Know New ATM Bank Usage Rules effective from First November

Know New ATM Bank Usage Rules effective from First November
India has a total of 1.6 lakh ATMs across the country as of March 2014.

Following are the new guidelines, rules that come into effect from 1st November 2014

RBI has issued new rules and guidelines limiting the number of times you use your ATM in a month.

The new ATM transaction rules issued by the Reserve Bank of India is applicable to all ATM transactions including withdrawing cash, checking account balance or getting a mini account statement.

1-
Savings bank account holders in metropolitan cities would be allowed only three transactions from ATMs of other banks and five from the same bank in a month free

Below are 6 Metropolitan city names –
1-Mumbai
2-Delhi
3-Bengaluru
4-Chennai
5-Hyderabad
6-Kolkata

A –
Same Bank
Five Transactions Free and Additional transaction will be charged at Rs. 20 per transaction.

B –
Other Bank –
Three Transactions free and Additional transaction will be charged at Rs. 20 per transaction.


2-
For any ATM transaction above the stipulated limit, a transaction fee of Rs. 20 would be charged to the account holder.
The new transaction fee is applicable only for people living in six metropolitan cities

3-
People living in smaller towns and other cities would continue to get 5 free monthly transactions per month from the ATM of other banks and the charges for them include Rs. 20 for each cash withdrawal and Rs 9 for non-cash transactions.

For people staying in non-metropolitan cities, smaller cities and holders of zero balance and other no-frills accounts:

Same bank –
5 free transactions per month.
Rs. 20 is applicable for each cash withdrawal
Rs 9 for non-cash transactions

Different Bank –
5 free transactions per month.
Rs. 20 is applicable for each cash withdrawal
Rs 9 for non-cash transactions.

4-
All ATM transactions including cash withdrawal, balance enquiry and changing of PIN number etc would be considered as an ATM transaction

Reality views by sm –

Thursday, September 04, 2014

Tags – RBI Bank ATM Usage Rules Fine Rs.20 Rs.9