RBI tells banks on what not to count as part of ’free ATM transactions’
5 years, 7 months ago

RBI tells banks on what not to count as part of ’free ATM transactions’

Live Mint  

Mumbai: The Reserve Bank on Wednesday asked banks not to count failed transactions at ATMs due to technical reasons as part of "free ATM transactions" permitted every month. Besides, use of ATMs for balance enquiry and fund transfers too should be not part of the free transactions facility given to a customer. The RBI's clarification in this regard comes after it has come to notice of the central bank that transactions that have failed due to technical reasons, non-availability of currency in ATMs are also included in the number of free ATM transactions. "It is hereby clarified that transactions which fail on account of technical reasons like hardware and software issues, non-availability of cash, and any other reason attributable to the bank should not be counted as valid ATM transactions for the customer.

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History of this topic

ATM withdrawals to cost Rs 23 from May 1 as RBI hikes fee. Check details
3 days, 7 hours ago

ATM withdrawals to cost Rs 23 from May 1 as RBI hikes fee. Check details

India Today  

The Reserve Bank of India has announced an increase in fees for ATM withdrawals, which will take effect from May 1, 2025. Despite the fee hike, customers will continue to receive a limited number of free ATM transactions every month. According to the RBI guidelines, bank account holders will get: Five free transactions per month at ATMs of their own …

ATM Transaction Cost to Go Up by Rs 2 to Rs 23 From May 1
5 days, 10 hours ago

ATM Transaction Cost to Go Up by Rs 2 to Rs 23 From May 1

Deccan Chronicle  

The Reserve Bank of India on Friday increased the maximum amount a bank can charge its customers for ATM transactions beyond the mandatory free transactions—from ₹21 to ₹23 per transaction—with effect from May 1, 2025. This comes after the National Payments Corporation of India recently increased the ATM interchange fee from ₹17 to ₹19 for financial transactions, and from ₹6 …

ATM: Do You Have to Pay Rs 173 per Transaction after 4 Withdrawals in a Month? Govt Clarifies
2 years, 8 months ago

ATM: Do You Have to Pay Rs 173 per Transaction after 4 Withdrawals in a Month? Govt Clarifies

News 18  

ATM Withdrawal Rule: The Reserve Bank of India has its guidelines when it comes to withdrawing money from ATMs or do non-financial transactions using them. दावा: ATM से 4 से अधिक बार पैसे निकालने पर ₹173 काटे जाएंगे। #PIBFactCheck▶️यह दावा फर्जी है। ▶️अपने बैंक के ATM से हर माह 5 मुफ्त ट्रैन्ज़ैक्शन किए जा सकते हैं। ▶️इसके बाद अधिकतम ₹21/ट्रांजैक्शन …

ATM service charges increased from Rs 20 to Rs 21: All you need to know
3 years, 3 months ago

ATM service charges increased from Rs 20 to Rs 21: All you need to know

Op India  

The service charges per transaction for Automated Teller Machines across banks have increased to Rs 21 from Rs 20 starting Saturday after the Reserve Bank of India issued an order stating that customers will have to pay Rs 1 more beyond the permissible free transactions for cash as well non-cash purposes. In a nutshell, customers who transact at other banks’ …

ATM cash withdrawal fee hiked: Banks to charge Rs 21 per transaction beyond free limit
3 years, 9 months ago

ATM cash withdrawal fee hiked: Banks to charge Rs 21 per transaction beyond free limit

India TV News  

The Reserve Bank of India has allowed the banks to hike the fee charged on cash withdrawal beyond the permitted free ATM transaction limit from Rs 20 to Rs 21 per transaction, with effect from January 1, 2022. Beyond the free transactions, the ceiling/cap on customer charges is Rs 20 per transaction. "To compensate the banks for the higher interchange …

Debit card holders can withdraw from any ATM free of charges for next 3 months
5 years ago

Debit card holders can withdraw from any ATM free of charges for next 3 months

Live Mint  

Finance Minister Nirmala Sitharaman today said that debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next three months to promote digital financial transactions at the time of coronavirus pandemic. ".so you may have a debit card from a bank, a particular bank, but you will now be allowed, without additional …

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out
5 years, 3 months ago

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out

India TV News  

Bank ATM Transaction: In a move to put a curb on the increase in fraud in ATM cash withdrawals and ensure its safety, the Reserve Bank of India on Thursday announced new guidelines on ATM transactions. In its bi-monthly “Statement on Developmental and Regulatory Policies”, the central bank noted that several banks and other regulated entities depend on third-party application …

