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  • RBI has Reduced the Number for Free ATM Transactions

    RBI has Reduced the Number for Free ATM Transactions

    The Reserve Bank of India (RBI) has released a new rules regarding the number of times allowed for free ATM transaction. The new rules will be effected from 1st November 2014.

    According to the new guidelines released by RBI account holders in metropolitan cities would be allowed only three transactions from ATMs of other banks and five from the same bank in a month. For any ATM transaction above the stipulated limit, a transaction fee of Rs. 20 would be charged to the account holder. The new transaction fee is applicable only for people living in six metropolitan cities including Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata.

    People living in smaller towns and other centers would continue to enjoy five free monthly transactions per month from the ATM of other banks and the charges for them include Rs. 20 for each cash withdrawal and Rs 9 for non-cash transactions. Account holders of zero balance and other no-frills accounts in non metros are exempted from such transaction charges as of now.

    Unlike in the past all ATM transactions including cash withdrawal, balance enquiry and changing of PIN number etc would be considered as an ATM transaction.

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