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ATM usage charges come into force

State Bank of India, HDFC Bank and Axis Bank have announced that their customers will be entitled to free use of ATMs to three in a month in six metros – Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderbad. The new rule comes in the wake of RBI’s circular allowing the banks to limit the free ATM transactions to five – three in large cities and two elsewhere a month. SBI said for subsequent transactions beyond the capped number, the customers will have to pay Rs 20 per transaction. The new norms had come into effect from 1 November. SBI has, however, allowed more free ATM transactions in the case of those who avoid visiting its branches, and unlimited transactions for those with large balances. HDFC and Axis Bank said the new norms will be effective 1 December. HDFC Bank will charge Rs 20 for cash withdrawals and Rs. 8.5 (excluding taxes) for balance enquiry, mini statement, etc and Axis Bank will charge Rs 20 and taxes for financial transactions and Rs. 9.5 for non-financial ones. At third-party ATMs, HDFC Bank and Axis Bank will charge for more than three transactions, down from the earlier five free transactions, the banks said in separate customer notifications. Axis Bank, which with a little over 12,000 ATMs, however, is offering 10 free transactions for its Prime Plus savings account and Prime salary account holders.

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