Coronavirus pandemic: Relaxations on ATM withdrawal, minimum balance in bank accounts expire today

The relaxations were announced by Union Finance Minister Nirmala Sitharaman during the nationwide COVID-19 lockdown

FP Trending July 01, 2020 13:27:11 IST
Coronavirus pandemic: Relaxations on ATM withdrawal, minimum balance in bank accounts expire today

Financial relaxations such as no transaction charges after exceeding free cash withdrawal limit on ATM and minimum account balance in bank account will expire on Wednesday, 1 July.

The relaxations were announced by Union Finance Minister Nirmala Sitharaman during the nationwide COVID-19 lockdown. According to a report by Livemint, the Finance Minister said that debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next three months to promote digital financial transactions in the times of the coronavirus pandemic.

Coronavirus pandemic Relaxations on ATM withdrawal minimum balance in bank accounts expire today

Representational image. Reuters

She had also said that there shall not be any minimum balance requirement fee in bank accounts.

Most banks ask an account holder to maintain minimum balance between Rs 5,000 and Rs 10,000 to avoid paying penalty. As for the withdrawal from ATMs, banks allow customers up to five free transactions per month at their respective ATMs and three free transactions at ATMs of other banks.

If the customers exceed the limit, they will have to pay charges that range from Rs 8 to Rs 20 depending on the type of transaction.

A report by Zee News says the ATM withdrawal rules differ from bank to bank. Customers should get clarification on the withdrawal rules and charges from their respective banks.

The relaxations were announced for period of three months and it will expire today, 30 June. If there is no extension announced, then the old ATM withdrawal rules will come into effect again.

With the rampant rise in novel coronavirus cases across the country, the government is expected to either extend the relaxation or may announce new rules for the convenience of people of the country.

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