New Delhi: Your free run at automated teller machines (ATMs) may soon end.
Sources tell Network18 that the Reserve Bank of India will restrict free withdrawals from third-party ATMs to the first five withdrawals a month.
Customers will be charged for any more withdrawal they make from an ATM that doesn’t belong to their bank.
Sources say any ATM withdrawal from a current account will be charged and limited to Rs 10,000.
Customers, since April, were allowed to withdraw cash and check their account at third-party ATMs without paying any fees. The Indian Banks Association recently met central bank officials and sought a changes in the rules because of a steep increase in the number of transactions.
Banks say it’s unviable to provide free service as setting up ATMs costs a lot of money.
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