Check out the details for three banks that are offering unlimited free ATM transactions across India.
New Delhi: The Reserve Bank of India recently authorised banks to raise ATM fees levied on customers after their free limits have been exhausted. The central bank decided to compensate banks for the increased interchange fee and the general increase in ATM operational costs.
At the moment, most private and public banks in India allow three to five free ATM transactions per day in urban areas and towns. Banks in rural areas, on the other hand, allow up to five free ATM transactions.
If you go over your monthly limit, the bank will charge you a small fee to keep the ATMs operational. For example, the fee for cash withdrawal has been raised from Rs 20 to Rs 21.
Similarly, the RBI has permitted banks to charge Rs 17, rather than Rs 16, as an interchange fee, which is paid by the card issuer bank to the bank whose ATM is used to withdraw cash, while fees for non-financial transactions at ATMs have been increased from Rs 5 to Rs 6.
However, three private banks are operating in the country that provides their customers with unlimited free ATM transactions. These financial institutions are IndusInd Bank, IDBI Bank, and Citi Bank.
While Citi Bank is closing its operations in India, IDBI Bank and IndusInd Bank are expected to continue offering free unlimited ATM transactions to their Indian customers.
If you are an IDBI customer or plan to open an account with the bank, you should know that it offers free unlimited transactions at its ATMs and five free transactions at other ATMs, according to BankBazaar.
In comparison, IndusInd Bank provides unlimited free ATM withdrawals from any bank ATM in India. “Unlimited Free ATM Withdrawal with your IndusInd Bank Debit Card at any ATM in India,” according to the bank websites.
