Finance Minister Nirmala Sitharaman had announced the waiver of charges for cash withdrawals from any other banks’ ATM and non-maintenance of minimum balance penalties in savings accounts till June 30. These measures were announced to ease the daily difficulties of people during the COVID-19 pandemic and the nationwide lockdown that followed. As India begins to gradually lift its lockdown, some of the relief measures announced earlier when the pandemic was taking root may now be slowly rolled back. These bank charges get restored from today, July 1.
ATM transaction rules and charges
Typically, banks allow a certain number of ATM transactions free and then start charging. Apart from withdrawing money at the ATM, you can also check your account balance, print a mini account statement, transfer money to another bank account, and so on.
For instance, State Bank of India offers eight free ATM transactions in a month for savings account holders in metro cities. This includes five transactions from SBI ATMs and three transactions from any other bank’s ATM. Similarly, for non-metros, ten free ATM transactions are allowed for customers; this includes five from SBI ATMs and five transactions from any other bank ATMs. After exhausting the free ATM usage limit, a bank may charge Rs 20 plus goods and services tax (GST) for cash transactions. For non-cash transactions, Rs 8 plus GST will be charged. These charges will be in force, effective July 1.
Charges for non-maintenance of minimum balance
Penal charges for not maintaining a minimum balances in your savings bank account were waived off till June 30……….Read More>>