ATM charges waived for savings bank accounts till 30 December
15 November 2016
The government has waived ATM charges for savings bank accounts till 30 December. The waiver is applicable on transactions at ATMs from November 10 till December 30, 2016. There are about 2 lakh ATMs of different banks across the country. (PTI)
The Reserve Bank of India (RBI) has directed banks to waive ATM charges on all transactions done by savings bank account holders till 30 December, in a move to lessen the woes of people facing cash crunch.
The waiver will be applicable on transactions made by a customer through his or her own bank ATM as well those of other banks.
''It has been decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks' ATMs as well as at other banks' ATMs, irrespective of the number of transactions during the month,'' the central bank said in a late evening notification.
The waiver is applicable on transactions done at ATMs from 10 November till 30 December 2016. There are about 2 lakh ATMs of different banks across the country, although most of these are non-functional.
A customer is permitted at least five free transactions per month for use of own bank ATMs. Banks could charge up to Rs20 (plus service tax, if any) beyond the permitted transactions.
In August 2014, the number of mandatory free ATM transactions for savings bank account customers at other banks' ATMs was reduced to three transactions per month in the six metro centres (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad).
Amidst a shortage of fresh cash and public queuing up outside bank branches to exchange the old notes or withdrawal of money, the government also hiked the withdrawal limit from ATMs (recalibrated machines) to Rs2,500 from Rs2,000.