Bank Account Changes From July 1

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    Corona have brought in some changes in our bank rules. Among them were, the minimum balance to be maintained by many bank accounts had been removed, the limit for ATM usage etc. This rule was implemented by our finance minister Mrs Nirmala Sitharam for three months i.e. from 1 April 2020 to 30 June 2020.From July 1, the rules changed. The changed rules are as follows:

    Minimum balance:The minimum balance rule is back in action. If you possess a minimum balance account the minimum balance as per the bank guidelines must be maintained. In case of any breach the bank has regained the power to levy a fine or penalty.

    ATM Transaction: After the number of free transaction through ATM, the bank can levy ATM fee and GST. This number of free transaction differs from bank to bank and account to account. Commonly it’s 5-8 free transactions.Adult Pension Yojana Account auto debit: Automatic Debiting amount to Adult Pension Yojana Account has been restarted.

    Mutual funds: From July 1, a stamp duty is imposed on every new mutual fund investments. The stamp duty is 0.005% of the amount invested. This is not applicable for withdrawals.Transaction limit: On every transaction made beyond the amount limit set by the government will be charges TDS(Tax Deducted At Source). This is to Avoid tax evasion. And encourage filing tax returns.For more information watch video