Banks want to cap ATM visit 5 per month

Reserve bank of India guides banks to employ proper security guards at ATMs for the safety of the people. There are so much incidents( latest of Bangalore where a customer was attacked at ATM) of theft as well as misbehave at ATMs now a days.

This will surely increase the cost of bank. And banks wish to divert it to the customers. In this contrast, Indian Bank Association(IBA) suggests RBI that the limit of ATM transactions should be capped at 5 either of home bank ATM or other bank ATM and above this, there should be a fixed charge to the customers.

Presently, customer can use other bank ATM five times in a month  and can use his own bank ATM freely with no charges.

However banks need to pay Rs. 15 plus taxes per transaction if a bank customer uses other bank ATM.

RBI has not guided banks to not levy charges using other bank ATM but this is in sake of reducing workload at branches and this decision was of banks and not of RBI.

There are many options available to customers like mobile banking and sms service where customers can check the account balance and needn't to go to the ATM or branch.
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About Nitin Aggarwal

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  1. Banks are working feverishly to lagao TOPI to their CAPTIVE CLIENTS since they cannot make any more money as their Loans are unwanted becoz of unrealistic rates.
    So they want to CAP ATM txns to 5 and make their moolah on this pretext.
    Swindling Indian Banks with unrealistically paid and job-secured staff.

  2. People would like to avoid ATMs totally if only the BANK STAFF were efficient and customer-friendly.

  3. The limit of 5 transactions @ home ATMs will badly affect students away from home, as they are generally using the ATM more frequently than others to withdraw small sums of money.