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Balance enquiry at ATMs to cost from July 01
By siliconindia
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Thursday, 02 June 2011, 00:51 IST
Bangalore: All non finance transactions at ATMs other than the home bank of the customer would come for a fee from July 01, 2011. Thus, apart from the five free transactions allowed to every customer at non bank ATMs, all non finance transactions would also come at a cost from now, reports rupeetimes.
Regulator Reserve Bank of India has taken this decision after seeing excessive usage of non bank ATMs by customers for checking account balance, mini statement and other purposes. The step has been taken to put some discipline in the customer.
The month of April saw 28% of the total transactions occuring on the National Payments Switch due to balance enquiry and mini statement. This led RBI to come to a strong decision in this regard. RBI has also taken steps in favor of the customer. Now all complaints from customers regarding faulty ATM transactions need to be redressed by the concerned bank within 7 days of the complaint. Else for every additional day, the customer will receive a compensation of Rs 100 per day from the bank.
