Use Any Bank ATM for Free
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photo by f-r-a-n-k
Currently banks charge Rs. 20 per transaction if you use an ATM of another bank. Come April 1, 2009 and you can use any ATM of any bank for any service free of cost; according to RBI.
The RBI has mandated that the ATMs should have unrestricted access for customers across banks. Be it the customer of a nationalised bank or a private bank, he will be able to access the bank account from any ATM without any additional charge. The RBI has provided the technology platform for this. This will also bring down the need for keeping large amounts of cash with oneself.
Banks can levy charges determined by themselves for withdrawals using credit cards and from ATMs located overseas. In a circular issued to all commercials banks, the RBI said customers should not be charged for even cash withdrawals at other bank ATMs with effect from April 1. It said a bank cannot charge its own customers for any ATM usage, with immediate effect. The guidelines are being issued to encourage customers to use ATM cards and ensure greater transparency in banking operations.
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¬ Pay for withdrawals at other Bank ATMs | Personal Finance, Indian Stock Market, Financial Planning, Investing, Wealth Building, Taxes | The Orange Paper
#4702 October 17th, 2009 at 5:34 am
[...] six months since the usage of other bank ATM’s was allowed for free — the rules have now [...]