Effective July 01, 2011 – RBI has sent a circular to all the banks in India to mandate the following rules on the ATM transactions:
- The permitted 5 free transactions per month at other Bank ATMs will include Financial as well as Non-Financial transactions. Here cash withdrawals comes under the financial transaction and Balance Inquiry, Pin Change & Mini Statement comes under the non-financial transactions.
- If you are using the other ATMs more than five times, the charges will be Rs. 20.00/- (including taxes) per Financial transaction and Rs. 8.50/- (excluding taxes) per Non-Financial transaction.
- As per RBI guidelines, if there is any failure in the ATM transactions and your account got wrongly debited the amount,bank will have to credit such wrongly debited amounts within a period of 7 working days from the date of the complaint. The Bank will pay Rs.100/- per day beyond 7 working days only if the complaint is lodged within 30 days of the date of the transaction.
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July 6, 2011 at 10:38 pm
Very good announcement from the RBI side. Now bank’s customer will be benifitted .
Parduman Sharma
July 6, 2011 at 11:09 pm
Hi Parduman,
Previously 5 free financial transactions allowed. Now it is reduced to including the non-financial trasnactions.
Thanks,
Krishna
July 7, 2011 at 9:48 am
How come it is a good move from RBI side? transaction of any type in any ATM should be free. Then we can say that it is a good move.
July 7, 2011 at 7:12 pm
Hello Deb,
You are partially correct. The problem is banks have to pay Rs.18 for the each transaction for their debit card used on other banks ATMs. So, banks feel that they are making losses. RBI has to may those transactions free, then only banks will be happy to make it free.
The problem is if the RBI is asking the banks to allow customer to take in any ATMs and you pay for the customer, then banks will increase the other charges.
Thanks,
Krishna
September 21, 2011 at 1:52 am
hello sir,
I am using canara bank ATM card. If I will suppose use this card in corporation bank till 5 tranctions is free right??
And If I use my card in corp bank till 5 transactions and again in axis bank 5 transactions does it costs???
Please give me the solution??
November 2, 2011 at 7:30 am
sir
sankara narayanapillai s said
my a/c canarabank .some time iam useing the other atm only one time
use in other atm.up to last month no recovery from atm fee .but
oct11 onwards other bank atm use only one time use. atm fee recovery. pl what is atm charges now in rbi rules..
sankaranarayanapillai.
December 12, 2011 at 3:53 pm
Cashless transactions MUST be free ….. this is not at alll a far step ………………….
August 9, 2012 at 7:44 am
sir, i have a confusion. suppose i am a SBI atm-debit card holder and i have done transaction 5 times from axis atm machine. Now if i do transaction from some other bank’s atm machine (suppose HDFC). will there be any charge deduction for my ^th transaction?? Please clarify my confusions.
August 9, 2012 at 7:45 am
sir, i have a confusion. suppose i am a SBI atm-debit card holder and i have done transaction 5 times from axis atm machine. Now if i do transaction from some other bank’s atm machine (suppose HDFC). will there be any charge deduction for my transaction?? Please clarify my confusions.
August 9, 2012 at 2:41 pm
Hello Raj Anand,
Yes. It is total of 5 transactions. Not with any specific bank ATM.
Thanks,
Krishna
August 14, 2012 at 9:20 pm
It is should not be charges beyond 5 transactions. It should be increased to 20 transactions free of cost to any bank’s atm.