ICICI bank customers will now be charged after 5 free transactions from the ATM. ICICI bank announced that bank will now limit the free transactions up to 5 a month. After five transactions the bank will charge a fee of Rs 20.
This will be applicable from the coming year January 1, 2015. The free transactions at the bank’s own ATM will 3(in metros) and 5 in non metro Cities. As per the RBI rules from 1st November banks were asked to cap the number of free transactions.
Banks were allowed to limit the number of transactions on their own. Many banks have allowed unlimited free transactions as well. IBA stated that the limiting of free transactions and charging from customers is because of the growing cost of ATM deployment and maintenance incurred by banks.