Monday, 16 January 2017

You may soon be charged for more than 3 ATM withdrawals

As part of its efforts to dis incentivise use of cash, bankers have floated a proposal in their pre-Budget meet with the Finance Minister suggesting a cut-down in the number of free ATM withdrawals to three per month including from banks where one holds an account. Currently, banks allow about 8-10 free transactions including five to their own customers every month and 3-5 for non-customers. 

Post the limit a fee of Rs 20 per transactions, plus service tax is charged. Non-customers are allowed three free transactions in six metros including Mumbai, New Delhi, Chennai, Bengaluru, Kolkata and Hyderabad, whereas the remaining cities get five free transactions since November 2014.

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