Indian Members, Is that true that from 1st of April we can withdraw funds from any ATM without paying any extra cost (e.g. funds withdraw from HDFC bank account using HDFC debit card at any other bank's ATM) Read this new in local newspaper today and hope its not April Fool DON.
NO, thats not any prank. It was planned few years back. And now its in action. good for us that we can withdraw from any ATM. Previously i used to give them Rs.20 as a transaction charge.
Ok then its really good news for all of us. BTW don't you think that they needs to launch this any other date (like 2nd april or something like that) instead of 1st April DON.
it is actually bad...from long term perspective. now there is no incentive for banks to put up ATM's. from now onwards, banks will stop installing new ATM's.
But sachin each bank setup their ATM's for their customers facility not for other bank's customers facility so i don't think so that this move affect as you said. And if we able to use any ATM's then no matter if they stop installing new. DON.
in fact, banks will actually close down many ATM's. it takes a lot of money to install and run ATM's. banks like ICICI Bank installed 1000's of ATM's as a strategy to attract customers. if ATM's are going to become public property, it makes no sense why banks should be running so many ATM's. the ATM's don't bring much direct revenues for the banks. on the other hand, there are so many costs involved.....electricity bills, general maintenance, security costs, lease/rent of the occupied space, administration costs etc. this is nothing but a pre-election stunt by the government.
In a way, it is good and would result in saving of precious resources.... At present, there are too many ATM's of diferrent banks at various places which have good visibility, just adjacent to each other. Hopefully, Banks would look to install ATM's at far off places if RBI stipulates them to open certain fixed new ATM's per year. ATM's are not set up for revenue generation. They are mainly installed to serve the customers and reduce the load on branches, so that manpower in these branches can be kept bare minimum. Regards, RightMan
It's correct information. I remember, in previous financial year RBI deduct the cash withdrawal of other bank's ATM and fix it Rs. 20 and also announce that this service will be totally free from next financial year. Now the time comes, we can avail this facility. Alana
Whatever Sachin has said is absolutely right. I do have GM's as my friend and they once said the same.
That's a great news but what Sachin said is also true. However, bank doesn't open ATMs for revenue, the ATMs are opened to cut costs as a lot less money is spend per footfall at an ATM than a bank branch. And ATMs are used for other purposes like cheque drop and other such things so that would remain unique to every bank.
Just 1 day to go. I used to withdraw from SBI ATM using a PNB card and lost 20 rs everytime. Now its free and good for me. I will save Rs.20 on each transaction. THanx RBI...!!