Metro Cities: Money withdrawals from ATMs to be costlier from November

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swatkats

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Frequent withdrawal of money from ATMs will become expensive from November, with the RBI imposing a limit of 3 transactions per month from ATMs of other banks and 5 from the same bank in six metropolitan cities.

A customer will be required to pay a fee of up to Rs 20 for using Automated Teller Machines (ATMs) beyond the permitted numbers of transactions in Delhi, Mumbai, Chennai, Bangalore, Kolkata and Hyderabad.

The number of mandatory free ATM transactions for savings bank account customers at other banks? ATMs is reduced from the present 5 to 3 transactions per month (inclusive of both financial and non-financial transactions) for transactions done at the ATMs located in 6 metro centres," RBI said in a notification.

With regard to own bank ATMs, RBI said that banks will have to permit at least 5 free transactions per month (both financial and non-financial).

Banks have been allowed to charge a maximum fee of Rs 20 per transaction beyond the stipulated ceilings.

The Reserve Bank of India (RBI) also made it clear that the said reduction will not apply to small/no frills/basic savings bank deposit account holders.

Also, it will not be applicable for account holders other than in the six metro cities. India has a total of 1.6 lakh ATMs across the country as of March 2014.

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What is meant by "small/no frills/basic savings account" ?
The normal SBI savings account should be exempt I think.
 
So if i were to deposit money through atm , that would cost me as well ?

Way to go RBI !
 
Using the same banks limit is absurd. Heck we get charged ATM Debit Card fee a year. Just remove the same too:) Banks will charge us for the debit card annual fee and also charge us beyond 3/5 times. This is ridiculous.
Its way better than not to use the banks and we keep the cash in our lockers. RBI has gone mad, I guess. Who has been pressurizing RBI...SBI...may be?
Opening up way too many ATMs and not finding moolah to maintain them.
What about times when the ATMs reject our ATM Card for PIN mistake, Network errors and worse lack of cash?
What about different banks maintaining different limits on ATM use like IOB limiting Cash withdrawal of 5k/10k per day, SBI 40k per day, HDFC 1l max per day.

The nuisance of new debit card procedures with CHIP inbuilt. HDFC was charging INR 200 odd as fees and not they increased to 500 odd bcause of new card policy with chip based cards.

RBI do note these irregularities with various banks. Address these issues first before poking us with these atrocities as limits.
 
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Super... So now all the banks will just keep only the 100rs notes in their ATMs :) So we'll be forced to use ATM multiple times even for single withdrawal of 20000 like that :)
 
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Yeah, let's bring all new things here and charge people ridiculously for it. I mean, we don't want people to have easy time, do we?
 
Withdrawal limit from the Same Bank ATM is absolutely logic less. They should have at least given 10 free Withdrawals from the Same bank Since the bank doesn't pay other banks for customer withdrawal.

I Notice that many of the ATM users simply visit and Check balance for No Reason. Most of them bachelors. If you have an SBI account, you will understand why i am saying this.
Making unnecessary withdrawals is growing now a days and checking balance when they know there's no use, I appreciate the RBI's move but seriously No Logic behind Restricting Same bank Withdrawals to 5.
 
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So basically they are trying to suck money off the residents of Metro cities.
Note: Bangalore and Hyderabad is included in the above list as metro cities even though they are not officially metro cities and hence not eligible for the extra 10% HRA exemption rule of metro cities.
 
This is outright absurd!! Why doesnt RBI do anything about having more than 2 - 4 ATM of the other banks at one location itself? What havent they spread out around a 500m radius or something!
 
Financial transaction to 3 makes sense..Why does non financial transaction needs to be included?
I am sure people will again start using cheques to withdraw and increase bank wastage time.
 
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