15th August, 2019
For the ATM customers,the Reserve Bank of India (RBI) has given great relief. RBI is issuing circulars to banks that failed transactions are a major problem during the use of ATMs and banks should not count it as a free transaction.
Actually, customers complain that banks also count failed transactions as free transactions, this reduces the 5 free transactions received by customers every month. Till now, the bank also considered the failed transaction as free transaction and reduced it to 5 free transactions received in the month, leaving 1 free opportunity for the customer.
Now the RBI has ordered the banks that not to count the failed transactions at ATMs or non-cash transactions like balance check or checkbook application in 5 transactions received by customers every month.By the rules of RBI, ATM customer does not have to pay a fee for 5 transactions every month, but above that means the bank charges on the sixth transaction.
A total 5 transaction is free of charge on SBI’s ATMs in both 6 metros and other centres. However, if SBI debit card is used at other banks ATM, then only 3 transactions are allowed in a month in 6 metro centres, while only 5 is given on other centres. It needs to be noted that, these limits are available for transaction value below Rs 1,000 and between Rs 1,000 to Rs 25,000.