Finance Minister Nirmala Sitharaman today said that withdrawing cash from any ATM using debit cards will be free of charge for the next three months to promote digital transactions at the time of coronavirus.
"You may have a debit card from a bank, a particular bank, but you will now be allowed, without additional charges, to draw cash from any other bank's ATM for the next three months," the Finance Minister said.
She further announced that there shall not be any minimum balance requirement fee in bank accounts. She also added that bank charges for digital transactions are also being reduced.
Earlier, most of the banks have a set minimum balance for an account holder and the bank charges penalty if the account holder does not maintain the minimum balance.
Normally, five free transactions per month from their own ATMs and three transactions from other banks’ ATMs are free. After the limit, there is a charge by bank for every transaction.
Story by Vaibhav Rai
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Image Credits: The Financial Express