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Coronavirus pandemic: Relaxations on ATM withdrawal, minimal steadiness in financial institution accounts to run out on 1 July – India News , Firstpost

The relaxations had been introduced by Union Finance Minister Nirmala Sitharaman in the course of the nationwide COVID-19 lockdown

Financial relaxations reminiscent of no transaction fees after exceeding free money withdrawal restrict on ATM and minimal account steadiness in checking account will expire on Wednesday, 1 July.

The relaxations had been introduced by Union Finance Minister Nirmala Sitharaman in the course of the nationwide COVID-19 lockdown. According to a report by Livemint, the Finance Minister mentioned that debit card holders who withdraw money from any financial institution’s ATM can do it freed from cost for the subsequent three months to advertise digital monetary transactions within the instances of the coronavirus pandemic.

Coronavirus pandemic Relaxations on ATM withdrawal minimum balance in bank accounts to expire on 1 July

Representational picture. Reuters

She had additionally mentioned that there shall not be any minimal steadiness requirement charge in financial institution accounts.

Most banks ask an account holder to keep up minimal steadiness between Rs 5,000 and Rs 10,000 to keep away from paying penalty. As for the withdrawal from ATMs, banks permit clients as much as 5 free transactions monthly at their respective ATMs and three free transactions at ATMs of different banks.

If the purchasers exceed the restrict, they should pay fees that vary from Rs eight to Rs 20 relying on the kind of transaction.

A report by Zee News says the ATM withdrawal guidelines differ from financial institution to financial institution. Customers ought to get clarification on the withdrawal guidelines and fees from their respective banks.

The relaxations had been introduced for interval of three months and it’ll expire right this moment, 30 June. If there isn’t any extension introduced, then the outdated ATM withdrawal guidelines will come into impact once more.

With the rampant rise in novel coronavirus instances throughout the nation, the federal government is anticipated to both prolong the relief or could announce new guidelines for the comfort of individuals of the nation.

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