These 3 banks are offering unlimited free ATM transactions across India
By Lokmat English Desk | Published: June 13, 2021 06:15 PM2021-06-13T18:15:00+5:302021-06-13T18:15:00+5:30
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The Reserve Bank of India recently authorised banks to raise ATM fees levied on customers after their free limits have been exhausted.
The central bank decided to compensate banks for the increased interchange fee and the general increase in ATM operational costs.
The RBI circular said, “The recommendations of the Committee have been comprehensively examined. It is also observed that the last change in interchange fee structure for ATM transactions was in August 2012, while the charges payable by customers were last revised in August 2014. A substantial time has thus elapsed since these fees were last changed.”
The increased interchange fee per transaction from August 1, 2021, will be Rs 17 from Rs 15 for financial transactions.
However, there are three private banks operating in the country, which are offering unlimited free ATM transactions to their customers. These banks are IndusInd Bank, IDBI Bank, and Citi Bank.
IDBI offers customers free unlimited transactions at its own ATMs and five free transactions at other ATMs.
IndusInd Bank offers unlimited free ATM transactions at any bank ATM in India. However, Citi Bank is wrapping up its operations in India soon.
Currently, most of the private and public banks in India allow three to five free ATM transactions in urban cities and towns. In rural areas, however, private and public banks allow up to five free ATM transactions.
