ATM transactions under control

6:34 PM, Friday, July 1st, 2011

ATM operation under rulesMangalore: State Bank of India, with a Vast network (rural/Urban) of Automated Teller Machines(ATM-“all time money” machines), and other such nationalised banks across India, have persuaded Reserve Bank of India(RBI) to amend rules on ATM operations.
The bigger banks had a grouse about certain customers using their ATMs, while not having accounts with them, causing heavy load on their ATM maintenance.
From July, the new rules in force say that customers could operate their account through other bank ATM centres free of cost, upto only 5 times a month.
Such transactions should not exceed Rs50,000 a month, other transactions, like balance enquiry, are counted in these five (per month) transactions.
RBI has also stipulated that unused ATM money should be credited back to customers own accounts in 7 working days(not 12) on receiving complaint, and for every day’s delay, the bank will be penalized by Rs.100 a day. Customers have to file their complaints in 30 days.
Only saving Bank account-holders are eligible for free services from other Bank ATMs, not others. Every transaction above will be charged. HDFC charges Rs20 for the 6th, and 8.50 for each non-financial transactions over 5.
Banks have been told to update their customers on transactions in all accounts, by e-mail or SMS alert regularly. 25np coins go out of use on July1, 2011.

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