Mumbai, Mar 28 (UNI) The Reserve Bank of India (RBI) on Friday said the customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs and beyond that they will be levied a fee of up to Rs 23 per usage with effect from May this year.
They are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz. three transactions in metro centres and five transactions in non-metro centres. Beyond the free transactions, a customer may be charged a maximum fee of Rs 23 per transaction, RBI said in a notification.
Applicable taxes, if any, shall be additionally payable, the RBI said adding these instructions shall also apply, mutatis mutandis, to transactions done at Cash Recycler Machines (other than for cash deposit transactions).
The Reserve Bank of India had, from time to time, issued various instructions on the number of free ATM transactions and maximum charges that can be levied on a customer beyond the mandatory free transactions. Instructions have also been issued by RBI on interchange fee structure for ATM transactions. Based on a review, the above decision has been taken.
On the ATM interchange fee the RBI stated that it will be as decided by the ATM network.
This communication has been sent to all the CMDs, CEOs of All Scheduled Commercial Banks including RRBs, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks, Authorised ATM Network Operators, Card Payment Network Operators and White Label ATM Operators.
