Most of you must have already got an Sms from your banker saying that, “ From July 1, 2011; 5 free transactions per month on SB a/cs on other bank Atms including Financial and non financial. CA accounts all txns will be charged”
This is happening after the IBA approached the RBI to make a new rule which would give only 5 FREE transactions to a account holder which will include cash withdrawal and also any other transaction at the atm like Pin change, mobile recharge, mini statement.
Also as per an RBI directive, banks will have to credit the wrongly debited amount to the customer’s account due to failed ATM transactions within seven days of the complaint from Friday onwards, as against the current norm of 12 days.
The RBI also clears that the customer should also need to file complain over such fault transactions at ATM within 30 days. From July 1, banks will pay penalty of Rs 100 per day, if the amount is not returned in seven days to customers.