Banks have imposed limits on cash withdrawals at ATMs. If you cross the edge, you've got to pay the fee. Similarly, Savings account holders must maintain a minimum amount in their account.
The minimum sum balance for ATM fees and savings accounts and other old rules will come into effect from July 1. Banks have previously provided some exceptions to the banking service in the wake of the Covid-19 crisis. The expiration date for June 30 is not an extension. Thus, the old fee/penalty rules will apply to the transactions of July 1.
Banks have imposed limits on cash withdrawals at ATMs. If you cross the threshold, you have to pay the fee. Similarly, savings account holders must maintain a minimum amount in their account. If not, banks will be penalized. The exemption of these rules was made for the benefit of the public in April, May, and June due to the Covid crisis. Some fines and fees were waived.
What's changed since July 1?
* Payment for ATM transactions. Fines if transactions exceed minimum limits.
* Penalties if savings account holders do not maintain a minimum balance.
* Punjab National Bank cut the interest rate on savings account by 0.50 per cent.
* Vijaya Bank and Dena Bank merged with Bank of Baroda, Bank of Baroda account holders have to renew their accounts. If not, the customer account will be frozen from June 1. Once updated, it comes to life. Aadhaar, PAN, or other documentation can be updated.
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