Govt waives minimum balance charges for saving accounts; no fee for withdrawal from other bank ATM

Giving relief to citizens amid the coronavirus outbreak, the government on Tuesday removed charges on withdrawal of funds from other bank ATMs and also exempted account holders from maintaining minimum balance.

Announcing the initiatives, Finance Minister Nirmala Sitharaman said these concessions will continue for three months till June 30.

All banks, including private sector ones, will waive off minimum balance and ATM fees for the next three months.

"At the moment, these relaxations are for three months. As we go along, we will consider the situation and take decision accordingly," she said.

She also announced reduced bank charges for digital trade transactions for all trade finance consumers to promote digital payment.

With regard to the commerce ministry, the finance minister said extension of timelines for various compliance and procedures will be given.

Besides, she said all sanitary import permits (SIPs) for SPF Shrimp Broodstock and other agriculture inputs expiring between March 1 and April 14 has been extended by 3 months.

She said the delay up to 1 month in arrival of consignments will be condoned.

Rebooking of quarantine cubicles for cancelled consignments in Aquatic Quarantine Facility (AQF), Chennai, will be without additional booking charges, she said adding that the verification of documents and grant of NOC for quarantine would be relaxed from 7 days to 3 days.