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Major changes in banking services: ATM withdrawal, minimum balance relaxations expire from July 1

The rules of financial services like transaction charges after exhausting free cash withdrawal limit on ATM, the minimum account balance in the bank account will be changed from July 1. The transaction charges in ATMs was waived for three months after the rise of coronavirus COVID-19 pandemic.

The rule to keep a minimum monthly balance in the savings bank account was waived off during lockdown. The charge for minimum balance in the account differs in metro cities, urban and rural areas.

The Punjab National Bank (PNB) will reduce the rate of interest in its savings accounts by .50 per cent and the maximum interest to be given in a savings bank account is 3.25 per cent. The Bank of Baroda will freeze accounts of those who fail to submit documents. Vijaya Bank and Dena Bank had joined Bank of Baroda.

Finance Minister Niramla Sitharaman had on March 24 announced several important relief measures taken by the government in view of the COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. Sitharaman announced much-needed relief measures in areas of Income Tax, GST, Customs and Central Excise, Corporate Affairs, Banking Sector and Commerce.

In her announcements regarding the financial services, the FM had given relaxations for three months for April, May and June. The financial services included the following:

* Debit cardholders to withdraw cash for free from any other banks’ ATM for 3 months
* Waiver of minimum balance fee
* Reduced bank charges for digital trade transactions for all trade finance consumers
There has been no new announcement regarding the above relaxations. Considering this, if the government does not come up with an extension on the above rules, then the previous ATM withdrawal charges, minimum balance will be applicable from July 1.

* Meanwhile, State Bank of India had announced that the bank has waived off ATM Service Charges for all ATM transactions made on SBI ATMs and Other Bank ATMs on account of exceeding free number of transactions up to June 30.

The ATM withdrawal rules vary from bank to bank. Hence it is advisable that customers talk to their respective banks to find out the rules that their banks have.

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