From today, these new banking services charges, ATM cash withdrawal rules and savings interest rates are applicable - All you need to know
From today i.e. 1st July, 2020, many banking services, rules and charges have changed.
![From today, these new banking services charges, ATM cash withdrawal rules and savings interest rates are applicable - All you need to know From today, these new banking services charges, ATM cash withdrawal rules and savings interest rates are applicable - All you need to know](https://cdn.zeebiz.com/ads/placeholder_image-zeebiz.jpg)
From today i.e. 1st July, 2020, many banking services, rules and charges have changed. And, these changes will directly impact bank customers. For the convenience of our readers and banking customers, here we list out the banking services, rules and charges which witnessed a change from 1st July 2020 and their impacts on you as a banking customer:-
-ATM cash withdrawal: Rebate and exemptions on ATM cash withdrawal will come to an end. There was a relief from government on ATM cash withdrawal for the three months - April, May and June - in the wake of Covid-19 pandemic
-Savings account minimum balance: The monthly minimum balance requirement will be active again on your savings account. Reportedly, Bank of Baroda may even freeze your account, if you as a banking customer fail to maintain minimum monthly balance in your savings account of bank.
-Different rules for metros, city and rural areas: Reportedly, there will different rules for metros, city and rural areas for savings account monthly minimum balance requirement
-Lesser interest on bank deposits: Bank account holders will get the lesser amount of interest rates
-Maximum 3.25% interest: At the max, there will be 3.25% interest rates on the savings bank account.
-Punjab National Bank: PNB to slash 0.50% interest rates on the savings bank account
-Account freeze: Reportedly, a bank account may become frozen if the banking customer fails to submit documents required for continuing the banking services
On June 10, sate-run lender Bank of Baroda had said that it will reduce its benchmark lending rate across various tenors by 15 basis points. Accordingly, the bank will reduce its marginal cost of funds based lending rates (MCLR) across various existing levels and tenors w.e.f. June 12.
The MCLR, the minimum lending rate below which a bank is not permitted to lend, is an internal reference rate for banks to determine the interest they can levy on loans.
Consequently, with the cut, EMIs on eligible loan accounts which are linked to MCLR will get cheaper.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/personal-finance/photo-gallery-kisan-vikas-patra-monthly-income-scheme-recurring-deposit-public-provident-fund-national-savings-certificate-ssy-features-interest-rate-post-office-investment-schemes-for-general-and-senior-citizens-347531](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/17/353527-your-paragraph-text-17.jpg?itok=AwJK0DKA)
Post Office Guaranteed Return Schemes: PPF, SCSS, NSC, and 5 other financial schemes that provide up to 8.2% interest rate
![https://www.zeebiz.com/personal-finance/photo-gallery-sbi-revised-home-loan-revised-emi-interest-rates-eblr-calculator-know-how-much-amount-you-may-save-every-month-on-inr-rs-2000000-10000000-loans-after-25-25-bps-cut-state-bank-of-india-calculations-347516](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/17/353526-7th-pay-commission-salary-calculator-1.jpg?itok=3_KFsLEH)
SBI Home Loan EMI Calculations: Know how much you can save monthly on Rs 20 lakh-Rs 1 crore loans after 25 bps rate cut
![https://www.zeebiz.com/personal-finance/photo-gallery-power-of-compounding-sip-mutual-fund-retirement-corpus-planning-calculator-how-many-years-it-will-take-to-reach-inr-rs-80000000-with-7000-11000-and-16000-monthly-investment-market-linked-return-346156](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/11/352047-poc-cover-2.jpg?itok=Fa26qSfi)
Power of Compounding: How long it will take to build Rs 8 crore corpus with Rs 7,000, Rs 11,000 and Rs 16,000 monthly investments
![https://www.zeebiz.com/personal-finance/photo-gallery-7th-pay-commission-monthly-salary-calculator-is-your-basic-salary-inr-rs-24500-53000-81100-know-your-total-salary-8th-matrix-salary-scale-band-grade-dearness-allowance-travel-hra-house-rent-347484](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/17/353484-7th-pay-commission-salary-calculator.jpg?itok=exBYKLyX)
Monthly Salary Calculations: Is your basic salary Rs 24,500, Rs 53,000, or Rs 81,100? Know how much total salary central government employees may get
![https://www.zeebiz.com/personal-finance/photo-gallery-new-income-tax-bill-regime-slabs-old-existing-proposed-revised-calculator-what-will-be-your-tax-on-annual-income-salary-of-inr-rs-800000-1400000-2000000-2600000-nirmala-sitharaman-budget-2025-346889](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/13/352870-top7-hybrid-funds-in-10-years-1.jpg?itok=UqwoA5Li)
Income Tax Calculations: What will be your tax liability if your salary is Rs 8 lakh, Rs 14 lakh, Rs 20 lakh, and Rs 26 lakh?
![https://www.zeebiz.com/personal-finance/photo-gallery-top-7-large-and-mid-cap-sip-mutual-funds-with-best-cagr-return-by-one-time-investment-5-years-calculator-rs-15-lakh-investment-in-no-1-scheme-is-worth-446-lakh-nifty-bse-hdfc-uti-icici-quant-motilal-347423](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/17/353453-top-7-large-and-mid-cap-mutual-funds-in-5-years.jpg?itok=HVXazooH)
Top 7 Large and Mid Cap Mutual With Best Returns in 5 Years: Rs 1.5 lakh one-time investment in No. 1 scheme has sprung to Rs 4.46 lakh
![https://www.zeebiz.com/personal-finance/photo-gallery-employees-pension-calculation-what-will-be-your-monthly-pension-with-rs-35000-salary-25-years-of-service-age-33-retirement-corpus-epf-eligibility-benefits-income-formula-347502](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/17/353507-eps-1.jpg?itok=QiOr5Wja)
EPS Pension Calculation: Estimate your monthly pension with Rs 35,000 salary, 25 years of service & age 33
![https://www.zeebiz.com/personal-finance/photo-gallery-retirement-corpus-mutual-fund-lump-sip-one-time-investment-planning-calculator-calculations-how-inr-rs-1000000-deposit-can-create-rs-30000000-fund-in-30-years-power-of-compounding-347205](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/14/353193-salary-da-calculator.jpg?itok=-EhQme5U)
Retirement Planning: How one-time investment of Rs 10,00,000 can create Rs 3,00,00,000 retirement corpus
![https://www.zeebiz.com/personal-finance/photo-gallery-sbi-444-day-fd-vs-central-bank-of-india-444-day-fixed-deposit-which-can-provide-higher-maturity-on-rs-500000-700000-1000000-deposits-compare-interest-rates-for-maximise-returns-with-special-fd-346476](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2025/02/12/352408-special-fd.jpg?itok=myx6xfFk)
SBI 444-day FD vs Central Bank of India 444-day FD: Which can provide higher maturity on Rs 5,00,000, Rs 7,00,000 & Rs 10,00,000 deposits?
01:36 PM IST