Charges for ATM cash withdrawal, not keeping saving account minimum balance have been waived for 3 months

Nirmala Sitharaman
Nirmala Sitharaman

A penalty will not be levied on non-maintenance of the minimum balance amount of saving account, ATM transaction fee also waived for 3 months

Withdrawing money from other bank’s ATMs will no longer be charged. This relief will be applicable for three months.

This was announced by the finance minister Nirmala Sitharaman while announcing huge strides in the said that the government has announced these steps in view of the lockdown due to Coronavirus. Now you can withdraw money from any bank’s ATM.

Withdrawing money from other bank’s ATMs will no longer be charged. The central government has given great relief to the people battling the coronavirus. This relief will be applicable for three months.

As the charge runs out, the common people do not have to go far to withdraw money. They can only use the ATM near their home.

Making another important announcement, the Finance Minister said that the minimum balance obligation for the next three months has also been removed. This facility will also be valid for 3 months only.

Banks are offering only essential services namely cheque clearing, cash deposit and withdrawal, remittances and government transactions from March 23, 2020, due to the spread of Covid-19.

And since Monday, various banks have announced a waiver of charges on digital transactions and revision in their branch’s timings.

Recently, Indian multinational, public sector banking and financial service provider, State Bank of India (SBI) has completely waived off the requirement of holding the average monthly balance for a savings account.

Bank of Baroda has been stating the reduction of charges for digital transactions and online payments. Axis Bank has offered a complete waiver of charges till March 31, 2020

Some like HDFC Bank, HSBC, Yes Bank, Federal Bank, ICICI Bank, Kotak bank has revised working hours from 10 am to 2 pm.