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(Precious) Words of Wisdom : "Only those who are asleep make no mistakes." ~ Ingvar Kamprad

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


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