Now we can enjoy the freedom of ATM or Debit card usage.

Reserve Bank of India(RBI) after analysis have found usage of ATM machines increase day by day and that too it is mainly used for cash withdrawal and balance inquire in spite of many other services available. So RBI had cut the service charge for using the ATM cards in other banks ATM machine.

#. No service charge for using in same bank with immediate effect.
#. No service charge for balance inquiry in other banks with immediate effect.
#. Reduced the service charge for cash withdrawal from other bank ATMs, which are above Rs. 20 to a maximum of Rs. 20 with immediate effect.
#. No service charge for cash withdrawal in other banks from 01-Apr-2009 (still have to wait for an year).

RBI has directed the banks to fix their service charges for credit card cash withdrawal.


Sat-Sanga said...

Hey dude, seems that we lost our ATM freedom?? Only 3 transactions in other bank ATMs now..?? Any updates on this??

(¯`·._.·NIVAS·._.·´¯) said...

@Sat-Sanga: Freedom didn't last longer for ATM use in other banks. Only 5 transactions are allowed in other bank ATM for S/B a/c holders as per RBI guidelines. This action was taken due to misuse of this facility. ATMs frequently running out of cash, lots of very meagre cash withdrawals, lots of transactions per ATM have pushed to callback our ATM CARD FREE-DOM :-(

Sathiesh Lokanadan said...

Thanks for your comments Sir...