Banks bring back charges waived during lockdown
Many banks have withdrawn the freebies that they offered during the initial weeks of the covid 19 lockdown and are reintroducing earlier charges. The two key charges that are being restored are the ones for the usage of ATM beyond times a month and for not maintaining minimum balance.
Axis bank said that the charged have been introduced to discourage use of cash transactions. The bank said it will start charging customers for non-home bank branch cash transactions above rupees 25,000 per day. Exceeding that amount rupees 5 per rupees 1000 or rupees 150 whichever is higher will be charged.
Soon after the imposition of lockdown in end-march, Finance Minister Nirmala Sitharaman had announced that customers would be allowed to use their debit cards to withdraw cash from any banks ATM. She has also asked banks to do away with the charge for not maintaining minimum balance requirement.
These relaxations were only intended for the first quarter until the end of June 2020
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