Caps on free use of third-party ATM from Oct 15

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ATM
Mumbai, Oct 12: ATM-users should learn to bid goodbye to the convenience of free access of third-party ATM as limitations on the withdrawal amount and the number of transactions each month would be effective from Thursday, Oct 15.

Under this, a customer can take out a maximum of Rs 10,000 per withdrawal from ATMs not owned by the bank in which he holds an account, and the number of such transactions would be limited to five a month.

In Aug, the Reserve Bank of India (RBI) approved the Indian Banks Association (IBA) proposal to levy a service charge if someone uses a thrid-party ATM beyond five times in a month.

This comes just months after the decision was decision was taken to scrap the charges on using Automated Teller Machines (ATMs) of other banks.

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