Money withdrawal from third-part bank ATMs will cost now

Posted Date: 15 Oct 2009	Resource Type: News/Announcements	Category: General
Author: Avi	Member Level: Gold
Rating:	Points: 10

From 15th OCT. 2009 the free access to automated teller machines (ATMs) of any other bank than our will cost you. Now the third-party ATM use will have limited withdrawal amount and the number of transactions each month. People can take out a maximum of Rs.10,000 per withdrawal from other ATMs and they will have five free transactions for month.
Indian Bank Association (IBA) recommended in July about the restriction on usage of third-party ATM. Followed by the Reserve Bank of India had asked banks to enforce the restrictions from mid-October. The step followed recommendations by Indian Banks' Association (IBA), an industry lobby. Bank had complaint that they had overload due to use of ATMs and they did not have any benefit of this burden.
Points to remember:
As per IBA -
1.Savings account holder may get five free third-party transactions a month and could be charged from sixth onwards.
2.Current account holders might not get any free third-party usage.
3.Maximum withdrawal amount from other ATMs is Rs. 10000.
4.If customer checked balance or withdraw money that will be consider as transaction.
5.After five transactions in third-party ATMs Rs 20 will be charged for each transaction.
6.Use of ATMs for which you have account in that bank will have no charge for transactions.

As to set up changes for this new rule it will take time and it is expected that after two months it will be implemented. Also it is predicted that in future online third-party transfer will also cost to customer.

Banks Strategy for customers:
Till now following updates available for respective banks to their customer
1.HDFC bank is giving free use of third-party ATMs for all salary, premium saving and current account.
2.HSBC bank is giving free use of third-party ATMs for all salary, premium saving account.
3.AXIS bank will provide free use of third-party ATMs for selected customers only.

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