Good News: If you have account in these banks, then no matter how many times withdraw money from ATM, no charge will be taken
Recently, a committee of the Reserve Bank of India (RBI) has allowed banks to increase the ATM charges after the customers’ free limit is over. In fact, the central bank had allowed this in the name of compensation to banks for higher interchange charge and increase in ATM operational cost. It is clear that withdrawing cash from ATM will become expensive after the pre-determined i.e free limit is over. In such a situation, some banks have given unlimited cash withdrawal exemption to their customers.
Banks will increase their fees from the first of August this year. Talking about the rules at present, most of the private and government banks in the country allow 3 to 5 free ATM transactions in urban cities and towns. However, in rural areas, banks allow a maximum of 5 free ATM transactions. So the names of the banks which have given the facility of unlimited free cash withdrawal to their customers also tell you. These banks are IndusInd Bank, IDBI Bank and Citi Bank.
The charges on cash withdrawal have now been increased from Rs 20 to Rs 21. Similarly, RBI has allowed banks to charge Rs 17 instead of Rs 16 as interchange charge. Payment is made by the card issuing bank to the bank whose ATM is used to withdraw cash. At the same time, the non-financial transaction ATM charge has been increased from Rs 5 to Rs 6.
According to BankBazaar, if you are an IDBI customer or are planning to open an account with the bank, then you should know that the bank is offering free unlimited transactions at its ATMs. At the same time, IndusInd Bank offers unlimited free ATM transactions at any bank’s ATM in India. According to the bank’s website, you can do unlimited free ATM withdrawal with IndusInd Bank Debit Card at any ATM in the country.
At the same time, Citibank may be covering its business with India, but as long as the banking continues, its customers will be able to take advantage of this facility.