These 10 ATM Transactions can be used without any charges
Reserve Bank of India has issued a notification to all banks, regarding the free ATM transaction quote for every customer.RBI has specifically mentioned 10 types of ATM transactions, which cannot be charged under the quota of free ATM transactions,
there by giving the bank customers more space and more leverage.
10 types of ATM transactions are:
- Hardware Failure: In case the customer is using the ATM, and the transaction failed due to hardware issues, then it won’t be counted as an ATM transaction.
- Software Failure: In case there is any software glitch in the ATM, and the transaction fails, then that won’t be counted as an ATM transaction
- Communication Failure: Sometimes the transaction fails, as the communication lines are broken. Such transactions too, cannot be counted as paid ATM transaction.
- Non-Availability Of Currency Notes: If the ATM fails to provide the currency notes as asked by the customer, and the transaction fails, then that transaction won’t be counted as a paid ATM transaction.
- Invalid PIN: Often the customer forgets the ATM pin, and the bank counts every attempt made as a paid ATM transaction. This stop from now.
- Validation Transaction: Often, validation and activation of a new debit or credit card happens via ATMs. Such transactions will not be considered as an ATM transaction.
- Balance Enquiry: If the customer is just checking his/her bank account’s balance via any ATM, then it will be free. Banks can’t count that as a paid ATM transaction.
- Cheque Book Request: A request for a new cheque book made by a customer via any ATM will be free. It cannot be counted as a paid ATM transaction.
- Payment Of Taxes: ATMs can be used for paying taxes as well, and this will be free, forvever. Banks cannot count them as a paid ATM transaction.
- Funds Transfer: If the customer is using an ATM to transfer funds, then too, it will be free transaction forever.
Note here, that as per RBI notification, this order will have to be served by all regional rural banks, urban/state/district central co-operative banks, small finance banks and payment banks.
Which ATM Transactions Will Be Paid?
Every bank offers a limited number of free ATM transactions, every month. None of these above mentioned transactions will be counted for the customer, from now on…..Read more>>