| Restrictions on using third-party ATMS from Oct 15 |
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| Written by Site Administrator |
| Monday, 12 October 2009 09:31 |
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Starting Oct 15, you can withdraw money from third party ATMs only 5 times a month, each transaction not exceeding Rs. 10,000. You will charged a nominal fee for every withdrawal from your sixth transaction onwards. Third party ATMs are ATMs of banks other than tbe banks in which you hold your savings account. Based on recommendations by Indian Banks’s Association, RBI has instructed all banks to follow the new guidelines from mid October. Based on a large number of third party usages, banks are experiencing high interchange expenses. To curb these expenses, the IBA had forwarded its suggestions to the Central Bank in July. So, what do you have to do now?
Of course, you can approach your Bank to find out if they have Advantage accounts that give you more flexibility. Some banks do have special features on Savings Accounts when the Account holder is able to maintain certain amount of minimum balance over a term of three months. Speak to your Bank personnel to find out more. Comments (0) |