We Design Your Financial Destiny


(Precious) Words of Wisdom : "Never spend your money before you have earned it." ~ Thomas Jefferson

Count your ATM visits or else pay for it

If you are a frequent visitor to the ATMs, be ready to shell out some nominal fees for the same.

Reserve Bank of India, in its circular on Aug 14, 2014, has rationalized the number of "free transactions" at Automated Teller Machines (ATMs).

- No. of free transactions at other banks' ATMs is reduced to THREE per month (earlier it was 5 free transactions per month)


- These transactions include both cash withdrawal and other non-financial transactions (such as balance enquiry, mini-statement etc.)

- Of course, if your bank desires, it can offer more than three free transactions

- This reduction applies to only six metros cities viz. Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad

- All other locations would continue to enjoy Five free transactions per month

- Also, henceforth banks can charge for own ATMs too, subject to permitting at least FIVE free transactions (inclusive of both financial and non-financial) per month at OWN bank ATMs

- A charge of Rs.20 (+ service tax, if any) per transaction has been fixed as a cap by RBI

- Appropriate systems should be set up to track such transactions so that customers are not inconvenienced in any manner

- Banks should alert and caution the account holders as and when this free transaction limit is utilized

- These guidelines become applicable from Nov 1, 2014 onwards


An Investment In Knowledge Pays The Best Interest ~ Benjamin Franklin

101 Classic Tips Money Gyaan

You Learn A Lot By READING... And Even More By SHARING.

Share Button

Ignorance is like a SIGNED BLANK CHEQUE... anyone can MISUSE it.

Subscribe via Email
Powered by Blogger.

... Three VALUABLE Tips ...

1. Which Is The Best Day To Invest Your Money?
Best Day for Investment
My "unique" take on the auspicious days to make the best investments.

 


2. Housewives Too Can Become Millionaires
Millionaire housewives with compounding
Saving for MORE TIME gives much better results than saving MORE MONEY.

 


3. Twist In Credit Card Interest Calculations You Must Know
Credit Card Interest Calculation
Calculating Finance Charge on your Credit Card is LOT SIMPLER than this.