Bank customers will be able to withdraw money from any bank ATM for free of charge from April 1 - RBI

Any Bank… Any ATM…!
In a significant development Reserve Bank of India announced on Friday that Bank customers will be able to withdraw money from any bank Automated Teller Machines (ATM) for free of charge from April-1.

Last year on March 10, the RBI had come out with guidelines limiting the fee charged by banks for using their ATMs by clients of other lenders to Rs 20.

It had also allowed the use of ATM for purposes like balance enquiry free of any charge. However, banks will have the freedom to fix the service charge on cash withdrawal using credit cards and from ATMs located overseas.

Some banks are already offering this service free of cost. But because they are having a smaller customer base and the volumes of such transactions are quite low, they might not be shelling out huge interchange charges to other banks. At present, at the higher end, the customer is charged anywhere up to Rs 57 for each withdrawal from a third-party ATM, and up to Rs 20 for the balance inquiries. According to the central bank sources as there is no transparency in these charges, and that they vary from bank to bank is a major restriction for customers to use other banks’ ATMs.
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