New Rules for ATM usage From November 2014 ( BEWARE !!!) Many people have a habit of withdrawing small amounts of money from the ATM to curb spending tendencies, but often end up with a high frequency of withdrawals. There are some others who are reluctant to use net banking or mobile banking facilities and depend on ATMs for checking account balance. If you happen to fall into any of these categories, it’s time to change your habit for good as RBI has issued new rules and guidelines limiting the number of times you use your ATM in a month. The new ATM transaction rules issued by the Reserve Bank of India is applicable to all ATM transactions including withdrawing cash, checking account balance or getting a mini account statement. New RBI ATM Transaction Rules:: According to the new RBI guidelines that come into effect from 1st November 2014, savings bank account holders in metropolitan cities would be allowed only three transactions from ATMs of other banks and five from the same bank in a month. For any ATM transaction above the stipulated limit, a transaction fee of Rs. 20 would be charged to the account holder. The new transaction fee is applicable only for people living in six metropolitan cities including Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata. People living in smaller towns and other centers would continue to enjoy five free monthly transactions per month from the ATM of other banks and the charges for them include Rs. 20 for each cash withdrawal and Rs 9 for non-cash transactions. Account holders of zero balance and other no-frills accounts in non metros are exempted from such transaction charges as of now. A comparison of ATM usage charges: For people living in metropolitan cities including Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata: 1.Same Bank :5 free transactions per month. Additional transaction will be charged at Rs. 20 per transaction( Any transaction cash or non cash from ATM) 2.Different Bank :3 free transactions per month. Additional transaction will be charged at Rs. 20 per transaction. For people living in non metropolitan cities, smaller towns and holders of zero balance and other no-frills accounts: 1.Same Bank :5 free transactions per month.Rs. 20 is applicable for each cash withdrawal and Rs 9 for non-cash transactions. 2.Different Bank: 5 free transactions per month. Rs. 20 is applicable for each cash withdrawal and Rs 9 for non-cash transactions.charged at Rs. 20 per transaction.
Posted on: Mon, 22 Sep 2014 05:54:56 +0000
Trending Topics
Recently Viewed Topics
© 2015