The dream 4 months of using any bank’s ATM for free is over. According to the recent RBI regulation, that came after all bank mutually agreed to put a restriction to the ‘Unlimited access’ to other banks ATM’s, a savings bank account customer will be allowed to use other bank’s ATM only for 5 times a month for free. Further more, for each transaction, the amount cannot exceed Rs.10000.
The use of ATM can either be a withdrawal of amount or a simple Balance enquiry/mini statement request.
If the number of other bank ATM transactions exceed 5 in any given month, a usage fee ranging from Rs.12 to 20 will be deducted from the savings account for each additional transaction made in that month. This fee will be returned to the bank whose ATM has been used by the customer.
It has to be noted that this rule is only applicable to Savings banks account holder as Current bank account holders cannot use other banks ATM at all.
As always, using the ATM card at an ATM that belongs to the same bank or group (in case of State Bank group) is completely free.