Here goes the notifications from RBI Site http://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4076&Mode=0
Regards,
Dinesh Hegde.
----- Original Message -----
From: Nayak Shobha
To: Skorydovgroup
Sent: Thursday, 26 March, 2009 3:52 PM
Subject: FW: Free ATM cash withdrawal from April 1, 2009
Subject: Free ATM cash withdrawal from April 1, 2009
Date: Thu, 26 Mar 2009 10:04:17 +0000
KINDLY CHECK FROM THE AUTHENTIC WEBSITE AS WELL
Please note that wef 01st April, 2009 ATM cards can be used in any bank’s
ATM for withdrawing cash without any charges.
RBI circular in this regard is provided below. Hope you find this useful .
Date: Mar 10, 2008
Customer charges for use of ATMs for cash withdrawal and balance
enquiry
RBI/2007-2008/260
DPSS No.1405 / 02.10.02 / 2007-2008
March 10, 2008
The Chairman / Chief Executive Officer
(All Scheduled commercial banks including RRBs)
Dear Sir
Customer charges for use of ATMs for cash withdrawal and
balance enquiry
1. Automated Teller Machines (ATMs) have gained prominence
as a delivery channel for banking transactions in India. Banks have been
deploying ATMs to increase their reach. While ATMs facilitate a variety of
banking transactions for customers, their main utility has been for cash
withdrawal and balance enquiry. As at the end of December 2007, the number of
ATMs deployed in Indiawas 32,342. Commensurate with the branch network,
larger banks have deployed more ATMs. Most banks prefer to deploy ATMs at
locations where they have a large customer base or expect considerable use. To
increase the usage of ATMs as a delivery channel, banks have also entered into
bilateral or multilateral arrangements with other banks to have inter-bank
ATM networks.
2. It is evident that the charges levied on the customers
vary from bank to bank and also vary according to the ATM network that is used
for the transaction. Consequently, a customer is not aware, before hand, of
the charges that will be levied for a particular ATM transaction, while using
an ATM of another bank. This generally discourages the customer from using the
ATMs of other banks. It is, therefore, essential to ensure greater
transparency.
3. International experience indicates that in countries
such as UK, Germanyand France, bank customers have access to all ATMs in
the country, free of charge except when cash is withdrawn from white label
ATMs or from ATMs managed by non-bank entities. There is also a move,
internationally, to regulate the fee structure by the regulator from the
public policy angle. The ideal situation is that a customer should be able to
access any ATM installed in the country free of charge through an equitable
cooperative initiative by banks.
4. In view of this, RBI had placed on its website an
Approach paper and sought public comments. The comments received have been
analysed. Based on the feed back a framework of service charges would be
implemented by all banks as under:
Sr.No.
Service
Charges
(i)
For use of own ATMs for any purpose
Free (with immediate effect)
(2)
For use of other bank ATMs for balance enquiries
Free (with immediate effect)
(3)
For use of other bank ATMs for cash withdrawals
a.. No bank shall increase the charges prevailing as
on December 23, 2007 (i.e. the date of release of Approach Paper on RBI
website)
b.. Banks which are charging more than Rs.20 per
transaction shall reduce the charges to a maximum of Rs.20 per transaction by
March 31, 2008
c.. Free - with effect from April 1, 2009.
5. For the services at (1) and (2) above, the customer
will not be levied any charge under any other head and the service will be
totally free.
6. For the service number (3) the charge of Rs.20/-
indicated will be all inclusive and no other charges will be levied to the
customers under any other head irrespective of the amount of withdrawal.
7. The service charges for the following types of cash
withdrawal transactions may be determined by the banks themselves:
(a) cash withdrawal with the use of credit cards
(b) cash withdrawal in an ATM located abroad.
8. Please acknowledge the receipt of the circular. A copy
of the circular issued to your branches on this subject may please be
submitted to us in due course.
Yours faithfully
(Arun Pasricha)
General Manager
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