Want to take advantage of free and unlimited ATM transactions? These banks offer this service
New Delhi: The Reserve Bank of India (RBI) recently allowed Indian banks to increase fees charged to customers for cash and non-cash ATM transactions that are made after the monthly free transaction limit is reached.
Currently, most private and public banks in India allow three to five free transactions at ATMs in urban towns and villages. In rural areas, however, banks allow up to five free ATM transactions.
If you run out of the monthly limit, the bank charges you a small amount of money to keep the ATMs operational. For example, the fees charged on cash withdrawals have been increased from Rs 20 to Rs 21.
Likewise, the RBI has allowed banks to charge Rs 17, instead of Rs 16, as an interchange fee, a fee paid by the bank issuing the card to the bank whose ATM is used to withdraw money. money, while the fees for non-financial ATM transactions range from Rs 5 to Rs 6.
However, there are three private banks operating in the country, which offer free and unlimited ATM transactions to their customers. These banks are IndusInd Bank, IDBI Bank and Citi Bank.
As Citi Bank wraps up operations in India, IDBI Bank and IndusInd Bank are expected to continue offering free and unlimited ATM transactions to their customers in India.
Jorty Chacko, Executive Director of IDBI Bank, told Mint: âIDBI Bank offers free ATM transactions in accordance with the minimum free limits prescribed by RBI. Thus, the Bank offers 5 free transactions in its own ATMs. In the Bank’s other ATMs, the Bank offers 3 free transactions in 6 metropolitan stations and 5 free transactions in other locations. However, the Bank offers free and unlimited ATM transactions in a few product variants selected in accordance with the product design.
According to the IndusInd Bank website, the bank offers free and unlimited ATM withdrawals with the IndusInd Bank debit card at any ATM in India.