Unlike a few years ago, when cash dispensing was the only function assigned to ATMs (automated teller machines), today, they are equipped to offer a wide range of services.
From bill payment and paying school fees to making donations, ATMs are evolving into multi-tasking machines. The Reserve Bank of India (RBI) has, over the past two years, introduced several changes intended to make ATMs more user-friendly.
Here’s what you need to know about your ATMs
This apart, free access to third-party ATMs since April 2009 (albeit subject to certain conditions), has made account holders’ lives far simpler. Prior to April 2009, you had to shell out a fee in the form of third-party ATM usage charges every time you withdrew cash from an ATM not owned by your bank. This is no longer the case. However, banks collectively decided to impose certain caps on such transactions.
The number of ‘free’ third-party ATM transactions is restricted to five a month and each such transaction cannot exceed Rs 10,000. If you exceed this limit, your account could be debited for charges of up to Rs 18-20 per transaction.
As for ceilings on cash withdrawal at ATMs owned by your bank, the limit could vary. This is because banks are allowed to decide on the ceiling for cash withdrawals per day at their own ATMs. You can access this information at the ATM kiosks, where it is to be displayed by the bank.
The RBI issued another directive concerning ATMs in July last year. Any erroneous debit made to your account due to a failed ATM transaction has to be reversed by the bank within 12 working days from the receipt of such a complaint.
If the bank fails to do so, you are entitled to a compensation of Rs 100 a day. What’s more, you need not have to go through the rigmarole of enquiring about the compensation with the bank. The bank is duty-bound to credit the amount to your account on the day of re-credit.
Even in case of complaints related to third-party ATMs, you have to lodge a complaint at the branches where you maintain the account to which your ATM card is linked. However, you should enquire about the facility to register such a complaint through your bank’s phone-banking or online platform before physically visiting your branch.
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