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No Charge On ATM Withdrawals For 3 Months ; Complete Waiver Of Minimum Balance Charge : Finance Ministry

LIVELAW NEWS NETWORK
24 March 2020 9:58 AM GMT
No Charge On ATM Withdrawals For 3 Months ; Complete Waiver Of Minimum Balance Charge : Finance Ministry
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As a part of relief measures announced in view of COVID-19 lockdown, the Union Finance Minister Nirmala Sitharaman on Tuesday announced complete waiver of minimum balance charges for savings bank accounts for next three months.

Also, debit card holders who withdraw cash from any bank ATM can do it free of charge for the next three months.

"You may withdraw cash from any bank's ATM. You don't have to worry about keeping a minimum balance. No fee shall be levied for not maintaining a minimum balance", the Minister said in a special press meet held via video conferencing.

The bank charges for digital transactions have also been reduced, said the Finance Minister.

The Minister also announced special relaxations in respect of complainces under the Income Tax Act, GST Act and Companies Act.

"Today, we are only doing this to ease the Compliance burden on citizens - be it tax, regulatory or Companies Act and have completely eased this worry. Later today, PM will also address the nation", Sitharaman said.

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