No this is not an April Fool’s Joke. But w.r.t RBI/2007-2008/260 DPSS No.1405 / 02.10.02 / 2007-2008, Based on the feed back a framework of service charges would be implemented by all banks as under:
- For use of own ATMs for any purpose – Free (in effect)
- For use of other bank ATMs for balance enquiries – Free (in effect)
- For use of other bank ATMs for cash withdrawals – No bank shall increase the charges prevailing as on December 23, 2007 (i.e. the date of release of Approach Paper on RBI website). 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, 2008and finally, Free – with effect from April 1, 2009.
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.
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.