There is only one day left for the month of June to end. In such a situation, it is important to know that after June 30, i.e.
from July 1, some rules related to your bank account will change. In view of the coronavirus, Nirmala Sitharaman has announced that no one will have to maintain a minimum balance until June 30 and now that period ends tomorrow i.e., June 30. Explain that every bank maintains some minimum balance and if not doing so, the customer has to pay a penalty. So far no bank has said it will carry forward this relief, so it is believed that after June 30, all these will be closed. Relief related to ATM withdrawals was also given to people who will no longer be.
SBI gave this special facility
Even before the Modi government's announcement, the State Bank of India had said that it was ending the minimum balance obligation on all savings accounts. SBI said in a statement that no charges would be levied for not having an average minimum balance on all SBI's 44.51 crore savings bank accounts. So far, no new announcement has been made by the bank, and it is believed that the facility can still continue. Explain that SBI usually asks for a minimum balance of Rs 3000 in metro cities, 2000 in semi-urban areas and Rs 1000 in rural areas. Those who do not do so are charged Rs 5-15 plus tax.
Due to the coronavirus epidemic, the Finance Ministry has given an exemption that until June 30, any bank can withdraw cash from any bank ATM with debit / ATM card of any bank. According to the instructions of the Ministry of Finance, no charge will be taken for this. Explain that normally only a certain amount of money can be withdrawn from another bank's ATM, after which the withdrawal is charged.
The government's order not to maintain minimum balance is applicable to private banks as well, but minimum balance plays a big role in the earnings of big banks like HDFC. In such a situation, after the end of the deadline on June 30, it is expected that the bank will again start binding the minimum balance. Please be informed that it is necessary to maintain a minimum balance of 10 thousand rupees at HDFC Bank. While in semi-urban areas, this limit is Rs 5000, while in rural areas it is Rs 2500.
ICICI also earns a lot from minimum balance, it is expected that the bank will start charging the minimum balance charge. In metro and urban areas, it is necessary to keep a minimum balance of Rs 10,000 in ICICI. At the same time, this limit is Rs 5000 in semi-urban areas and Rs 2000 in rural areas. ICICI Bank charges Rs 100 from customers in the metro, urban and semi-urban areas and 5% of the amount that is less, for not having minimum balance.
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