New ATM charges likely for even single-time withdrawal of cash
Posted on: 27/Apr/2018 2:13:07 PM
In an announcement released yesterday (Thursday, 26th April), the President, Tamilarasu and the Secretary, C. P. Krishnan of the All India Bank Employees Federation have informed:
‘The State Bank of India stopped collecting charges for failure to keep minimum bank balance from July 2012 till March 2017.In a similar way, most banks do not charge for the issue of new cheque books.
Further, the customers are allowed to withdraw cash 3 to 5 times in a month without any charges.
However, recently, the high-level office of the Director-General for Goods and Services Tax (GST) has sent a letter to all the banks that all the uncollected charges for the periods mentioned above (from 2012) along with 18% interest and a 100% fine.
This will drastically change the Indian economic scenario. The All India Bank Employees’ Federation strongly condemns this anti-customer attitude of the central ministry of finance.
Subsequent to the above letter, citing this, there is a possibility to cancel all the existing free services.
For example, the news is circulated that the bank administration is already exploring the possibility of charging even for a single-time withdrawal of cash.
The central government, Reserve Bank of India, and the bank administrations must not impose this heavy burden on the ordinary bank customers.
The bank policies must be amended to ensure the continuous free service facilities extended to the economically backward and the middle-class customers.’
