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Thursday, August 15, 2019

Before withdrawing the money from the ATM, read the rules for free transaction.

Before withdrawing the money from the ATM, read the rules for free transaction.

The Reserve Bank of India (RBI) has given big relief to ATM customers. The RBI is circulating to banks that fail transactions are a major problem during the use of ATMs and banks will not count them as free transactions.

In fact, customers continue to complain that the bank also considers failing transactions as free transactions, thus deducting 5 free transactions that customers receive each month. Until now, the bank had also reduced the free transaction to 5 free transactions a month, assuming free transaction, thereby reducing the free transaction of the customer.

In that case, RBI has directed banks not to consider the Fail Transaction at ATMs or non Cash Transaction like Balance Check or Checkbook Apply as 5 free transactions that they receive every month. According to the RBI rule, ATM customers do not have to pay charges for 5 transactions per month but the bank charges charges if more transactions occur.

The RBI has also made it clear that non-cash transactions such as balance checks and fund transfers are not considered ATM transactions. This means that after the RBI move, ATM customers will get huge relief. Most people complain that despite the failure of the bank, the bank counters the free transaction and this is why the bank charges charges if the money is withdrawn from the ATM later.

click here to read in gujarati

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