If you thought the convenience of free ATM transactions would remain for ever, you are highly mistaken! Officials at the Indian Banks Associations told that the Reserve Bank of India has agreed to curb free ATM transactions to only five a month. Third-party ATM withdrawals thereafter would be charged to customers.
As we all know from April 1 of this year, inter-bank ATM transactions were made free, which meant that the banks would bear the cost and not the customer. However, according to IBA sources we learn that the RBI has now agreed to cap free ATM withdrawals to only five per month. Remember, this was a suggestion made by IBA to RBI.
What this means of course is that free ATM withdrawals in access of five will now be charged to the customer. Also, according to IBA sources, we learn that the RBI has agreed to limit the free ATM withdrawal only to savings account customers–current account customers will not be able to enjoy the benefit.
However, there is a bit of good news as well for the customers. Inter-bank balance enquires will remain free. So don’t stop swiping as yet. I also heard that the IBA is currently working on the implementation of all these measures and will come out with an announcement at the earliest.
Good for people, who always deals in Internet banking (like me) and bad for the guys, who use the ATM machine like helll.
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