Attention bank account holders, ATM card users & others; 5 new rules to be followed from this month

New Delhi: If you are a bank account holders and ATM card users, then several new rules relating to ATM withdrawals, minimum bank account balance, mutual funds and Atal Pension Yojana accounts have started from this month.

1. ATM withdrawal charges: Finance minister Nirmala Sitharaman had in March announced had in March announced that ATM charges will be waived off for all ATM transactions for three months due to the coronavirus crisis. However, as the deadline ended on June 30, ATM withdrawals will be charged as before (you will have to pay charges if withdrawn beyond the limit of free transactions.)
2. Minimum balance in bank account: The Finance Minister also had announced that the minimum balance requirement fee in bank accounts was suspended for three months, which ended in June. A bank account holder will now pay the penalty from this month for not maintaining the minimum balance.
3. Atal Pension Yojana accounts: The Pension Fund Regulatory and Development Authority had in April directed banks to stop the auto debit of Atal Pension Yojana(APY) till June 30. However, the auto debit for APY contributions shall now resume from this month with the end of the deadlines. But no penal interest will be charged if APY contributions from April, 2020 to August, 2020 are regularised before September 30, 2020.
4. Stamp duty on mutual funds: The stamp duty charges will not be collected from the Mutual fund investors, including those taking the Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) route from this month. The stamp duty will be imposed at the rate of 0.005% on purchase or switch-in amount but not on redemption. The new rules applies to all mutual funds—debt as well as equity. The imposition of stamp duty will affect holdings of 90 days and less.
5. Registration in Kisan Samman Nidhi: The Union government has so far provided Rs 6,000 to the farmers in three installments under the Prime Minister Kisan Samman Nidhi Yojana. Till now, five installments have been sent to the farmers. According to reports, last date of registration was June 30.