Axis and HDFC Bank to charge their own customers beyond 5 ATM transactions
Axis and HDFC Bank to charge their own customers beyond 5 ATM transactions
HDFC Bank and Axis Bank have decided to charge its own customers for more than five transactions at their Automated Teller Machines starting December 1, 2014.
HDFC Bank will be charging Rs 20 for every financial transaction and Rs 8.5 for non-financial transaction (balance enquiry, mini statement).
On the other hand, Axis Bank will charge Rs 20 for financial transactions and Rs 9.5 for non-financial ones.
At other bank ATMs, the customers of these banks will be charged beyond three transactions. Earlier, five transactions were free at non-home bank ATMs.
However, Axis Bank has made the 10 transactions free for its Prime Plus Savings Account and Prime Salary account holders. These account holders are mandated to have a minimum opening balance of Rs 1 lakh.
For these account holders, first five transactions will be free at non-home bank ATMs. From this month onwards, State Bank of India has decided to charge its customers for ATM withdrawals beyond five a month.
As per the Reserve Bank of India guidelines, banks are free to charge their customers after the first five free transactions from November 1.
The hike in charges by the banks will be applicable to transactions in the six metro cities of Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad. These transactions mean both financial and non-financial - balance enquiry, change of PIN, mini statement, etc.
As per the RBI data, at the end of June, the number of ATMs in the country stood at 166,894.
Earlier, banks, in association with the National Payments Corporation of India, had earlier sent a proposal to the banking regulator to reduce the number of free transactions at non-home ATMs as a result of the higher cost incurred by the banks. They had also sought to be allowed to charge consumers for use of own-bank ATMs.
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HDFC Bank and Axis Bank have decided to charge its own customers for more than five transactions at their Automated Teller Machines starting December 1, 2014.
HDFC Bank will be charging Rs 20 for every financial transaction and Rs 8.5 for non-financial transaction (balance enquiry, mini statement).
On the other hand, Axis Bank will charge Rs 20 for financial transactions and Rs 9.5 for non-financial ones.
At other bank ATMs, the customers of these banks will be charged beyond three transactions. Earlier, five transactions were free at non-home bank ATMs.
However, Axis Bank has made the 10 transactions free for its Prime Plus Savings Account and Prime Salary account holders. These account holders are mandated to have a minimum opening balance of Rs 1 lakh.
For these account holders, first five transactions will be free at non-home bank ATMs. From this month onwards, State Bank of India has decided to charge its customers for ATM withdrawals beyond five a month.
As per the Reserve Bank of India guidelines, banks are free to charge their customers after the first five free transactions from November 1.
The hike in charges by the banks will be applicable to transactions in the six metro cities of Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad. These transactions mean both financial and non-financial - balance enquiry, change of PIN, mini statement, etc.
As per the RBI data, at the end of June, the number of ATMs in the country stood at 166,894.
Earlier, banks, in association with the National Payments Corporation of India, had earlier sent a proposal to the banking regulator to reduce the number of free transactions at non-home ATMs as a result of the higher cost incurred by the banks. They had also sought to be allowed to charge consumers for use of own-bank ATMs.
Businness Standard
Sent from BlackBerry® on Airtel
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