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The Union Finance Minister Nirmala Sitharaman announced that debit card holders can withdraw cash from any other bank's ATM free of charge for the next three months. This comes as a part of relief measures in view of coronavirus pandemic shut down.
The finance minister said, "There shall not be any minimum balance requirement fee in bank accounts."
This comes as lockdown and curfew is in place in many parts of India amid COVID-19.
She, further, announced complete waiver of minimum balance charges for savings bank accounts for next three months.
In a special press meet held via video conferencing, "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.
Other benefits include:
(i) The bank charges for digital transactions have been reduced.
(ii) Special relaxations in respect of complainces under the Income Tax Act, GST Act and Companies Act.
This is being done to ease the Compliance burden on citizens, be it tax, regulatory or Companies Act.
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