijit_m_1

arijit_m_1

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What's wrong with AXIS?
They are charging INR 25 for successful auto debit transaction (like EMI, SIP etc)..
As far I know bank charge if auto debit failed due to insufficient balance, but for successful transactions? Its a day robbery.

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Some banks charge one-time registration fee. Some others charge for every debit. Some charge both. Some don't charge both, especially higher variant accounts.

For Axis...

ECS/NACH transaction charges INR 25 per transaction with cap of INR 100 a month
Click to expand...

See


Under transaction fees. If you access the above link using mobile, you have to click the link next to "basic service fee" or slide the heading to see the other types of fees. See the attached screenshot...

Screenshot_20241020_143301_DuckDuckGo.webp

Even though I have the normal SB account with Axis, I wasn't charged for NACH since inception. I don't know why.

Anyway, how does Axis charge this fee (for NACH)? After each month or some other routine?
 
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arijit_m_1 said:
What's wrong with AXIS?
They are charging INR 25 for successful auto debit transaction (like EMI, SIP etc)..
As far I know bank charge if auto debit failed due to insufficient balance, but for successful transactions? Its a day robbery.

View attachment 72620
Click to expand...
That's how Axis earns. They're the worst when it comes to ECS/NACH fees, as it's not a one-time charge, they apply it every month.


Yugi said:
Neither my SBI nor HDFC charge for ECS debits.
Click to expand...
There are no charges for ECS debits (monthly) at either of the banks you mentioned.

helloworld said:
Non-salary account?

SBI charges for ECS registration, not sure about further debits.
Click to expand...
Correct, there is a one time fee for ECS registration for SBI and no charges for further debits.

Yugi said:
I have saving account in SBI. And loan from SBI itself, never been charged any fee for ECS registration or debits.
Click to expand...
The mandate fees were already charged when SBI processed your loan file, and it doesn't show up in the netbanking. The fees have already been pre-calculated. It's only 59 (including GST)
 
pothi said:
Even though I have the normal SB account with Axis, I wasn't charged for NACH since inception (and no SMS charges for the past 6+ months). I don't know why.

Anyway, how does Axis charge this fee (for NACH)? After each month or some other routine?
Click to expand...
Have you manually set up the NACH? I assume this is for a SIP?
If you haven't set it up manually, then you won't be charged.

Example: Let’s say you started investing in a mutual fund using Groww. At the checkout page, you selected Axis Bank and chose net banking. Groww will set up a NACH with Axis Bank using net banking.

However, you won't be charged in this case, not even a registration fees or anything.
But if you manually set up a mandate, then the fee will apply to you.
 
pothi said:
This is for a LIC policy. Registered from LIC site. Unsure if it is manual. Is it?
Click to expand...
It wasn’t manual in your case since LIC was the middleman.

Don’t worry, you won’t be charged.
If you were going to be charged, Axis would’ve already taken it :hehe:
 
6ix9ine said:
Have you manually set up the NACH? I assume this is for a SIP?
If you haven't set it up manually, then you won't be charged.

Example: Let’s say you started investing in a mutual fund using Groww. At the checkout page, you selected Axis Bank and chose net banking. Groww will set up a NACH with Axis Bank using net banking.

However, you won't be charged in this case, not even a registration fees or anything.
But if you manually set up a mandate, then the fee will apply to you.
Click to expand...
Are you sure about it?
Let's talk about groww in this case,
What happened if I visit, 'bank account ' -> then click on 'setup autopay' and do in this way.
Will it consider as manual?
 
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6ix9ine said:
Have you manually set up the NACH? I assume this is for a SIP?
If you haven't set it up manually, then you won't be charged.

Example: Let’s say you started investing in a mutual fund using Groww. At the checkout page, you selected Axis Bank and chose net banking. Groww will set up a NACH with Axis Bank using net banking.

However, you won't be charged in this case, not even a registration fees or anything.
But if you manually set up a mandate, then the fee will apply to you.
Click to expand...
Groww faq itself saying axis charges about 115 INR
 

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    Screenshot_2024-10-20-15-15-06-39_a2bb1e74e6d303934c7f795bbdbaba38.webp
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arijit_m_1 said:
Are you sure about it?
Click to expand...
I have my dad's mf in Groww. I'm well aware about it and he has axis priority account.

arijit_m_1 said:
Let's talk about groww in this case,
What happened if I visit, 'bank account ' -> then click on 'setup autopay' and do in this way.
Will it consider as manual?
Click to expand...
Once you start investing in mf using Groww, it automatically does it for you. You don't need to do anything.

The latest which I can say is for March, 2024. One of my friend started mf investing in march, 2024 using Axis and chose netbanking at the checkout page.

Not a single penny has been charged till today.
 
arijit_m_1 said:
What's wrong with AXIS?
They are charging INR 25 for successful auto debit transaction (like EMI, SIP etc)..
As far I know bank charge if auto debit failed due to insufficient balance, but for successful transactions? Its a day robbery.

View attachment 72620
Click to expand...
I have Axis Priority no debit charges as of now have 2 SIPs 1 is 2 yrs old and another is 3 months old...
 
6ix9ine said:
I have my dad's mf in Groww. I'm well aware about it and he has axis priority account.


Once you start investing in mf using Groww, it automatically does it for you. You don't need to do anything.

The latest which I can say is for March, 2024. One of my friend started mf investing in march, 2024 using Axis and chose netbanking at the checkout page.

Not a single penny has been charged till today.
Click to expand...
Can you tell which axis account he got? Might some high end saving account like priority or so?
Mine is easy access, that' why I'm worried. Mey be the better way is to take risk and check on my own
 
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