Accessing ATMs of any bank closes from Oct.15

Mumbai: The free access to automated teller machines (ATMs) of any bank will be closed from October 15 as the third-party ATM usage would carry a cap on the withdrawal amount and the number of transactions each month. From October 15, a customer can take out a maximum of Rs.10,000 per withdrawal from ATMs not owned by the bank in which the customer has an account, and the number of such transactions would be limited to five a month
In August, the Reserve Bank of India (RBI) had asked banks to impose the restrictions on third-party ATM usage from mid-October. The step followed recommendations by Indian Banks' Association (IBA), an industry lobby. IBA had submitted its recommendations to the central bank last July citing financial burden on banks due to a large number of third party usage and small-ticket withdrawals, resulting in high interchange expenses for banks.

Going by the IBA guidelines, a savings account holder may get five free third-party transactions a month and could be charged from sixth onwards. However, current account holders might not get any free third-party usage

Replies

  • madhumurundi
    madhumurundi
    what an grief 😒
  • Aashish Joshi
    Aashish Joshi
    this scheme was a non starter anyway..it's good that they've put an end to this sham..my friend "lost" 10K for about 45 days on using an ATM of a different bank!! it was not until he literally breathed down their necks that they refunded the money to him..
  • Saandeep Sreerambatla
    Saandeep Sreerambatla
    We are enjoying free third party withdrawals till date!!

    Lets see what they offer for corporates 😀

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