Posts tagged atm
Pay for withdrawals at other Bank ATMs
Oct 17th
Barely six months since the usage of other bank ATM’s was allowed for free — the rules have now changed.
Effective 15th October, 2009 customers will be allowed to withdraw a maximum of Rs. 10,000 per transaction from non Bank ATMs. What this means is, savings Account customers will be allowed 5 free cash withdrawals per month on non Bank ATMs. A charge of Rs. 20 per transaction will be levied for additional ATM cash withdrawal on non Bank ATMs beyond the first 5 transactions.
So its clear that as long as the end customer was paying the per transaction charges earlier the banks were happy — but once they had to start paying the fee from their own pocket to the other bank (whose ATM was used to withdraw cash) it had begun to pinch them hard.
Latest ATM substitute
Jul 31st
Although the Reserve Bank of India has allowed shops to act as ATMs, the people meant to serve as banks’ new touch points – the shopkeepers – will have to be convinced first.
On July 22, the Reserve Bank of India had issued a circular permitting cash withdrawals of up to Rs 1,000 per day from point-of-sales (PoS) terminals at merchant establishments. PoS terminals are machines where customers can swipe their credit or debit cards to pay for purchases. Says Jayesh Sangoi, a Mumbai-based clothes’ retailer, “Already, there have been many cases of credit fraud. What happens if a customers just walks in with a fake card, and leaves with cash?
Read more here
Use Any Bank ATM for Free
Feb 11th
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.
3 Things Your ATM Will Soon Do
Aug 26th
Your neighborhood ATM could soon boast several value additions to ease the banking chores. Some of these features have been launched on a trial basis, while others are used abroad and could soon find their way to India. Here are those features:
Instant Cheque Deposit
The cheque truncation solution, currently in place in most leading banks in the NCR, cuts short the time required to process a cheque. When this facility is shifted to ATMs, you can have the cheque scanned and the amount will be credited ‘instantly’ to your account and you will also get a copy of the cheque for your records. Wow, how cool is that? Faster than NEFT / RTGS …! Continue reading “3 Things Your ATM Will Soon Do” »
