Indian Banks' Association brings new rules to withdraw money during lockdown

In a bid to reduce people's bank visits, the Indian Banks' Association (IBA) on Saturday introduced new rules to withdraw cash during the nationwide lockdown. The move will help in decreasing crowds do more work through electronic transactions.

IBA has assigned specific dates to withdraw money so that there are no crowds outside the branches.

Withdrawals will now be made on specific days bases on the last digit of a customer's bank account number. The new rules say that those having 0 and 1 as the last digit of their account numbers will be allowed to withdraw money on May 4. Similarly, those with 2 and 3 can take out money from their accounts on May 5. Those with 4 and 5 as last digits can withdraw on May 6.

This way, customers having 6 and 7 as the last digits of their account numbers can withdraw on May 8 while those with 8 and 9 can withdraw the amount on May 11.

This arrangement is only applicable till May 11. Post that, these restrictions will get lifted and anyone can withdraw money on any day.

The step was taken by the IBA as in April, a large number of people formed a queue in front of the banks to withdraw money and social distancing could not be followed.

Customers can also withdraw money from any ATM as there will be no charge for it, IBA has said.

On the other hand, the government is depositing Rs 500 in the accounts of women under the Pradhan Mantri Garib Kalyan Yojana. Banks have advised them not to rush to withdraw the amount and it is safe in the accounts. The installment for April has been added to the women's accounts while the installment for May is under process.