No ATM Withdrawal Charges, Minimum Balance Requirement For 3 Months

Finance Minister Nirmala Sitharaman on Tuesday said that debit cardholders can withdraw cash from any bank ATM for free of charge, for the next three months. Also, there shall not be any minimum balance requirement fee.

It was clarified that the no minimum balance requirement fee will be imposed by banks across Indiafor a period of 3 months.

Bank charges are being reduced for digital trade and transactions as well.

Sitharaman said that the finance ministry is closely monitoring the markets and is in constant touch with SEBI. An economic package will be announced sooner, rather than later.

FM stated that measures have been taken to ensure that individuals do not visit bank branches. Some banks have reduced the operation timings while others have closed some branches to protect their employees from the epidemic and limit footfalls.

Note that starting 23 March, banks are offering only essential services namely cash deposit and withdrawal, cheque clearing, remittances and government transactions.