ATM Withdrawal in 6 Metro Cities beyond 5 times in a month attract Rs 20 per transaction wef Nov 01,2014

 

Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from Saturday Nov 01,2014

As per the Reserve Bank's new guidelines that comes into force from Saturday Nov 01,2014, bank customers in six metros-- Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore-- are allowed to withdraw money and/or carry out non-financial transactions like mini-statements at ATMs of banks, where they hold saving/current accounts, free of charge only five times a month.

Every transaction beyond this threshold will be charged Rs 20 per use


The RBI, however, clarified that nothing precludes a bank from offering more than three free transactions at other bank ATMs to its account holders if it so desires.
The cap in the number of free ATM transactions will not apply on small/no-frills or basic savings bank deposit account holders who will continue to enjoy five free transactions.
At places other than the six metro centres, the facility of five free transactions for savings bank account customers will remain unchanged upon using other bank ATMs.