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Now pay Rs 15 extra for withdrawing money from ATM
Published on Thu, Aug 02, 2007 at 20:46 in Business section
Tags: Atm, Debit Card , New Delhi
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New Delhi: Debit cards have become a part of our life, most do not even remember the days of withdrawal slips and long lines to with draw money. But now the comfort of ATMs will come at a cost.
Banks that were giving debit card services for free till now will now charge customers an annual fee of Rs 99 for the card.
Also, the next time you withdraw money from your bank's ATM, remember that only six transactions are free in a month. After that you will be charged a fee of Rs 15 per transaction.
There is also bad news for those who fail to maintain the minimum balance required in their accounts. ICICI bank and UTI bank have already hiked the penalty for not maintaining the minimum balance to Rs 750.
SMS alerts too will be free only for 6 months after registration.
Banks claim these charges will help popularise online banking. They feel that it will also promote the increased use of cards while shopping, as there are no charges for paying through debit cards.
According to RBI guidelines, banks have a right to fix their service charges, but the bank should notify the customer prior to any hike in charges.
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What is the point in charging for services like this? If a person needs to with draw a small amount
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Is this the case for Nationalized banks too.. like SBM - SBT etc etc
Do i have to pay the bank
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this is not good for bank. it is like to avoid to keep account in bank. bank should take back
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This is not fair as some bank charge rs 100 if you withdraw from the bank's branch (teller) example CITIBANK.
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this is what capitalism is all about. When ever left parties oppose the privatisation people vent their anger against them.
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