The usage pattern of ATM users will
drastically change from 01 November 2014. RBIs’ guidelines of rationalization of
ATM transactions will be live from 01 November 2014.
This will be line with RBIs
Notification dt. August
14, 2014, wherein an intra-month slab has been introduced within the 5 free
transactions (financial and non-financial) for saving bank account holders.
Top
8 points:
01)
This
is applicable only to saving bank accounts.
02)Overall the five free transactions limit
continues to stay.
03)The number of free transactions at ATMs is reduced from
the present five to three transactions per month for transactions carried out
at the ATMs located in six metro centres, viz. Mumbai, New Delhi, Chennai,
Kolkata, Bengaluru and Hyderabad.
04)The intra-month limit is bifuracted as under: The overall
cap remains unchanged, THREE transactions (inclusive of both financial and
non-financial) would be free of charge if carried out at other bank ATMs
located in six metro centres,viz., Mumbai, New Delhi, Chennai, Kolkata,
Bengaluru and Hyderabad.
05)In simple terms, it means if the transactions are carried out at the six
metro centres and other locations, the total number of transactions (inclusive
of both financial and non-financial) free of charge at other bank ATMs would
continue to remain at FIVE.
06)Of course Banks are, however, free to offer more number of free
transactions per month at other bank ATMs as well as own ATMs in any
geographical location.
07)Now this is interesting, Banks are also free to decide on the combination (for
metro & non-metro locations) of free transactions while adhering to the
minimum requirements.
08)It is clarified that the applicability of free transactions (inclusive of
both financial and non-financial) at other bank ATMs to small / no frills /
basic savings deposit account holders is guided by RBI Circular dated August 14, 2014 and is subject to the
provisions indicated in the respective Master Circular as amended from time to
time.
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