The government plans to make many regulatory adjustments as soon as the new month begins. Clients' pockets will be immediately affected (for bank clients, this is an update), and their issues may worsen as a result. Changes to banking regulations will also take effect on april 1st, after which clients will be required to keep the new minimum balance.
Additionally, the regulations about ATMs will be modified.
Customers will now only be able to take out free money from other banks' ATMs three times each month (ATM New Rules). Customers will thereafter be required to pay a fee of 20 to 25 rupees for each transaction. According to the new cash transaction rules, you currently have to pay a fee of up to Rs 17 when you withdraw cash. This fee will now be raised to Rs 19 as of May 1.
RBI Issued Guidelines
Following the Reserve bank of India's regulations, banks have lowered the maximum amount of money that can be taken out of an ATM without incurring fees. Customers will now only be able to take out free money from other banks' ATMs three times each month (there is a fee for ATM transactions). Following this, a fee of 20 to 25 rupees will be required for each transaction. This implies that you will be charged a price each time you take out cash from an ATM operated by a different bank (RBI interchange fee) more than three times a month.
7 rupees per transaction charge will have to be paid-
With effect from May 1, the current fee of 17 rupees per transaction for cash withdrawal will be raised to 19 rupees. In addition, non-financial transactions such as balance checks and mini statements need payment of 6 rupees. It will now cost Rs 7 for each transaction.
Rules changed regarding minimum balance-
Numerous minimum balance regulations have also been modified by SBI, punjab National bank, Canara bank (Minimum balance in Canara Bank), and a few other banks. Whether your account is located in an urban, semi-urban, or rural location now determines this balance. If your balance is less than the required amount, you must pay a penalty (minimum balance limit rise).
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