Bank ATM withdrawal charges removed, no Average Monthly Balance (AMB) in account required till June!

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Updated: Mar 24, 2020 4:00 PM

Bank ATM Cash Withdrawal Charges removed! Debit Cardholdlers will be able to withdraw money from any ATM for free for three months,

Bank ATM Cash Withdrawal Charges removedBank ATM Cash Withdrawal Charges removed for three months by government,

Bank ATM Cash Withdrawal Charges removed for three months! Debit cardholders will be able to withdraw money from any ATM for free for three months, Finance Minister Nirmala Sitharaman announced today. She said that free of charge cash withdrawal from any other bank ATM will be allowed for debit cardholders for three months. This decision comes in the wake of the Coronavirus crisis which has infected over 500 people across the country. The Finance Minister also announced that non-maintenance of Average Monthly Balance charges will also be removed for three months.

In a press conference today, the Finance Minister said that there will be a complete waiver of minimum balance charges for savings bank account for the three months. Also, free of charge cash withdrawal from any other bank ATM will be allowed for debit cardholders for three months.

Recently, State Bank of India had removed charges for non-maintenance of Average Monthly Balance by savings bank account holders. However, other banks continue to levy charges if the customer fails to maintain an average monthly balance, Check charges by some of the banks here.

ALSO READ | HDFC Bank vs SBI vs Axis Bank vs ICICI Bank vs PNB: Average Monthly Balance, charges compared

Apart from the above, FM Sitharaman made several other announcements to help people face the challenges posed by new Coronavirus because of which almost entire country is in lockdown today, while several states have even imposed curfews to stop the spread of the disease.

Apart from the above charges, the government has also reduced bank charges for digital trade transactions for all trade finance consumers, Sitharaman said.

The deadline for filing March, April, May 2020 GST returns and composition returns have been extended till June 30. Also, the last dates for PAN-Aadhaar Linking and filing Income Tax Return for FY 2018-19 have been extended till June 30.

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