ATM use to become free in India from April 2009

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The RBI has observed that the charges levied by different banks on ATM transactions vary and a customer is unaware of the charges that will be levied for a particular ATM transaction, if that ATM does not belong to his bank. This generally discourages the customer from using the ATMs of other banks.

The RBI has now framed the following charges

Sr . No.

Service

Charges

1

For use of own bank's ATM for any purpose

Free (with immediate effect)

2

For the use of other banks' ATMs for balance enquiries

Free (with immediate effect)

3

For the use of other banks' ATMs for cash withdrawals

v Free from 1 April 2009

v No bank shall increase the charges prevailing as on 23 December 2007

v Banks which are charging more than INR 20 per transaction shall reduce the charge to a maximum of INR 20 by 31 March 2008, irrespective of the amount being withdrawn

The RBI has clarified that banks may themselves determine the service charges in case of:

v cash withdrawal using a credit card; and

v cash withdrawal in an ATM located abroad.

Related Notification - (Ref: RBI/2007-2008/260 DPSS No. 1405/02.10.02/2007-2008 dated 10 March 2008 and Ref: RBI/ 2007-2008/263 UBD.CO.BPD. (PCB) No.36/ 12.05.001/ 2007-08 dated 12 March 2008)


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