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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