Rules Change From July 1: Free ATM Withdrawal And Minimum Balance Relaxation Expire

Rules of financial services like transaction charges after exhausting free cash withdrawal limit on ATM, the minimum balance in bank accounts may change.

Jessica David

June 30, 2020

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Some rules of financial services like transaction charges after exhausting free cash withdrawal limit on ATMs and minimum balance in bank accounts may be changed from July 1. Finance Minister Nirmala Sitharam had, on March 24, announced several important relief measures taken by the government in view of the COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. There has been no new announcement regarding the previous relaxations. Considering this, if the government does not come up with an extension, then the previous ATM withdrawal charges and minimum balance will be applicable from July 1.

State Bank of India (SBI) had announced that they have waived off ATM Service Charges for all transactions made on SBI and other bank ATMs on account of exceeding the free number of transactions up to June 30. The ATM withdrawal rules vary from bank to bank. Hence it is advisable that customers talk to their respective banks to find out the rules that their banks have imposed.

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