Banking Scenario in India

I have always been appreciating Indian Banking services. They provide secure, reliable and faster services as compared to any other banking network in world. I never found any other bank providing online money transfer from one account to another account within matter of seconds.

 

And yesterday, I came across another surprising news – From March 31, one can get money out of any ATM throughout the country irrespective of the fact to which bank one’s account belong to, by paying just Rs. 20 per transaction. This fee will be applicable till March 31 next year after which it will reduce to zero. Also there wouldn’t be any charge on balance checks.

 

Here is the news –

 

From Mar 31, pay Rs 20 for using any ATM

NEW DELHI: Customers will have to pay a maximum of Rs 20 for withdrawing cash from an ATM of another bank from March 31, 2008. However, balance inquiries will attract no charge with immediate effect.

The charge for cash withdrawal is only till March 31 next year, after which it will become zero. Aiming to make all ATM usage free from April 2009, the Reserve Bank of India on Monday said banks cannot charge for balance inquiries and capped the fee for cash withdrawals at Rs 20 per transaction, irrespective of the amount and the bank where the customer holds the account.

 
In a circular issued to all commercial banks, RBI also said that banks cannot charge their own customers for ATM usage, with immediate effect.

 

In the wake of the circular, a bank will not be able to charge more than Rs 20 for transactions carried out using the ATM card of another bank.

3 thoughts on “Banking Scenario in India”

  1. I have savings with ING direct and they are FDIC insured. It is the same level of protection that a normal bank has. Without it bricks and mortar mean nothing.

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