ATMs Become Costly At Customer's Expense

Bangalore: Over the years, banking sector has undergone with lot many changes and is set to be transformed even further. Each New Year brings some or the other changes in banking, and this year, the changes will be seen in ATM transactions. So far, no charges are applied at own-bank ATMs and customers can make five free transactions a month. But, in 2014, the scenario will not be the same.

Customers, perhaps, have to pay extra cost after five transactions even at own-bank ATMs, which will come into effect from July onwards.

While having a look into the past, ATM charges for all commercial banks were freezed by the RBI in the year 2007 and from 1^st April 2009, the ATM service charges were completely abolished. However, from July 2014, a person holding card of other banks can make a transaction from other bank ATM but the number of transactions is limited to 5 and the 6^th transaction forwarded by the person from the savings bank account would charge him up to 20 for each cash withdrawal and 9 for non-cash transactions. The interchange fee or the reciprocal transaction from a bank to the other bank has been raised from 15 to 18 as bankers have proposed to a working group on ATM security.
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