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savramesh

Free Cash Withdrawals From All Atms From 1st April

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Come 1st April and you need not have to sweat it out looking for an ATM of your own bank as you can use ATMs of your choice without shelling out any extra money.

Thanks to an RBI directive, much to the relief of common man, banks have been prevented from charging any fee for cash withdrawals using ATM and debit cards issued by other banks from 1st April onwards.

However, banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside India.

Last year on 10th March, the RBI had come out with guidelines limiting the fee charged by banks for using their ATMs by clients of other lenders to Rs 20.

It had also allowed the use of ATM for purposes like balance enquiry free of any charge.

This was to ensure greater transparency and to facilitate usage of any ATM installed within the country by customers without shelling out more, the central bank had said.

At present, banks charge Rs 20 per transaction when a customer uses the cash machine of any bank other than the one in which he/she has an account with.

At the end of December 2007, there were 32,342 ATMs in the country and various banks have entered into bilateral and multi-lateral arrangements with other banks to have inter-bank ATM networks. (NZ-29/03)

Source DD News

Edited by savramesh

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That is great news. Only if it is not a 1st april prank by the RBI.

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^^^

haha really funny.. anyway it will help reaching a nearest anybank ATM instead of going to a far same bank ATM.. also helps while in roaming, we can withdraw from any visible ATM, dont have to search for ATM.

i have used City guide by reliance many times to find an ATM in cities where i go..

Edited by savramesh

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that's really great :Sorprendido:

Edited by SantoshRoyal

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Its a great move... hope its implemented without any special charges by the banks...

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great move . will help lot op people who are using atm of bank which do not have so many atm .

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it is bound to assist banks with lesser atms... mainly the mnc ones... my bank, hsbc, has been offering this to me for the past two years...

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That's a great move.it will certainly help people in general and those travel a lot in particular.really many times finding an atm of same bank in a new place is very difficult.thanks to RBI.

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for me too.. i am enjoying these service for the last 3 years (can use any bank ATM without any charge). I am with ICICI.

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It's realy great news!

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Positive Step by RBI

Good , I appreciate the commitment of RBI towards common man....... :praise::):)

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i like playing devil's advocate:

the country has - along with many other items/goods - very few ATMs for the banked population

this under-penetration can only be resolved if it makes financial sense to deploy new ATMs

transparency in charges is actually more important than making it free and discouraging any new ATMs being set up outside urban areas

had the rule been that the charge inclusive of all taxes must be posted on each ATM in English, Hindi, and the regional language;

the customers would know before stepping in how much they would have to pay and can decide if its worth it to pay Rs. 50 or go further and maybe pay only 25/= at the next one

this would encourage unserved areas to get ATMs also

since the choice many customers face is no ATM in their neighborhood vs paying fees for the convenience

this move will actually hurt the 'common man' in the long run due to shortage of ATMs

short term gain = long term pain

there will be very little 'pain' in the metros of course - only rural & semi-urban areas will suffer the most

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RBI limits free use of ATMs

Source

Mumbai: The Reserve Bank of India , which made third party ATM transactions free from April, has said not more than Rs 10,000 can be withdrawn each time they are used and limited the number of such transactions to 5 a month.— PTI

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glad it took the RBI only 4 months to rationalise the free usage policy after the post:

this under-penetration can only be resolved if it makes financial sense to deploy new ATMs

transparency in charges is actually more important than making it free and discouraging any new ATMs being set up outside urban areas

had the rule been that the charge inclusive of all taxes must be posted on each ATM in English, Hindi, and the regional language;

the customers would know before stepping in how much they would have to pay and can decide if its worth it to pay Rs. 50 or go further and maybe pay only 25/= at the next one

this would encourage unserved areas to get ATMs also

since the choice many customers face is no ATM in their neighborhood vs paying fees for the convenience

this move will actually hurt the 'common man' in the long run due to shortage of ATMs

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