Sure it does, if you use an ATM! The central bank has ushered in a new “rationalization policy” that has allowed banks to charge you for using an ATM. As per the new policy, you can use your ATM service for free only for 5 transactions in a month. You shall probably be paying Rs. 20 for each successive transaction in the same month. This applies only if you are using the ATM of your bank. If you are using another bank’s ATM, you only have 3 free transactions in a month!
ATM of your bank: 5 free transactions per month.ATM of a different bank: 3 free transactions per month.
The central bank has allowed banks to charge a fee of upto Rs. 20 plus service tax for each transaction that exceeds this limit.
You also need to know that RBI has a different definition for “transaction” than what you may have in your mind. As per the RBI, a transaction can be any of the following:
– Cash Withdrawal
– Cash Deposit
– Mobile phone Recharge
– Balance Enquiry
– Chequebook Request
So as you see, now you need to remember more than your ATM password when you visit the ATM. You also need to keep a tab on how many “transactions” you have done in the month!