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Monday, October 13, 2014

The ATM revolution is coming

            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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