Get ready to pay a charge for checking your balance in an automated teller machine (ATM) not owned by your bank.
Currently, any number of non-financial transactions like balance enquiry and change in PIN from non-home ATMs are free. The number of free cash withdrawals allowed from other banks' ATMs was five, beyond which charges were capped at Rs 20.
The Reserve Bank of India (RBI) has now allowed banks to charge customers for more than five financial and non-financial transactions. For non-financial transactions, a customer would be charged a maximum of Rs 8.5 per transaction, while for cash withdrawals, charges are capped at Rs 20.
The new fee structure would come into effect from July1. While customers will have to pay more, the move would boost banks’ fee-based incomes. The banking regulator has, however, provided some respite to customers on failed ATM transactions. Banks have been asked to credit wrongly-debited amounts within seven days, failing which a bank would have to pay customer Rs 100 per day, provided the complaint was lodged within 30 days of the transaction.
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