Free Cash Withdrawals from all ATMs in India

3233310297_154eb3fef3[Photo used under Creative Commons Attribution-Share Alike 2.0 Generic. Flickr Photo by petyka72.]

There are cases and situation that u live in a remote area where your bank doesn’t have an ATM branch but there’s only one ATM over there. Chances are that you either have to spend an extra fee for withdrawing cash with your debit card in another bank’s ATM or u travel far to find your bank ATM. Now u don’t! Effect from April 1 2009, RBI passed a new rule that prevent banks from charging extra fee for withdrawing cash from any Inter Bank ATMs.

Reserve bank of India sought public comments and placed an Approach paper on its website. Based on the analysis of the feedback, they implemented a new framework of service charges. It includes that “For use of other bank ATMs for cash withdrawals its Free – with effect from April 1, 2009.” 

Hurray, now u don’t have to sweat yourself standing in a long queue of ATM when u can simply withdraw FROM ANY ATM NEARBY!

Circular from RBI | link

Thanks: ADI.

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