Bank ATM withdrawal, minimum balance relaxations expire tomorrow; rules may change from July 1

On March 24, FM announced much-needed relief measures in areas of Income Tax, GST, Customs and Central Excise, Corporate Affairs, Banking Sector and Commerce.

Bank ATM withdrawal, minimum balance relaxations expire tomorrow; rules may change from July 1

New Delhi: Some rules of financial services like transaction charges after exhausting free cash withdrawal limit on ATM, minimum account balance in bank account may be changed from July 1.

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 3 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 30th June 2020.

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.