New Banking rules from July 1: Rules for withdrawing cash to reduce interest on savings account

Amid the coronavirus pandemic the banking rules have undergone a major change and from July 1 news rules will be implemented. The scope of these rules ranges from transactions in the bank to ATM card withdrawals. With the change in these rules, you may have to pay additional fees on many things in the bank. Let us know which rules are changing from 1 July.

Punjab National Bank to  reduce interest on savings account

Punjab National Bank (PNB) has cut interest rate on savings account. The bank has cut interest rate on savings account by 0.50 percent. After which now from July 1, the customers of savings accounts will get an annual interest of 3.25%. During this time, the account in which there is an amount of up to 50 lakhs. That account will get 3 percent annual interest. Apart from this, if there is more than 50 lakhs in the account, then the customer will get interest at the rate of 3.25% per annum

Rules for withdrawing cash from ATM will change from July 1

Lockdown was imposed due to coronavirus across the country. Due to which the economic condition of the country has been completely shaken. In such a situation, the government had removed the charge levied on withdrawing money from ATMs. During this period, the government removed this charge for three months. But now this exemption is going to end. After which the charge will now have to be paid after withdrawing money from the ATM.

Minimum amount facility over 

With effect from July 1, the minimum amount rules for saving money in the bank's savings account will end. The government has also eliminated the need to keep minimum monthly balance in savings account till June 30. If the minimum balance is not present in the savings account of the customer, banks will not charge from it. Right now, according to metro city, urban, semi-urban and rural areas, the limit for keeping a minimum balance in savings account in different banks is different.