ATM transaction charges for other bank ATMs
likely to change: RBI sets up review panel
The charges you pay
for using ATMs of other banks may change. The Reserve Bank of India (RBI) in
today's monetary policy has announced the setting up of a committee to review
the ATM interchange fee structure. This fee structure determines the charges
you pay for using your ATM card at the ATMs of banks other than the issuing
bank.
Normally, a certain number of such transactions are allowed free by the issuing bank. However, you are charged for using the ATMs of other banks for transact beyond a certain number which may vary from one issuing bank to another.
Normally, a certain number of such transactions are allowed free by the issuing bank. However, you are charged for using the ATMs of other banks for transact beyond a certain number which may vary from one issuing bank to another.
In the Statement on
Developmental and Regulatory prices, RBI has announced, " Usage of Automated Teller Machines (ATMs) by the
public has been growing significantly. There have, however, been persistent
demands to change the ATM charges and fees. In order to address these, it has
been decided to set up a Committee involving all stakeholders, under the
chairmanship of the Chief Executive Officer, Indian Banks' Association (IBA),
to examine the entire gamut of ATM charges and fees. The Committee is
expected to submit its recommendations within two months of its first
meeting. The Composition and Terms of Reference of the Committee will be issued within a
week."
Currently, ICICI Bank offers first three transactions in a month
(inclusive of financial and non-financial) free of charge in six metro
locations. In other locations, first five transactions (inclusive of
financial and non-financial) are offered free of charge. Thereafter, Rs 20 per
financial transaction and Rs 8.50 per non-financial transaction, as per the
bank's website.
Similarly, State Bank
of India offers same number of free transactions in both metro and non-metro
locations. Thereafter it charges, Rs 20 plus GST per financial transaction and
Rs 8 plus GST for non-financial transaction as mentioned on its website.
There has been a persistent demand by the
Confederation of ATM industry (CATMI) to correct the fee structure in order to
curb losses. Dear reader, The above information is use full for you please like and comment.
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