RBI Guidelines for ATM
- Reserve Bank of India is the central bank which controls and governs all the Development, Commercial, Government, Private, Indigenous Banks etc. and their monetary policies for the economic development of India.
- RBI issues guidelines to all the banks regarding Bank Rate, Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Repo Rate and Reverse Repo Rate on the basis of which Banks provides Loans, Pensions, Recurring Deposits and Fixed Deposits etc. to its customers.
- Earlier it was impossible to withdraw or deposit cash after or before working hours of the banks and people had to stand in long queue for withdraw, deposit of cash which caused delay in transactions.
- Government of India removed the problem by launching ATM (Automated Teller Machine) in India. The Automated Teller Machine or commonly known as ATM works 24 hours and allows people to do transactions at any time.
- You just need to use the ATM card issued by particular bank to start your transactions. It reduces time of standing in queue and waiting for the turn to come as ATM machines are available at several places as per the banks in a city.
But there are some guidelines for using ATM and the limit in transaction made per day as per the banks which are issued by RBI.
New Rules For Transaction
- To prevent fraudulent withdrawal at ATMs, RBI had mandated requirement of PIN entry for each and every transaction, including balance enquiry transactions.
- There are five free transactions allowed at third party ATM and after that bank will charge Rs 20/- per transaction.
- ATM machines not only allowed withdrawal you can also deposit money through envelope in your account by using machine.
- ATM provides money in the multiples of 100 and now it will give minimum Rs 50/- from the machine.
- There is maximum limit of Rs 50,000/- to withdraw cash per day from debit card
- The maximum limit of credit card is Rs 2, 00,000/- to withdraw cash per day.
- There will be no penalty for bank balance to be below minimum limit as earlier persons have to maintain the minimum amount in the account otherwise banks charges the penalty.
- Bank will pay a compensation of Rs 100/- to an account holder for every day of delay in rectifying the erroneous debit.
RBI Aims For-
- RBI has aims for providing ATM facility to physically disable or wheel chair users by providing future ATMs with ramps and takes necessary steps regarding this issue.
- From the 1st July 2014 all banks will install new ATMs as talking ATMs with Braille keypads.
- Magnifying glasses should be provided in all bank branches for the use of persons with low vision, wherever they require for carrying out banking transactions with ease.
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