ATM rules: List of free transactions for which banks can’t charge you
5 years, 6 months ago

ATM rules: List of free transactions for which banks can’t charge you

Live Mint  

Banks offers their savings account customers a certain number of free transactions at ATMs every month and beyond that they levy charges. "It has come to our notice that transactions that have failed due to technical reasons, non-availability of currency in ATMs, etc., are also included in the number of free ATM transactions," RBI said in a notification on 14 …

Banks may issue co-branded debit cards in partnership with white label ATM operators
5 years, 7 months ago

Banks may issue co-branded debit cards in partnership with white label ATM operators

Live Mint  

Banks may issue co-branded ATM cards in partnership with the authorised White Label ATM operators and may extend the benefit of ‘on-us’ transactions to the white label ATMs. In case of white label ATMs, the card issuing banks pay the fee to the white label ATM operator. Earlier this year, the RBI had permitted all white label ATM operators to …

Good news for debit card, credit card bank ATM users! RBI says don't pay, if this happens
5 years, 7 months ago

Good news for debit card, credit card bank ATM users! RBI says don't pay, if this happens

India TV News  

Debit card, credit card user' alert: If you are a Debit card or Credit card user and go to bank ATMs for cash withdrawal then there is good news for you from Reserve Bank of India. According to reports, RBI has clarified that due to any technical reason----be it hardware or software or wrong PIN entry or communication issue or …

Banks cannot charge for these ATM transactions. Details here
5 years, 7 months ago

Banks cannot charge for these ATM transactions. Details here

Live Mint  

Banks can't include non-cash withdrawal transactions like balance enquiry, cheque book request, payment of taxes and funds transfer under free ATM transactions. 2) Other failed ATM transactions like non-availability of currency notes in the ATM, transaction declines attributable to the bank or service provider will also not be considered as valid ATM transactions for the customer. "It has come to …

Withdrawal failed due to technical glitch? It won't be counted in 'free monthly' ATM transactions: Reserve Bank of India
5 years, 7 months ago

Withdrawal failed due to technical glitch? It won't be counted in 'free monthly' ATM transactions: Reserve Bank of India

India TV News  

The Reserve Bank of India on Wednesday clarified that those transactions which fail on account of technical and other specified reasons shall not be included in the 'five free monthly ATM transactions'. are also included in the number of free ATM transactions," the RBI said in a notification. "It is hereby clarified that transactions which fail on account of technical …

RBI to review ATM charges: How will it affect your money withdrawal?
5 years, 9 months ago

RBI to review ATM charges: How will it affect your money withdrawal?

Live Mint  

Mumbai: Recently, the Reserve Bank of India set up a committee to review the automated teller machine interchange fee. The committee will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions, the overall patterns of usage of ATMs by cardholders and assess the impact on charges and interchange fees, assess the entire gamut of …

SBI ATM withdrawal rules: Free transactions, charges and other details
5 years, 9 months ago

SBI ATM withdrawal rules: Free transactions, charges and other details

Live Mint  

The charges you pay for using Automated Teller Machines may change soon. Currently, the State Bank of India offers eight free transactions to regular savings bank account holders, including five transactions at SBI ATMs and three at other bank ATMs. In non-metros, such account holders get 10 free transactions, including five at SBI ATMs and five at others. The bank …

RBI constitutes high-level committee under IBA Chief Executive VG Kannan to review ATM charges
5 years, 9 months ago

RBI constitutes high-level committee under IBA Chief Executive VG Kannan to review ATM charges

Firstpost  

The use of automated teller machines has been growing significantly and there have been persistent demands to change ATM charges and fees Mumbai: The Reserve Bank has constituted a high-level committee under IBA Chief Executive VG Kannan to examine ATM charges and fees by banks amid demands for reviewing the levies. The use of automated teller machines has been growing …

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees
5 years, 9 months ago

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees

ABP News  

Days after the Reserve Bank of India removed charges levied against National Electronic Funds Transfer and Real-time Gross Settlement and directed banks to pass on the benefits to customers, a committee has been formed to examine the gamut of charges taken against the withdrawal of money from Automated Teller Machines. In its June bi-monthly monetary policy meeting, RBI had said …

RBI to set up committee to review ATM transaction charges
5 years, 9 months ago

RBI to set up committee to review ATM transaction charges

India TV News  

RBI to set up committee to review ATM transaction charges The Committee is expected to submit its recommendations within two months of its first meeting. The Committee is expected to submit its recommendations within two months of its first meeting, RBI Governor Shaktikanta Das told reporters. In its statement on developmental and regulatory policies after the Monetary Policy Committee's meeting, …

