dearJulius.com

These ATM transactions are free

Non-cash withdrawal transactions at ATMs will not come under free ATM transactions.

Banks cannot charge for these ATM transactions. Details here


Livemint

  • The Reserve Bank of India has come out clarifications on free ATM transactions
  • Bank account holders get a certain number of free transactions at ATMs

Banks can't include non-cash withdrawal transactions like balance enquiry, cheque book request, payment of taxes and funds transfer under free ATM transactions.

Banks also can't include failed ATM balance enquiry, cheque book request, payment of taxes, or funds transfer. Banks provide a certain number of free transactions at ATMs to their customers every month and beyond that they impose charges. For the benefit of bank account holders, the banking regulator Reserve Bank of India or RBI has come out with clarifications on free ATM transactions.

Here are five things to know about what free ATM transactions.

1) The RBI, in a circular dated 14 August, clarified that transactions which fail on account of technical reasons like hardware, software, and communication issues shall not be counted as valid ATM transactions for the customer.

2) Other failed ATM transactions like non-availability of currency notes in the ATM, transaction declines attributable to the bank or service provider will also not be considered as valid ATM transactions for the customer.

3) Invalid PIN/validations etc, which result in failed ATM transactions, will also be not counted as valid ATM transactions.

4) RBI said that banks cannot charge customers for these failed ATM transactions due to these reasons. "It has come to our notice that transactions that have failed due to technical reasons, non-availability of currency in ATMs, etc., are also included in the number of free ATM transactions," the RBI said.

5) Non-cash withdrawal transactions at ATMs such as balance enquiry, cheque book request, payment of taxes, funds transfer shall also not be part of the number of free ATM transactions, RBI said.

See also: How much does a house cost in Mumbai?

Currently, India's largest bank State Bank of India offers eight free transactions to regular savings bank account holders, including five transactions at SBI ATMs and three at other bank ATMs.

In non-metros, such account holders get 10 free transactions, including five at SBI ATMs and five at others.

COMMENTS



|Featured Content_$type=three$c=3$l=0$m=0$s=hide$rm=0


Made with in NYC
Name

Beauty,8,Career,3,Entertainment,3,Fashion,2,Featured,4,Food,14,Hair Care,1,Health,59,Home Decor,3,Lifestyle,40,Money,7,News,5,Photos,1,Relationships,4,Technology,3,Travel,10,
ltr
item
dearJulius.com India: These ATM transactions are free
These ATM transactions are free
Non-cash withdrawal transactions at ATMs will not come under free ATM transactions.
https://1.bp.blogspot.com/-XAk3IJB12s0/XWerTZwwdBI/AAAAAAAAAU4/IPAXrlv-sEwKlqFZPN97MGZ_PwpgVzcKQCLcBGAs/s1600/ATM.jpg
https://1.bp.blogspot.com/-XAk3IJB12s0/XWerTZwwdBI/AAAAAAAAAU4/IPAXrlv-sEwKlqFZPN97MGZ_PwpgVzcKQCLcBGAs/s72-c/ATM.jpg
dearJulius.com India
https://in.dearjulius.com/2019/08/these-atm-transactions-are-free.html
https://in.dearjulius.com/
https://in.dearjulius.com/
https://in.dearjulius.com/2019/08/these-atm-transactions-are-free.html
true
7647581116290803652
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy