New ATM Rules

[suri112000]

Banking is free.


They say ATM is free.

Is it? They charge annual maintenance charge for ATM. Donot believe me. Check your account. After all, ATM is free.

Try drawing an amount more than the balance in your a/c through ATM. They charge Rs.17 as attempted to draw from insufficient balance. Donot belive me. Just try it to realize it. After all, ATM is free.

Try getting another ATM card in place of mutilated ATM card. You will be charged. After all, ATM is free.

They say You can deposit any amount of cash into your account.

Is it? They charge cash handling charges if the amount is bulk. After all, banking is free.

They say Cheque book is free to use.

Is it? Then why they charge cheque bouncing charges for not having sufficient balance in the account. Its our headache to pay the dues to the drawee. Why should you charge for having no balance in the account when there is no charge when the cheque is honoured. Afterall cheque book is free.

They say banking is free.

Is it? Try closing your account. They charge account closing charges. Again, banking is free.

They say banking is free.

Is it? Try transferring account from one place to another. They charge account transfer charges. Again banking is free.

I can still not recollect many a free services of the banking.

 

[onlinegtrash]

Very good... I like RBI's move.

I wish banking fees should be increased so much that every end user should feel the pain.

Only then bitcoins can take off in India

All bad sign is also a sign of good things coming up!

 

[timepass]

This idea will result in limiting ATM use, increase in cash transactions and hoarding etc. Will finally end up encouraging black money indirectly. The very idea of ATM is to have cash handy wherever whenever, to reduce the banks' load of withdrawal crowd etc.

I am thinking of visiting my bank (Union Bank of India) every day for a Rs. 100 withdrawal, every day Rs. 100.

The increased ATM charges will be applicable from Nov. 1.

 

[TradeJoker]

going to bank is horrible.These bank staffs r very slow in their job done on PC, thank god net banking and ATM is there,if net banking increase at this pace, they will also add charges per trans. :annoyed:

 

[jamit_05]

The core idea behind every Capitalist regimes is to enslave. There is no better enslavement than a financial one. In that the master does not have to whip the slave, the slave whips himself and gets his rear to work.... else how will he pay his installments... Installments on home, car, vacations, jewellery... list is endless. It is a trade-off, a dear one.

The sharp spike in the property rates have done the home-loaners a great deal good. Now, 99% of city dwellers cannot afford to buy a home without a loan. In fact, rising inflation is a boon to banks and inturn to the RBI and babus. Everybody has a cut, my friend... everybody.

I still prefer the old way of buying stuff, which starts with saving. Let that money grow in FD or ppf. Note, how this is the exact opposite of taking a loan. Here nobody gets a cut.

I wonder if the Islamic states allow bankers to advertise loan products as extensively as it is in India.

 

[timepass]

going to bank is horrible.These bank staffs r very slow in their job done on PC, thank god net banking and ATM is there,if net banking increase at this pace, they will also add charges per trans. :annoyed:

Getting the user addicted to electronic banking was the idea behind the earlier freebies. But I think that by now even the banks have become used to the conveniences of e-banking. Hence am thinking of a protest by the way of withdrawing Rs. 100 per day; let them see the crowds and maybe reconsider.

The core idea behind every Capitalist regimes is to enslave. There is no better enslavement than a financial one. In that the master does not have to whip the slave, the slave whips himself and gets his rear to work.... else how will he pay his installments... Installments on home, car, vacations, jewellery... list is endless. It is a trade-off, a dear one.

The sharp spike in the property rates have done the home-loaners a great deal good. Now, 99% of city dwellers cannot afford to buy a home without a loan. In fact, rising inflation is a boon to banks and inturn to the RBI and babus. Everybody has a cut, my friend... everybody.

I still prefer the old way of buying stuff, which starts with saving. Let that money grow in FD or ppf. Note, how this is the exact opposite of taking a loan. Here nobody gets a cut.

I wonder if the Islamic states allow bankers to advertise loan products as extensively as it is in India.

Superb analysis... you have put in words what the consumers feel in their bones :thumb:

 

[suri112000]

Getting the user addicted to electronic banking was the idea behind the earlier freebies. But I think that by now even the banks have become used to the conveniences of e-banking. Hence am thinking of a protest by the way of withdrawing Rs. 100 per day; let them see the crowds and maybe reconsider.

ATM, Internet banking, Mobile banking are the ways used by banks to reduce the crowds at their counters and work load. For their convenience, we are being charged. The only way left is conventional banking. Let them break their heads by seeing increasing crowds and work load at their counters. Can banks handle such protest by the customers? They cannot because they have already downsized their staff considering these automations and increased the branches without increasing the staff. Its high time for banks. Brace up for the inevitable as the customer is God and he is not happy with you.

 

[jamit_05]

It is a major inconvenience to go to the bank and get work done; queue up, withdraw cash etc. There is a better way to jolt the bankers without taking much trouble yourself. Hit them where it will hurts them the most.

If one estimates his monthly need for cash to be around Rs.10000, then withdraw it at one go. Now, if a lakh people in India do it, then the Banking system will have Rs. 10000 lakh lesser deposited with them for a month period. This means serious damage in interest revenues.

Think about it. It will jolt the RBI governor enough to make him think twice before soiling the sheets with the bankers again.

 

[TradeJoker]

Getting the user addicted to electronic banking was the idea behind the earlier freebies. But I think that by now even the banks have become used to the conveniences of e-banking. Hence am thinking of a protest by the way of withdrawing Rs. 100 per day; let them see the crowds and maybe reconsider.

Superb analysis... you have put in words what the consumers feel in their bones :thumb:

ur right, soon we can see grocery,stationary outlets in banks, they r already doing it with retail outlets n shopping sites giving special offer with their cards.

 

[timepass]

It is a major inconvenience to go to the bank and get work done; queue up, withdraw cash etc. There is a better way to jolt the bankers without taking much trouble yourself. Hit them where it will hurts them the most.

If one estimates his monthly need for cash to be around Rs.10000, then withdraw it at one go. Now, if a lakh people in India do it, then the Banking system will have Rs. 10000 lakh lesser deposited with them for a month period. This means serious damage in interest revenues.

Think about it. It will jolt the RBI governor enough to make him think twice before soiling the sheets with the bankers again.

I don't think that will work. If the word gets out, there may be instances of crime and robbery near the banks.

This idea of bank jamming is not new. I first read about in a 1975 novel by Arthur Hailey - "The Moneychangers". Since then such protests conducted by the small-timers have happened - Hug A Tree, Airport Toilet Jamming etc. I guess it would count as a form of Satyagraha.