New Rules of ATM transactions: RBI
By Ankit Sharma
Sep 5, 2014
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The apex bank of the country – RBI has made certain amendments for the ATM transactions. From past few months it is being reported that free ATM transactions are going to be reduced to three from five. This will be applicable soon in six metro cities Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad.

Every time the customer will make any transaction form non home ATM branch, he will be charged with Rs 15. The cost of transaction is not fixed yet it will be between Rs 15-20. The govt. stated that this will encourage the customers to use the other mediums as well. Indian consumers, on an average, conduct 5-8 transactions every month on an ATM, though there are some who make as many as 80-85 small transactions per month.

The RBI said that from the 1st of November, the rules will in effect. From November onwards the bank will be free to charge for the transactions more than five in a month.

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