Mumbai: You will not be charged any fee on any ATM transaction conducted from 10 November till 30 December, regardless of whether you visit your own bank’s ATM, or another bank’s.
The Reserve Bank of India (RBI) directive to banks in this respect on Monday comes in the backdrop of a severe cash crunch triggered by the move to withdraw Rs500 and Rs1,000 currency notes, which make up 86.4% value of currency in circulation.
Out of India’s 2.2 lakh ATMs, many are unable to dispense cash as cash logistics companies are finding it tough to match customer demand for low denomination currency notes. The central bank also constituted a task force Monday including multiple agencies which will work on improving the situation of dispensing the cash through ATMs.
Normally, five free transactions are provided to customers for doing transaction at own ATM irrespective of location. In case one is using other bank’s ATM, three free transactions are provided in metro areas and five free transactions in non-metro areas.
It is expected that after 30 December, banks will charge fee as applicable in the normal course.