Tomorrow onwards you need not shell out any extra money to use ATM of any bank, thanks to a directive by the Reserve Bank.
Tomorrow onwards you need not shell out any extra money to use ATM of any bank, thanks to a directive by the Reserve Bank.
Providing the much-needed relief to the common man, banks have been asked by the regulator not to charge any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1 onwards.
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However, banks can still charge extra for services such as cash withdrawal with the use of credit cards and at ATMs located outside India.
Under these circumstances also, some banks plan to expand their ATM network.
Oriental Bank of Commerce is planning to increase its ATM base and will open 60 new ATMs across the country to facilitate smooth cash withdrawal.
"We are planning to open 60 more ATMs to facilitate cash withdrawal," OBC Executive Director SC Sinha said.
When asked about the strategy the largest private sector lender ICICI will adopt to comply with the regulation, a bank's spokesperson said, "We will abide by the RBI directions".
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.
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