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Pay Rs 20 for using any ATM
New Delhi, March 12, 2008
Customers will have to pay a maximum of Rs 20 for
withdrawing cash from an ATM of another bank from March 31,
2008. However, balance inquiries will attract no charge with
immediate effect.
The charge for cash withdrawal is only till March 31 next
year, after which it will become zero. Aiming to make all ATM
usage free from April 2009, the Reserve Bank of India on
Monday said banks cannot charge for balance inquiries and
capped the fee for cash withdrawals at Rs 20 per transaction,
irrespective of the amount and the bank where the customer
holds the account.
In a circular issued to all commercial banks, RBI also said
that banks cannot charge their own customers for ATM usage,
with immediate effect.
This is the first instance of RBI fixing tariff for the use of
ATMs. So far, banks fixed such charges on their own. As
charges vary from bank to bank, a customer can’t be sure of
the amount he will have to pay for using an ATM of a bank
other than the one in which he holds an account.
In the wake of the circular, a bank will not be able to charge
more than Rs 20 for transactions carried out using the ATM
card of another bank.
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