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Charges on cash withdrawal from other bank ATMs and penalties for non-maintenance of minimum balance in bank savings accounts are waived for 3 months. This was announced by the minister of finance Nirmala Sitharaman. This has been done to make sure that individuals don’t visit bank branches to avoid the spread of the coronavirus. Waiver of minimum balance in bank accounts for the subsequent three months. Applicable to all or any banks.
Various banks in the country have announced a revision in waiver of charges on digital transactions:
- Axis Bank, during a bid to fight, against the pandemic has offered an entire waiver of charges till March 31, 2020.
- Bank of Baroda, via newspaper advertisements, have also been stating reduction of charges for online payments. depository financial institution of India has completely waived off the need of holding the typical monthly balance for the bank account.
- Earlier, State Bank of India savings checking account customers had to take care of a mean monthly balance of Rs 3,000 within the metro, Rs 2,000 in Semi-urban and Rs 1,000 in rural areas. Further, the bank wont to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of average monthly balance as stated above.
Important takeaways for all competitive exams:
- Minister of State in the Ministry of Finance and Minister of State in the Ministry of Corporate Affairs: Anurag Singh Thakur.
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