Many banking norms are about to change from next month i.e. July. This is because rules that were relaxed during nationwide lockdown will be tightened now. In order to give people some relief from the lockdown due to Covid-19 pandemic, the government had relaxed some banking rules for the public. Read on to know which all rules are going to change from 1st July.
Cash withdrawal rules from ATMs will change from 1 July
The rules for withdrawing cash from ATMs will from 1st July. That means ATM cash withdrawal would become expensive for you from next month. To recall, the Finance Ministry had withdrawn all transaction charges to withdraw cash from ATMs, giving a big relief to people in the middle of Corona crisis. ATM transaction fees was reduced for three months. This rebate was given for only three months, which will end on 30th June 2020.
As different banks have different rules it is better to contact your home branch bank and find out the updated norms in this regard.
Maintaining minimum balance in savings account will be compulsory
During the lockdown, Finance Minister Nirmala Sitharaman had announced that it will not be mandatory to maintain minimum balance in savings account in any bank. This order was from April to June. But now the term of this decision will end on 30th June and all bank customers will have to maintain minimum balance in their savings account (depending upon bank to bank)
PNB is reducing interest on savings account
Punjab National Bank, popularly known as PNB will reduce the interest rate on savings account by 0.50 percent. From 1st July, the bank's savings account will get a maximum interest of 3.25 percent per annum. Interest on balance up to Rs 50 lakh in PNB's savings account will get 3% per annum while balance above Rs 50 lakh will be given 3.25 per cent per annum. Earlier, the country's largest bank SBI and Kotak Mahindra Bank had also cut the interest paid on savings.
For more details you may contact your nearest bank branch....
