It has been reported that Reserve bank has asked the banks to charge the customers after 5 free transactions from the ATMs. But the banks have not yet unveiled their decision on limiting the free transactions.
The banks are reporting that the limiting of free transactions will increase the footfall in the branches.
They also reported that RBI has allowed them to charge up to Rs 20, however incase the customer will visit them for making withdrawals or other purposes will increase cost which is much higher than Rs 20.
RBI has asked them to charge beyond five, but banks are free to choose the number of free transactions as per their customer’s desire. ICICI Bank, which has 11,739 ATMs, is offering unlimited number of free transactions for its own customers at home ATMs.