All banks give some transaction exemption to their customers to withdraw money from ATM, but after this limit is exhausted, the customer has to pay service charges.
New Delhi: A few days ago it was reported for bank customers that the Reserve Bank of India (RBI) may soon increase the charges on ATM transactions.
All banks provide free transaction facility to their customers to withdraw money from ATM, although these transactions are limited.
You can withdraw money from ATM for free only up to the limit fixed by the banks. After this limit is exhausted, you have to pay a charge for the transaction.
It is a rule in most banks that you can do a maximum of 5 free transactions from the ATM of the bank whose debit card you have, while only 3 transactions are free from the ATMs of other banks.
Therefore, customers have to use these transactions very carefully every month. Every bank has different rules regarding ATM transactions.
Know what are the rules regarding ATM transactions now?
At present, most of the banks provide the facility of only 5 free transactions from their ATMs and 3 from the ATMs of other banks. For example, suppose you have a State Bank of India (SBI) debit card, then you can do 5 transactions from SBI ATM.