Restrictions for ATM usage
Restrictions For ATM Usage. The restrictions for the usage of ATM in cities have been imposed by the Reserve Bank of India (RBI).
The restrictions for the usage of ATM in cities have been imposed by the Reserve Bank of India (RBI). According to these restrictions, any customer can make free withdrawals from a third party ATM (other than home bank ATMs) for not more than twice in a calendar month. The third time withdrawal would levy charges and may amount Rs 20/- for each such withdrawal. It is evident that till now the limit was for five withdrawals.
The blessing in disguise is that such restrictions are presently limited only to those ATMs located in cities. RBI has instructed all banks to furnish the details of the ATMs in rural areas. The decision has been taken by RBI bowing to the repeated requests made by the banks to lessen the third party ATM usage.