Reserve Bank of India on Monday notified banks to waive off ATM customer charges amid growing usage of ATMs post demonetisation move by the government.
RBI notification on Monday says that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month.
The customer charge waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016.
The Reserve Bank of India (RBI), in a circular dated November 8, has advised all banks to make ATMs free of cost to their customers till 30 December. following demonetisation move by the government and RBI circular, all major banks have waived the charges for own-bank transactions.
HDFC Bank Ltd, Axis Bank Ltd and ICICI Bank Ltd had waived off customer charges on own-bank transaction till 30 December.
Banks charge you a transaction fee if you transacted more than five times at your own bank’s ATM.
Earlier, transaction fee was levied on transaction beyond a certain limit. Hence, only three transactions will be free at other bank’s ATMs in six metro cities—Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. For non-metro users, the number of free transactions at other bank ATM will remain at five.