New ATM Rules

#1
The RBI has just issued guidelines for ATM withdrawals. Though these may seem unjust to the end user, having to pay for withdrawing money from your own bank's ATM, it may contribute to the bottom line of the banks and boost banking scrips. So, don't curse the banks, just buy more of banknifty and read the following.

New ATM Rules: What You Need To Know
NDTV | Updated On: August 15, 2014 10:49 (IST)

From November, frequent use of bank ATMs will cost you more. The Reserve Bank of India has reduced free transactions in other bank ATMs to three per month in six metropolitan cities. Banks have also been allowed to levy charges beyond five transactions per month at own-bank ATMs.

Top 5 Facts:
Other Bank ATM Usage: From November 1, the number of mandatory free ATM transactions for savings bank account customers at other bank ATMs will be reduced to three per month from five if the ATMs are located in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. At other locations, the present facility of five free transactions for savings bank account customers will remain unchanged. However the Reserve Bank said banks can offer more than three free transactions at other bank ATMs if they desire.

Exemptions: The new ATM transaction rules will, however, not apply to small/no frill/ basic savings bank deposit account holders who will continue to enjoy five free transactions. These savings account have 'nil' or very low minimum balance criteria but come with restrictions such as cap on total deposits, maximum balance and number of transactions.

Own Bank ATMs: Banks have been allowed to charge customers beyond five transactions (inclusive of financial and non-financial transactions) per month at own ATMs. This would be applicable for ATMs at all locations. The new norm will also come into force from November.

Charges: The banks are allowed to fix their own charges for ATM transactions beyond the mandated free ones by the Reserve Bank. However, the Reserve Bank of India has capped the maximum charge to Rs. 20 per transaction (plus service tax, if any).

Why the New Rule: Banks had sought restrictions on free ATM use, citing "growing cost of ATM deployment and maintenance" and interchange fee. Banks owning the ATMs charge a fee for providing the ATM facility to the customers of other banks. This fee is referred to as interchange fee. According to Indian Banks Association, banks pay over Rs. 15 per ATM transaction to each other irrespective of whether a withdrawal was within the limit in case of customers involved.
Also, read from another related article here..

It is amazing that we act against public interest with alacrity, but take years to name and shame a Kingfisher Airline as a willful defaulter. The truth is banks can make profits by pulling up their socks and girding their loins against the thinly disguised designs of borrowers. But in keeping with our national trait they have chosen to pluck the low hanging fruit or hit the weak and vulnerable when hitting out against the resourceful is challenging.

The RBI should sit up and ponder how ATMs came to proliferate in these six major cities. They proliferated in a spirit of me-too. Many small commercial complexes have five to six ATMs where one would do. The RBI should foster the concept of ATM share, a la telecom tower share or oil pipeline share, instead of squeamishly punishing the bank account holders. If all banks form an ATM company and own ATMs jointly outside of their own balance sheets, there would be considerable cost savings with ATMs being used optimally. Let the banks and the RBI not tilt at the windmills.
 
#2
how would you guys feel about paying Rs. 20 for withdrawing from your own Bank's ATM ?

Instead of this I think they should put Rs. 1 service charge on EVERY ATM transaction. I think that would be more palatable and sound more reasonable.
 

madhavareddy1203

Well-Known Member
#7


Yess.. india developing.... people are earning goooood money to pay withdrawal their money.. wow..

In early they forced me to use atms....

1.. banks told its safe and secure..

2. its free.. any where any time..

3. any no of transactions..

4. some banks free any number of transactions in any bank atm..


nowa days i forget to use my cheque book... now banks saying we will charge...

Pehala aadath kar diya.. now charging..

what a bakwas.. Plz guys.. Discourage this new implementation..
 
#8


Yess.. india developing.... people are earning goooood money to pay withdrawal their money.. wow..

In early they forced me to use atms....

1.. banks told its safe and secure..

2. its free.. any where any time..

3. any no of transactions..

4. some banks free any number of transactions in any bank atm..


nowa days i forget to use my cheque book... now banks saying we will charge...

Pehala aadath kar diya.. now charging..

what a bakwas.. Plz guys.. Discourage this new implementation..
yeah.. the same thing with my debit card. They gave me one free of charge, only usage charges, they said. Now it is facing its expiry date next month and there will be some AMC charges :mad:
 

cloudTrader

Well-Known Member
#9
Coalgate scam , Kingfisher Airlines scam and many other scams [there are so many to remember] are all done willfully with the people at the helm at the involved institutions . The lack of political will to bring such culprits to justice has made the common man the most vulnerable in our country.

We work hard to produce various goods & services for the country. We are paid nominally but money extracted blatantly from our pockets in various forms.

Mallya is still living the lavish lifestyle but the shareholders of KFA are crying for the lost investment. Banks will make all kind of efforts to recoup the losses from willful NPA's by not touching them but channeling their power of extraction to the already hard hit mango man.
 

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