6:21 pm - Tuesday June 6, 2023

Withdrawing Money From ATMs Outside Home Branch Network May Cost You

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The Reserve Bank of India is considering if banks can charge a fee for using automated teller machines (ATMs) to withdraw money from outside the home bank network. Home bank network means ATMs of the bank in which you have an account.
The Indian Banks’ Association (IBA) has proposed that customers who withdraw money from other banks’ ATMs should be charged.

A Krishnakumar, managing director, the State Bank of India, said, “The IBA has made a request to the RBI to rationalise ATM charges in urban and metro areas.”

If the proposal is accepted, customers will have to pay a fee for using ATMs other than the home branch network from the very first transaction. At present, a customer is allowed five free transactions in a month at other bank ATMs. This charge could be Rs 20 per transaction.

The issue was first raised last year after banks were asked to provide security at their ATMs following the attack on a woman in an ATM in Bangalore.

India’s largest bank, the State Bank of India, has more than 42,000 ATMs. According to Krishnakumar, the bank’s ratio of ATMs to debit cards is 1:2,500. The corresponding average for other banks is 1:1,700.

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