Free ATM transactions to be curtailed from today
New Delhi: From Saturday (November 1), frequent withdrawal of money from ATMs will be costlier with the Reserve Bank of India (RBI) having imposed a limit of 3 cross-bank transaction per month from other banks and 5 from same bank. As per the new RBI guidelines passed earlier in August, a customer will have to pay a fee of Rs 20 per transaction for using the Automated Teller Machines (ATMs) beyond the permitted number of 3. Prior to this, banks permitted 5 free transactions from cross-banks. Customers will also be charge Rs 20 for using their own bank ATMs after the allowed 5 transactions limit. These new guidelines, which were issued in pursuance of a representation made to the central bank by Indian Banks' Association, will come into effect from tomorrow in six metropolitan cities of Delhi, Mumbai, Chennai, Bangalore, Kolkata and Hyderabad. "The number of mandatory free ATM transactions for savings bank account customers at other banks ATMs is reduced from the present 5 to ...