RBI clarifies on free transactions at non-home bank ATM's
Updated: Oct 11, 2014 01:34:32pm
Mumbai, Oct 11 (KNN) The Reserve Bank of India (RBI) has clarified that the total number of free transactions at non-home bank ATM’s would continue to remain at five a month in case the transactions are being carried out both in metros and non-metros. But it would come down to three from five only if all the transactions are carried out in six metros.
These six metros are Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.
“If transactions are carried out at both, the six metro centres and other locations, the total number of transactions (inclusive of both financial and non-financial) free of charge at other bank ATMs would continue to remain at five,” RBI yesterday said in a circular.
“With the issuance of the latest instructions while this overall cap remains unchanged, three transactions (inclusive of both financial and non-financial) would be free of charge if carried out at other bank ATMs located in six metro centres, viz., Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, the RBI circular added.
This new regulation is set to be effective from November 1.
RBI said it has received references from various stakeholders requesting clarifications as regards the total number of free ATM transactions that banks have to mandatorily provide to their customers in other bank’s ATM from November 1, 2014.
Prior to the issuance of the latest instructions, banks were mandated not to charge any fees to their savings bank account customers for five ATM transactions (inclusive of both financial and non-financial) in a month carried out at other bank ATMs irrespective of the location of the ATMs. (KNN/SD)
These six metros are Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.
“If transactions are carried out at both, the six metro centres and other locations, the total number of transactions (inclusive of both financial and non-financial) free of charge at other bank ATMs would continue to remain at five,” RBI yesterday said in a circular.
“With the issuance of the latest instructions while this overall cap remains unchanged, three transactions (inclusive of both financial and non-financial) would be free of charge if carried out at other bank ATMs located in six metro centres, viz., Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, the RBI circular added.
This new regulation is set to be effective from November 1.
RBI said it has received references from various stakeholders requesting clarifications as regards the total number of free ATM transactions that banks have to mandatorily provide to their customers in other bank’s ATM from November 1, 2014.
Prior to the issuance of the latest instructions, banks were mandated not to charge any fees to their savings bank account customers for five ATM transactions (inclusive of both financial and non-financial) in a month carried out at other bank ATMs irrespective of the location of the ATMs. (KNN/SD)
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