Finance Minister Nirmala Sitharaman today said that debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next three months to promote digital financial transactions at the time of coronavirus pandemic. " ...so 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 said that there shall not be any minimum balance requirement fee in bank accounts. She further added that bank charges for digital trade transactions are also being reduced.

Minimum balance requirement

Most banks demand a minimum balance requirement from an account holder and non-maintenance could attract penalty. The minimum balance requirement could range anywhere between 5,000- 10,000. On 10 March, SBI had waived AMB charges for all 44.51 crore savings bank accounts.

Debit card-cum ATM charges

Normally, banks allow up to five free transactions per month at their own ATMs, and three free transactions at other banks’ ATMs. If you exceed these limits, you may end up paying. The charges can vary from 8-20 depending on the type of transaction.

Addressing the media amid the coronavirus scare, Finance minister Nirmala Sitharaman made announcements regarding income tax, goods and services tax (GST), Insolvency and Bankruptcy Code, bank-related compliance matters and others in an eight-point compliance relief package.

The Union Finance Ministry today extended the deadline for filing income tax returns for the financial year 2018-19 till 30 June 2020. The government has also extended the deadline for linking of Aadhaar and PAN till June 30 from the original deadline of 31 March.

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