Charges On Using Other Banks' ATM, Minimum Balance Waived For Three Months

Currently, in case of savings accounts, consumers are allowed a maximum of five free transactions from ATM machines of other banks

Charges On Using Other Banks' ATM, Minimum Balance Waived For Three Months

Charges On Using Other Banks' ATM, Minimum Balance Waived For Three Months

Addressing a press conference on Tuesday amid  lcokdown in various cities due to Covid-19, Finance Minister Nirmala Sitharaman announced that debit card users will not be levied any charge for the next three months if they withdraw cash from ATMs of other banks. She also added that the charge for not maintaining minimum balance in accounts will also be waived for three months. 

Currently, in case of savings accounts, consumers are allowed a maximum of three free transactions from ATM machines of other banks, following which a charge is levied upon each transaction including cash withdrawal, balance enquiry, printing mini statements, changing PIN etc.

Similarly, various banks have prescribed minimum balances, which an account holder is required to maintain, failing which, a charge is levied.

Amid the disruption in the economy due to coronavirus pandemic, the government on Tuesday announced a number of measures aimed at various sectors.

Minister of State for Finance, Anurag Thakur, who was also present at the press conference said that the decisions on ATM withdrawal and minimum balance have been taken to discourage people from going to bank branches, in view of maintaining social distance amid the outbreak of coronavirus.

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