5 Simple Tips, to make the most of the Free ATM Usage.

5 Simple Tips, to make the most of the Free ATM Usage.

Now, Folks are getting used to the Free ATM Usage, 5 simple tips, to withdraw your money safely and securely:-

Tip No 1) There are two kinds of ATM’s, a) which swallow your card, and on completion of the transaction, toss it out. Major precautions to be taken at this kind of ATM’s are 1) Remember to enter your pin correctly, if you are not sure of the PIN, better not experiment at this ATM. If the PIN is entered wrongly, the machines will seize the ATM Card, and you have to apply for a new ATM Card. Apart from the cost involved in securing a new ATM Card, you will have also have to fall back to physical banking. 2) Remember, to take back your card, once the transaction is completed. Majority of the people, tend to forget to take back the card, and as a result the card is seized by the ATM Machine. Apart from the cost involved in securing a new ATM Card, you will have also have to fall back to physical banking.

Tip No 2) The other type of ATM, wherein the ATM Card is not swallowed by the ATM Machine. These are more easy and comfortable to operate. So, prefer this kind of ATM Machines.

Tip No 3) Complete your cash withdrawals, preferably by early night, i.e by 9.00pm. This will reduce the changes of strangers, being interested in your money.

Tip No 4) If there is a large queue, at your favorite ATM, enquire with the Bank Officials/ATM Guard, about a nearby ATM. 75% of time, there will be other ATM’s within 5 minutes of driving distance.

Tip No 5) Think before withdrawing cash, whether you can make use of the Debit Card facility of your Card at your preferred establishments. This way, you can move around, with minimum of cash in your wallet.

Topic of the Week-All ATM Transactions Pan-India to be free from April 1st, 2009

All ATM Transactions Pan-India to be free from April 1^st, 2009

A revolution in ePayments is waiting to be unleashed from April 1^st, 2009

Come April 1 and you need not have to sweat it out looking for an ATM of your own bank as you can use ATMs of your choice without shelling out any extra money.

Thanks to an RBI directive, much to the relief of common man, banks have been prevented from charging any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1 onwards.

The relevant circular of Reserve Bank of India, is accessible at

http://www.rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=4076

However, banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside India.

As the services will be free, customers will be tempted to make more small value transactions, rather than big-value transactions.

For Banks with a smaller ATM Network, this will directly impact their bottom-line, as the Interconnect Charges might be increased by Banks with a huge ATM Network.

Interconnect Charges are charges levied by banks when ATM Cards of other Banks are used on their network.

As the free services, will affect the bank’s bottom line, one way of shoring up revenue, will be the increase in Annual Maintenance Charge, levied on ATM cum Debit Cards.

The other way for Banks to minimize the outflow, due to interconnect charges, is to encourage customers to make use of the Debit Swipe facility, rather the cash withdrawal facility.

60% of the cash drawn from ATM’s, is used to transact at locations where Debit Card Swipe facility is obtainable. A 20% shift also, will benefit the banks. Maybe Banks, can think of a Reward Point Scheme, if the Debit Swipe facility, is preferred over Cash Withdrawal Facility.

However, it is yet to be seen, as to how Banks will respond to this free service.

April 1st, 2009 is a RTGS/NEFT Holiday on account of Annual Closing of Bank Books.

April 1st, 2009  is a RTGS/NEFT Holiday on account of Annual Closing of Bank Books.

 

            In the initial years, Reserve Bank of India, used to keep open the RTGS/NEFT System open, even though banks were closed for customer transactions. This led to lot of confusion, both at the customer’s end and Bank’s end. So, Reserve Bank of India, decided to keep the RTGS/NEFT Sytem closed on 1^st April. 

            Ultimately, the RTGS/NEFT System is for the benefit of the customers, and if there is holiday for customer transactions, there is no meaning in keeping open the system. 

            The April1st Holiday, might affect retail customers, as folks would be interested to remit monies to their parents/relatives as Salary would have been just received. However, as the Holiday, is the middle of the week, the consequence would be less. 

            So, folks avoid any ePayments transactions on 1^st especially on NetBanking, as the transactions would be executed only on the next working day. 

 

Bank of Baroda-NEFT Timings

Bank of Baroda-NEFT Timings
Website	www.bankofbaroda.com
Total Number of Branches	2884 as on 26th March, 2009
Bank of Baroda -NEFT Timings	NEFT payment settlement takes place 6 times a day (9.30 am, 10.30 am, 12.00 noon. 1.00 pm, 3.00 pm and 4.00 pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon).
Facility Available on Bank of Baroda  Net Banking	No, NEFT facility is available on their Net Banking.
NEFT Cutoff time for Online Transactions	Not Applicable
Brand Name for Bank of Baroda’s  NEFT Scheme	NIL
Bank Founded on	10th July 1908
Toll Free Contact Number	1800 22 4447
Email ID for Customer Complaint Resoultion	gm.ops.ho@bankofbaroda.com
Brief History	Brief History It all started with a visionary Maharaja's uncanny foresight into the future of trade and enterprising in his country. On 20th July 1908, under the Companies Act of 1897, and with a paid up capital of Rs 10 Lacs started the legend that has now translated into a strong, trustworthy financial body, THE BANK OF BARODA. It has been a wisely orchestrated growth, involving corporate wisdom, social pride and the vision of helping others grow, and growing itself in turn. The founder, Maharaja Sayajirao Gaekwad, with his insight into the future, saw "a bank of this nature will prove a beneficial agency for lending, transmission, and deposit of money and will be a powerful factor in the development of art, industries and commerce of the State and adjoining territories." The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by theGovernment of India.

ePayments{RTGS/NEFT}-Delay 5 STATE BANK OF INDIA ASSOCIATE BANK'S OFFICERS TO GO ON STRIKE on 28th March, 2009

Originally, there were 7 Associate Banks of State Bank of India. After, State Bank of Saurashtra’s merger with State Bank of India, the number has come down to 6. 

          Out of the 6 remaining Associate Banks, SBI - State Bank of Patiala, State Bank of Hyderabad, State Bank of Indore, State Bank of Bikaner and Jaipur) State Bank of Mysore, State Bank of Travancore, Officers of five associate banks of the State Bank of India (SBI) will go on strike on March 28 to press for parity with the parent bank in terms of prerequisites and loans to employees.

However, officers of State Bank of Indore would not join the strike.

 The strike, under the banner of the Associate Banks' Officers Association, would also be in protest against plans of a merger between SBI and associate banks. 

          The above strike, if materializes, would cause delay in credits of ePayments(RTGS/NEFT), especially as 27^th March 2009, is a Ugadi Holiday, in Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra, Goa, Uttar Pradesh and Jammu & Kashmir. 

          Banking Customers in the above 7 States, might face  major holdup of funds, as the above Associate Banks, will be shut for 3 days in a row i.e 27^th, 28^th and 29^th.

          This will be experienced more by banking customers, who utilize Net Banking, for transfer of funds. 

          Trust banking customers have taken the stretched weekend and planned their remittances accordingly.