No charge on withdrawing cash from other bank ATM’s from April 1

March 29th, 2009 - 3:35 pm ICT by ANI  

New Delhi, Mar 29 (ANI): The Reserve Bank of India’s (RBI) directive to the banks to stop charging fee for cash withdrawals using ATM and debit cards issued by other lenders will be implemented from April 1 onwards.

According to the directive, the people would be saved from paying an extra fee for taking out money from an Automated Teller Machine that does not belong to their own bank.

However, the banks are still allowed to charge extra for the services like cash withdrawal from ATM’s outside India.

The RBI, last year on March 20 had limited the fee charged for using other ATM’s by customers to Rs 20. The move had permitted the use of ATM’s for purposes like checking the balance enquiry free of charge.

This had led to various banks entering into bilateral and multi-lateral arrangements with other banks to have inter-bank ATM networks. (ANI)

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