Corona Impact: Check new facilities allowed by Banks

At a press conference on Tuesday (March 25, 2020), Finance Minister Nirmala Sitharaman has announced two new facilities for the bank customers:

No charges on ATM Cash withdrawal: Firstly, ATM Customers now can withdraw cash from any of the ATM machines and no charges will be levied on cash withdrawals by a bank’s customer from the ATM of any other bank for three months.

Now, the debit cardholders can withdraw cash without levy of any charges from any other banks’ ATM for three months i.e. till June 30. You can withdraw cash as many times you want and no charges would be levied, whether you are using ATM of same debit card or some other’s Debit card.

For example: If you are an account holder of ICICI Bank, you can withdraw cash from the ATM of SBI, HDFC Bank, Punjab National Bank, Bank of Baroda, Axis Bank or any other bank for free till June 30 as no charges will be levied.

Also Read: Massive changes for taxpayers and other Individuals- Read all Due date extensions

However, it is advised to use the facility only when it is needed as the entire country is in a lockdown, from today and you are not allowed to step out from home 21-days. It is for your own good to keep yourself safe from the virus and help stop the spread of deadly new Coronavirus.

No minimum balance maintenance: The second big announcement for bank customers are about the maintenance of minimum balance in a savings account. The FM said that the minimum balance fee will be waived for three months, till June 30. Different banks charge different penalties for the non-maintenance of average monthly balance (MAB).

Now, you don’t have to worry about maintaining AMB in your savings account till June 30, 2020.

This decision of the government will help those customers who are likely to lose income as India fights against coronavirus.

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