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RBI Reduces Free ATM Transactions

PUBLISHED BY: SURENDER KUMAR
AUGUST 14, 2014

   
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RBI Reduces Free ATM Transactions

 

As per latest RBI norns, the Banks will allow customers of other banks only 3 free ATM transactions at their ATM kiosks. The Banks can also limit the free transactions at their own ATMs to five. The RBI has allowed the banks to charge up to Rs 20 for every transaction beyond the limit.

New charges will apply to transactions outside six metros — Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, which are well-served in terms of payment infrastructure. Given the growth in cash access points and considering the associated costs, the RBI has decided to revise the existing directions and charges. The revised rules come into effect from November 1, 2014. However, this will not apply to no-frill, small or basic savings bank deposit accounts (BSBDA) and for transactions at ATMs outside these six metro centres. Banks are also free to offer free transactions above the mandated limit.

The number of automated teller machines (ATMs), which was 27,000 in 2007, has increased to over 1.6 lakh by end-March 2014.




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