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| Cash withdrawal charges at other banks’ ATMs (Image source |
ANY TIME MONEY, NO MORE
Check out why frequent transactions at ATMs are set to become expensive:
Taking out a mini-statement or even changing your PIN will amount to a transaction. The central bank has, however, said that nothing precludes a bank from offering more than three free transactions at other bank ATMs to its account holders if it so desires.
“Recently, a few banks and the Indian Banks’ Association (IBA) had approached RBI seeking changes in the extant instructions regarding free transactions at other banks' ATMs. Referring to the growing cost of ATM deployment and maintenance incurred by banks, on one hand, and the rising interchange outgo due to these free transactions (on the other), the IBA had sought the removal of free transactions at other banks' ATMs at metro centres and other townships in the country," said the RBI circular.
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Cash withdrawal charges at other banks’ ATMs
* At present, banks don’t charge for services at their own ATMs. Up to five transactions at other bank ATMs are free
* Taking out amini-statement or even changing PIN will amount to a transaction
This is what banks charge for over five cash transactions at other banks’ ATMs. (Transactions/month for SB accounts)
Bank (Rs per transaction)
SBI: 17
PNB: 20
Bank of Baroda: 20
UCO Bank: 20
IDBI Bank: 20
Axis Bank: 20
ICICI Bank: 20
HDFC Bank: 20
Kotak Bank: 17.8
(Source: BankBazaar.com)