Changes in the rules will be applicable from July 1.
Many exemptions granted by the government due to the Coronavirus pandemic will end on June 30. The biggest change is that now account holders will have to keep a minimum balance in their accounts. Different banks have different limits for the urban and rural sectors. Amid the Coronavirus crisis, Finance Minister Nirmala Sitharaman had abolished the requirement of minimum balance in savings accounts. However, this arrangement was only from April to June.
Similarly, the rules for withdrawing money from ATMs will also change. That is, due to the lockdown, the relief given to the people in cash withdrawal rules will not be available from July 1. The government had withdrawn all transaction charges to withdraw money from ATMs.
Punjab National Bank (PNB), the second largest bank in the country, has decided to reduce the rate of interest given in savings accounts. From July 1, the annual interest rates found in all savings accounts are being cut. The bank has announced a deduction of 0.50 per cent. From next month, the account holders will get an annual interest rate of 3.25 percent on the money deposited.
At present, different banks have different withdrawal rules from ATMs. In such a situation, customers have been asked to contact the customer care number of their respective banks.
The country's largest bank SBI is also going to change the ATM withdrawal rules from 1 July 2020. According to the information available on the bank's official website sbi.co.in, in metro cities, the bank allows its regular account holder to make 8 transactions in a month for free. More transactions will be charged. Out of these eight transactions, five are allowed from ATMs of SBI and the other three from ATMs of other banks.
The bank allows 10 free transactions to account holders of non metro cities. In this, five transactions are allowed to be done from SBI's ATMs and five transactions from other banks' ATMs. For transactions beyond this, the bank imposes Rs 20 and GST on cash withdrawals and Rs 8 on GST and non-cash transactions.