NO MORE FREE BANK ATM USAGE – NEW FEE STRUCTURE BEGINS IN SOME BANKS FROM TODAY


ATM USAGE FEES – FROM TODAY !!!!

The new RBI directive on ATM usage attempts to cap the number of free transactions at the six metro locations of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad to just five per month.

CUSTOMERS – UNDERSTAND THE MEANING OF TRANSACTION IN BANKS.

THE FOLLOWING ACTIVITIES ARE CONSIDERED AS TRANSACTIONS.

1). BALANCE ENQUIRY.

2). STATEMENT.

3). CHANGE OF PIN.

4). FUND TRANSFERS.

5). CREDIT CARD OR OTHER PAYMENT.
The RBI directive in this regard was effective from November 1, few private sector banks like HDFC Bank and Axis Bank are implementing it from today (01-12-2014)
Beyond this(free transactions), a fee of Rs.20/- per transaction would apply. Further, with regard to withdrawal at other bank ATMs, the limit has been brought down to three per month.

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