Thread: Free access to ATMs of other banks closes on October 15

Free access to ATMs of other banks closes on October 15

There would be limits to one's freedom to walk into any bank's automated teller machine from Thursday as third-party ATM usage would carry a cap on the withdrawal amount and the number of transactions each month.

From October 15, a customer can take out a maximum of Rs 10,000 per withdrawal from ATMs not owned by the bank in which he has an account, and the number of such transactions would be limited to five a month.
In August, the Reserve Bank of India (RBI) had asked banks to impose the restrictions on third-party ATM usage from mid-October. The step followed recommendations by Indian Banks' Association (IBA), an industry lobby.

IBA had submitted its recommendations to the central bank last July citing financial burden on banks due to a large number of third party usage and small-ticket withdrawals, resulting in high interchange expenses for banks.
Going by the IBA guidelines, a savings account holder may get five free third-party transactions a month and could be charged from sixth onwards. However, current account holders might not get any free third-party usage.

The short-lived freedom of using ATMs of other banks, for services like cash withdrawals and account enquiries, without being charged for the same, was brought in force by the RBI on April 1, just over six months back.

Thanks for sharing this, I was not aware of this in any case most of the people never make more than 5 transactions in a month. In my case I withdraw cash about 3-4 times in a month.

You're welcome #smoothvibesAditya

Thanks for this input... I knew there were restrictions but was'nt aware of the figures...

I make one txn per month at most. Mostly deal with cheque books. I use up almost the whole cheque book (25 leaves) per month.

Originally Posted by just4kix

I make one txn per month at most. Mostly deal with cheque books. I use up almost the whole cheque book (25 leaves) per month.

same here

@J4K: please help me here
http://www.indiabroadband.net/web-ho...tml#post247017 (Mass Mail - Only For Admin and Mod's)

I cant PM you because of this 500 post limit which i think is useless.

some banks have a limit on the number of Cheques a S/B acct holder can get free of cost.
If the quota is exceeded, charg of Rs 3 or so
for each cheque leaf is debited to your acct.