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Limit of free ATM transactions in other bank is revised from 1st November 2014 - All About Finance

Limit of free ATM transactions in other bank is revised from 1st November 2014

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Reserve bank of India has issued
the notification as on 14th August 2014 and instructs the all commercial
and co-operative banks for rationalization of number of free ATM transaction.
The number of the ATMs is increased to 1.6 lacks across the country by March
2014. Few banks and Indian Bank’s Association had approached the RBI seeking
the changes in the fees regarding the free transactions at other bank’s ATM. RBI
analysis the ATM deployment in the country and decided to restructure the ATM
charges with effect from 1st November 2014 in following manner.

1.       Free
ATM transactions for saving bank account at other banks’ ATM are three
transactions per month. Earlier this limit was five transactions per month. Here
transaction means both financial as well as non financial transactions. If
customer check the account balance in the ATM this is also consider the
transaction. However, this change in limit of free transactions is applicable
only in ATMs located in six metro centers i.e. Mumbai, New Delhi, Chennai,
Kolkatta, Bengaluru, and Hyderabad.  The present
facility of five free transactions remain unchanged for other location i.e.
other than these six metros.   

 

This reduction
is also not applicable to the small / no frills / basic saving deposit account.
They can enjoy the limit of five transactions per month.

It is instructed
by RBI to the banks that they should display properly on each ATM about the “metro”
or “non metro” sticker or poster to enable the customer to know the status of
ATM.  

 

2.       The
maximum charges permitted by RBI to the banks for transactions exceeding the
free transaction are Rs.20 per transaction plus service tax. RBI also instructs
the banks to inform the customers regarding the charges in fair and transparent
manner.

 

Notification

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