New Delhi: Finance Minister Nirmala Sitharaman has said that debit card holders who withdraw cash from any bank’s ATM can do it free of charge for the next three months to promote digital financial transactions at the time of coronavirus pandemic. 

“ …so you may have a debit card from a bank, a particular bank, but you will now be allowed, without additional charges, to draw cash from any other bank’s ATM for the next three months,” the Finance Minister said.

She further said that there shall not be any minimum balance requirement fee in bank accounts. She further added that bank charges for digital trade transactions are also being reduced.

Minimum balance requirement

Most banks demand a minimum balance requirement from an account holder and non-maintenance could attract penalty. The minimum balance requirement could range anywhere between Rs. 5,000 to Rs. 10,000. On March 10, SBI had waived ATM charges for all 44.51 crore Savings Bank accounts.

Addressing the media amid the coronavirus scare, Finance Minister Nirmala Sitharaman made announcements regarding Income Tax, Goods and Services Tax, Insolvency and Bankruptcy Code, bank-related compliance matters and others in an eight-point compliance  relief package.

The Union Finance Ministry today extended the deadline for filing income tax returns for the financial year 2018-19 till June 30, 2020. 

The Government has also   extended the deadline for linking of Aadhaar and PAN till June 30 from the original deadline of March 31.