SBI offers unlimited free ATM withdrawals to these account holders. Details here
6 years, 4 months ago

SBI offers unlimited free ATM withdrawals to these account holders. Details here

Live Mint  

New Delhi: State Bank of India offers a fixed number of ATM transactions free of cost every month to its customers. The bank currently allows unlimited free transactions at State Bank of India Group ATMs to its customers who have maintained an average balance above ₹ 25,000 in their savings bank account in the previous month. Regular savings bank account …

Hyderabad: Empty ATMs levying transaction charges
8 years ago

Hyderabad: Empty ATMs levying transaction charges

Deccan Chronicle  

Hyderabad: ATM kiosks without ‘no-cash’ boards are costing customers heavily. Meanwhile, Mr K. Madhusudhanachari from Dilsukhnagar said 12 ATMs on the stretch from Moosarambagh junction to the Saibaba temple at Dilsukhnagar were out of cash for 10 days. Meanwhile, bankers have alleged that it was the responsibility of ATM refillers to properly install and display ‘no cash’ boards outside kiosks. …

Customer charges on ATM usage waived till 30 December
8 years, 4 months ago

Customer charges on ATM usage waived till 30 December

Live Mint  

In the wake of current cash crunch due to banning of old Rs500 and Rs1,000 currency notes, the Reserve Bank of India has taken several measures in the past week to tackle the situation. According to an RBI circular issued on 14 November, banks shall waive off ATM charges for all transactions by savings bank customers done at their own …

No ATM charges on transactions by saving bank customers till December 30
8 years, 4 months ago

No ATM charges on transactions by saving bank customers till December 30

India TV News  

In yet another attempt to lessen the woes of cash crunched people, the Reserve Bank of India today directed all the banks to waive ATM on all transactions done by savings bank customers till December 30. "It has been decided that banks shall waive levy of ATM charges for all transactions by savings bank customers done at their own banks' …

33 per cent of ATMs across India non-functional, RBI wants banks to act fast
8 years, 10 months ago

33 per cent of ATMs across India non-functional, RBI wants banks to act fast

India TV News  

New Delhi: The Reserve Bank of India has discovered that over one-third or 33 per cent of total installed ATMs across India do not function. Addressing a gathering at a banking event, Mundra said that a survey was conducted by the Reserve Bank team at 4000 ATMs revealed that almost one-third of these machines are not in working conditions. "Our …

3 free other bank transactions: ICICI Bank joins bandwagon, to hike ATM charges from 1 Jan
10 years, 3 months ago

3 free other bank transactions: ICICI Bank joins bandwagon, to hike ATM charges from 1 Jan

Firstpost  

Under the new method, the number of free transactions in a month is fixed at five using own ATMs, while it has been capped at three for other banks’ machines. Customers can enjoy only five free transactions, including financial and non-financial, at the bank’s own automated teller machines, it said in a post on its website. For transactions at non-ICICI …

By capping unlimited free ATM usage, RBI is pushing customers back to bank branches
10 years, 4 months ago

By capping unlimited free ATM usage, RBI is pushing customers back to bank branches

Firstpost  

What the RBI has now done, in that sense, is taking a step back from its own stated policy stance and even taking a step backwards. To prod customers to use alternative banking channels such as mobile banking and internet banking, the first task of the regulator was to take customers out of bank branches and get them familiarised with …

Making ATM transactions expensive: Is RBI contradicting its own stance?
10 years, 7 months ago

Making ATM transactions expensive: Is RBI contradicting its own stance?

Firstpost  

By suddenly making ATM transactions expensive, the RBI has broken the process of gradual transition to paperless banking and is sending people back to the congested bank branches to withdraw money. In RBI’s own words, that was “part of efforts and lead to a scalable and sustainable financial inclusion model.” To be sure, using ATMs to withdraw cash is not …

Charging customers after 5 withdrawals from their bank ATMs is the worst possible decision
10 years, 7 months ago

Charging customers after 5 withdrawals from their bank ATMs is the worst possible decision

Firstpost  

The issue is: would the RBI dare to similarly discourage withdrawals from the cash counters of a bank given the fact that such manual dispensation of cash is more expensive for a bank? The Reserve Bank of India’s permission to banks to charge their customers for withdrawing from their own ATMs from the sixth time and beyond during the course …

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