Finance Minister Nirmala Sitharaman announced that no charge will be levied on cash withdrawals by a bank's customer from the ATM of any other bank for three months
To help people keep new Coronavirus at bay, the Ministry of Finance has provided new facilities so that bank customers can stay at ease and in their homes. At a press conference on Tuesday, Finance Minister Nirmala Sitharaman announced that no charge will be levied on cash withdrawals by a bank’s customer from the ATM of any other bank for three months, i.e. till June 30. Debit cardholders can withdraw cash for free from any other banks’ ATM for three months, the FM said. This means you can withdraw cash from any bank’s ATM for any number of times till June 30 without worrying about the charges banks levy on crossing the maximum number of transaction limit from other banks’ ATMs.
For example: A HDFC Bank customer can withdraw cash from the ATM of SBI, ICICI Bank, Axis Bank, Punjab National Bank, Bank of Baroda or any other bank for free till June 30 as no charges will be levied. However, you should use this facility only when it is very very important as the entire country is in a lockdown, or a virtual curfew, from today. And stepping out of home for 21 days is not advised. Not stepping out of home for 21-days is for your own good to keep yourself safe from the virus and help stop the spread of deadly new Coronavirus.
The second big announcement for bank customers made by FM Sitharaman on Tuesday was about the maintenance of minimum balance in a savings account. The FM said that the minimum balance fee will be waived for three months, till June 30. Except for SBI, all other banks’ customers are required to maintain an Average Monthly Balance (AMB) in their savings bank accounts. Different banks charge different penalties for the non-maintenance of average monthly balance. However, for the next three months, you don’t have to worry about maintaining AMB in your savings account. This decision of the government will help those customers who are likely to lose income as India fights against coronavirus.
Check Latest Updates on Coronavirus in India Here. The total number of coronavirus cases in India crossed the 550 mark today.