Good news for debit card, credit card and ATM users! RBI says don’t pay, if that happens

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Bank ATM debit card, credit card user, here’s good news for you, RBI says don’t pay, if it happens!

Debit card, credit card user alert: If you are a debit card or credit card user and you go to ATMs to withdraw money, then there is good news for you from the Reserve Bank of India (RBI ). According to the latest RBI notification, if you visit an ATM for a cash withdrawal and there is no money in it, your bank cannot count that transaction against the free transaction limit that she fixed.

According to reports, RBI has clarified that due to any technical reason —- whether it be hardware or software or a problem entering or communicating the PIN code or even non-availability. ATMs, public or private sector banks cannot count such transactions against the overall limit for free ATM transactions. So that means — “no cash, no transaction!” “

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“Transactions that fail for technical reasons such as hardware, software, communication problems; the non-availability of banknotes in the ATM; and other refusals directly / entirely attributable to the bank / service provider; PIN / validations invalid; etc., should not be counted as valid ATM transactions for the customer. Therefore, no charge will be levied for this, ”RBI said in its clarification.

“It was found that transactions that failed for technical reasons, non-availability of money at ATMs, etc., are also included in the number of free ATM transactions by banks.” RBI further clarified that non-cash withdrawal transactions —- balance request, checkbook request, funds transfer, tax payment, etc. home customers (same bank) also should not be counted as the number of free ATM transactions, ”noted RBI. .

Apparently, in 2014, RBI issued a comprehensive circular on “free use of ATMs”. This had limited the total limit of banking transactions at free ATMs in 6 metros which are — Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore to 3 per month.

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However, if the debit or credit card is used at ATMs in other cities beyond the 6 subways, the free transaction limit can be up to 5 per month. It will include cash transactions as well as non-cash transactions like mini statement, balance request, PIN change, etc.

However, most private or public sector banks offer between 3 and 5 free transactions at “other bank” ATMs. In accordance with RBI’s advice for their own customers, banks may offer free and unlimited ATM transactions in one month, according to their policy. Meanwhile, RBI has limited the maximum transaction fee to Rs 20 in case the number of free transactions at any bank machine exceeds the limit of 5 per month.

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