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Can you explain this ??[SBI ATM Withdrawl charges]
- Thread starter shashankb
- Start date
- Replies 11
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So the RBI has made it mandatory for all banks to offer a minimum of 3 free ATM transactions for metro locations and 5 for non metro locations if the ATMs are outside the banks network. You can avail 5 free transactions every month if you use the ATM of the same bank.
In this case, if you hold an average monthly balance of more than 25000, you can use unlimited withdrawals and balance inquiry etc . at SBI ATMs without any charges. If the average monthly balance is less than 25000, you will be charged 10rs per withdrawal after the first 5 free transactions.
This table should make better sense.
In this case, if you hold an average monthly balance of more than 25000, you can use unlimited withdrawals and balance inquiry etc . at SBI ATMs without any charges. If the average monthly balance is less than 25000, you will be charged 10rs per withdrawal after the first 5 free transactions.
This table should make better sense.
Which basically highlights why it is so messed up. Previledged people don't pay these charges. AFAIK all my three debit cards have unlimited atm usage feature. Because these are private banks with higher aqb requirements. Atm rules affect poor people more just like aqb requirements.
Is it that privileged accounts don't pay or does the bank cover the charge on their behalf?
I don't understand why RBI doesn't allow non monetary cash rich organizations like large supermarket chains to run ATMs. They will be able to digitize their cash and people will have access to more ATMs
I don't understand why RBI doesn't allow non monetary cash rich organizations like large supermarket chains to run ATMs. They will be able to digitize their cash and people will have access to more ATMs
With high aqb accounts you kind of pre pay for atm usage and lots of other benefits like lounge access etc.
Banks own atm + third party atm total withdrawal limit becomes 9-10 per month which I feel should be adequate for most people. If you have more than 1 account then it becomes even easier to manage. It is usually stupid psu banks which counts failed transactions and charge you extra for no reason.
Banks own atm + third party atm total withdrawal limit becomes 9-10 per month which I feel should be adequate for most people. If you have more than 1 account then it becomes even easier to manage. It is usually stupid psu banks which counts failed transactions and charge you extra for no reason.
pujaari
Newbie
Please dont judge me, but a(stupid) thought arose that whether its mandatory for Banks to have Atm's? Cos if not then banks may have a free hand at deciding their Atm operation rules
That explains why it is messed up to pass the charges on consumers. Even if your own bank has atm in your locality but if it remains down on a regular basis, you are paying for their failure not the bank.
IndusInd used to be great in my locality but for the last couple of months, every single time I have went there, atm has been non working. Could be just coincidence but it has happened more than a few times.
And just remembered... There are limits on bank's own atms which make absolutely no sense.
This is just another push to make people switch to digital payments where people have lesser safety over their own money.
IndusInd used to be great in my locality but for the last couple of months, every single time I have went there, atm has been non working. Could be just coincidence but it has happened more than a few times.
And just remembered... There are limits on bank's own atms which make absolutely no sense.
This is just another push to make people switch to digital payments where people have lesser safety over their own money.
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