RBI limits free ATM transactions to five per month ?

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Officials at the Indian Banks Associations told CNBC-TV18 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.

It seems that 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 excess of five will now be charged to the customer. Also, according to IBA sources, 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. But Inter-bank balance enquires will remain free.

Present unlimited other Bank’s ATM access is really a great inconvenience to the customers than a service. Atleast this measure would help to partially restores normalcy in ATM cash withdrawal.

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