Finally, I was waiting for this. I hated it when I had to pay an extra 25 INR while withdrawing money from the ATM near my College for a few hundred bucks. So this is a good news and Cheers to all Bank Account holders as they need not pay any charges with effect from 01.04.09. For using the automated teller machines (ATM) of other banks, i.e., banks other than the one in which they have account.
During March-2008, The Reserve Bank of India (RBI) asked banks to limit
charges for customers using automated teller machines (ATMs) of other banks to Rs 20 per transaction from 31st March 2008. It was also ordered by RBI that this service should be offered free of cost to customers from April 1, 2009. This would be irrespective of the amount and the bank where the customer holds the account.
No More Extra Money to be Paid while Withdrawing Money fro other Bank ATM’s
Banks can, however, levy charges determined by themselves for withdrawals using credit cards and from ATMs located overseas.
To check the further details read this RBI Circular dated 10.03.08 on ATM Charges.
RBI has taken the decision of exempting ATM service charges after analyzing the public comments received on an Approach Paper released by it on December 23, 2007
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