Placeholder canvas
 
Close
Igniting Ideas For impact

Embarking on a transformative journey through six chapters, we traverse India's landscape, exploring pioneering startups and their revolutionary...

5 months

Banks Cannot Charge You For These ATM Transactions: RBI Rules You Need to Know!

Banks Cannot Charge You For These ATM Transactions: RBI Rules You Need to Know!

Did you know that the first ATM machine in India was set up by HSBC in Mumbai in 1987?

The ATM has become the de-facto touchpoint between the customers and the bank. I doubt if any millennial appreciates just how much this machine that they take for granted has changed our lives. Some of us may still remember getting our first ATM cards and the excitement of making our first automated money withdrawal.

Did you know that the first ATM machine in India was set up by HSBC in Mumbai in 1987.

Why are ATMs in the news now?

The banking controller, Reserve Bank of India (RBI) has clarified some rules for the customers on free ATM transactions. Most banks provide a certain number of free ATM transactions every month and levy a nominal charge beyond that. The clarification by the apex bank was issued on 14 August after a six-member committee reviewed the existing ATM intercharge fee structure levied by various banks.


If you are looking for a unique gift this festive season then your search ends here. Why not buy this beautiful eco-friendly hemp scarf right here.


For example, as of now, State Bank of India offers eight free transactions to its regular savings bank account holders of which five transactions are withdrawals from SBI ATMs and three from another bank ATM’s.

What counts as a ‘transaction’ on an ATM?

Typically, the most common transactions include:

  • Cash Withdrawal
  • Balance Enquiry
  • Change of PIN
  • Retrieval of Mini Statement

What has the RBI clarified?

'Smart' ATMs Are Here_ All You Need To Know About Cash Recycling Machines!
Representational image Source: Facebook

Transactions, which fail on account of technical reasons like hardware, software, and communication issues, shall not be counted as valid ATM transactions of the customer. Furthermore, other failed ATM transactions like non-availability of currency notes in the ATM, declined transactions attributable to the bank or service providers will also not be taken as valid ATM transactions.

Invalid PIN or validation would henceforth not amount to a valid ATM transaction either.

If the transaction involves a non-cash withdrawal at ATMs like cheque book request, balance enquiry, funds transfer or payment of taxes, it shall also be counted as free ATM transactions.

(Edited by Saiqua Sultan)

Like this story? Or have something to share?
Write to us: contact@thebetterindia.com
Connect with us on Facebook and Twitter.

This story made me

  • feel inspired icon
    97
  • more aware icon
    121
  • better informative icon
    89
  • do something icon
    167

Tell Us More


We bring stories straight from the heart of India, to inspire millions and create a wave of impact. Our positive movement is growing bigger everyday, and we would love for you to join it.

Please contribute whatever you can, every little penny helps our team in bringing you more stories that support dreams and spread hope.

Support the biggest positivity movement section image Support the biggest positivity movement section image
 
X
 
Sign in to get free benefits
  • Get positive stories daily on email
  • Join our community of positive ambassadors
  • Become a part of the positive movement