Waiver of minimum monthly balance in saving accounts for 3 months: FM
Finance Minister Nirmala Sitharaman on Tuesday gave a major relief to the common people facing lockdown in all parts of the country due to coronavirus. The Finance Minister said that for the next three months, saving bank account holders will not have to maintain minimum balance in their account. It is noteworthy that almost all the bank’s customers need to maintain a fixed amount in their account every month. If they do not, they have to pay a fee. Along with this, she announced that bank customers would not have to pay any kind of fee for withdrawing money from other bank ATMs for three months. In the present system, fees are charged for withdrawing more than three times from the ATMs of other banks in metros. This range is different for semi-urban and rural areas.
Finance Minister Sitharaman gave this information during a conversation with the correspondents through video conferencing on Tuesday. She held this press conference at a time when almost the entire country is in a state of lockdown. There has been a complete curfew in many places.
Finance Minister Nirmala Sitharaman said on Tuesday that if you use a debit card, you can withdraw money from any other bank’s ATM any time for the next three months at no extra charge.
Generally banks do not charge any fee for withdrawing money from their ATMs five times a month and three times from other bank’s ATMs. If you withdraw money more than this limit, then a fee per transaction is charged.
