Now pay Rs 20 for more than 3 ATM uses at SBI, HDFC Bank, Axis

Written by | November 9, 2014 | 0
Mumbai: Banking consumers will have to pay more if they are prolific with ATM transactions as largest lender SBI and its private sector peers HDFC Bank and Axis Bank have capped the free-usage at three in six metros. PTI file photo

Banking consumers will have to pay more if they are prolific with ATM transactions as largest lender SBI and its private sector peers HDFC Bank and Axis Bank have capped the free-usage at three in six metros.

The capping and additional fees on excess usage come following the recent Reserve Bank circular allowing banks to limit the number of free ATM transactions to five — three in the largest six cities and two elsewhere — a month.

Under the new norms, which have been accepted by the RBI, a customer can do just three free ATM transactions in the six largest cities at own-bank machines and two elsewhere.

The new limits and rates by SBI, HDFC Bank and Axis will be applicable to transactions done in Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.
The SBI, which had reported close to Rs 400 crore loss by way of paying other banks as inter-bank ATM usage in FY14, was the first one to cap ATM transactions at three and impose fees of Rs 20 per subsequent transaction. Since November 1, the new norms are effective at SBI.

Filed in: National

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