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02 November 2014

Now you have to Pay an Extra Amount for Using ATM

ATM's have actually ended up being a vital part of our lives. It is the very best option when we require cash in money. It is readily available 24 hours and 365 days. We like making use of ATMs however might be not more. According to numerous media reports now you can utilize your ATM just for 5 times in a month and you will certainly need to pay if you utilizes it for the sixth time. This brand-new policy has actually been carried out for the metro cities users. Nevertheless, this brand-new guideline is not transparent and is producing a great deals of confusion.

According to the brand-new policy of RBI which was launched on Oct, 10th and will certainly be executed from 1st Nov, a metro city user can make use of ATM of their own bank just for 5 times in a month and ATMs of other banks for 3 times in month. This 5 and 3 times consist of both money withdrawals and other activities. For example, if you make use of ATM for examining your balance or for getting mini statement, it would likewise be counted. After 5 uses, you will certainly need to pay Rs. 20 per deal and once again deal consist of both withdrawals and other activities. Nevertheless, this policy applies to checking account holders of 6 metro cities which are Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore.


The factor behind this policy is unclear and in the notice it was mentioned that "Taking into account the high density of ATMs, bank branches and alternate modes of payment readily available to clients, the variety of obligatory totally free ATM deals for cost savings bank account clients at other banks' ATMs is decreased from the present 5 to 3 deals per month (inclusive of both monetary and non-financial deals)".

This policy is restricted to the metro cities just and users apart from these cities can make use of ATMs of their own bank complimentary of charge and for endless times. Nevertheless, the limitation for making use of ATM of other bank is restricted to 5 deals. Although, passing circumstance modifications exist that quickly this brand-new policy will certainly be executed to other cities too.

If your bank is charitable then there is an excellent news for you as RBI has actually made it clear that the guideline of 3 complimentary deals for making use of other bank's ATM can be altered by the bank as per their policies. For example, a SBI consumer can make use of ATM of other bank at complimentary of expense and for endless times however just if he preserves a deposit of Rs 1 lakh in his cost savings account.

Bank of Baroda has likewise its own policies where its consumer can utilize their own ATMs complimentary of expense. Although, for making use of other bank's ATM for the 4th time, they will certainly need to pay Rs.20.

This brand-new policy appears easy and clear however it is not so. As an example, if an individual utilizes his own ATM for 5 times in a metro city however utilizes his own ATM for the sixth time however in the rural town, then he will certainly be charged Rs. 20 or not since the policy specifies then making use of own ATM for even more than 5 times is not complimentary however the exact same policy states that this guideline is not suitable in backwoods.

Banks charge yearly fees from the consumers on the name of ATM upkeep however still it cannot utilize his own ATM free of charge. There is no statement from the RBI over this complicated policy, nevertheless we will certainly keep you upgraded about this news.