Use any bank’s ATM for free from April 1st, 2009

By | March 30, 2009

Debit CardAs per RBI’s circular, with effect from April 1st, 2009, you can use any ATM in India for money withdrawal, account balance, or printing mini statement for FREE irrespective of your card issuing bank.  RBI issued instructions at the beginning of this year to all the banks not to levy more than Rs.20 per transaction done by other bank’s account holder.  For example, if you are an ICICI Bank account holder and if you are using ICICI ATM card to withdraw money from an SBI ATM, you will be charged a maximum of Rs.20 per transaction.  This will be in effect till March 31, 2009 and from April 1st, irrespective of your bank account, you can use your ATM card to do the above transactions at any bank’s ATM for free.

I am really happy to see this.  Before this, if I am going to a new place, carrying all my bank cards was necessary because I would not know which ATM I can find first.  As the charges have come down to Rs. 20 lately, I have been using other bank’s ATMs frequently because I am not worried about Rs.20 as I can find other bank’s ATMs in my colony in just few steps.  Now, even this Rs. 20 per transaction charge is going to be taken off from day after tomorrow and I can simply walk into any ATM and withdraw the money 🙂

17 thoughts on “Use any bank’s ATM for free from April 1st, 2009

  1. diwakar kumar

    after knowing that transaction are free if you transact from any atm i am very happy one of the main reason behind this is my atm machine is far from my hostel and i face lots of problem in transaction and also wait around half an hour due to long que .so i welcom the decision of R.B.I

    Reply
  2. Prasanna

    I really appreciate R.B.I in implementing free service of ATM transation ans it is really time and energy saving.

    Reply
  3. Gaurav modi

    i’m very happy to heared the RBI announcement that now we can use our ATM cards in any bank’s ATM w.e.f.april,01,2009.It is really time,energy and money saving.

    Reply
  4. thaslim

    PLeased to know the statement by RBI, thans navee for more info with eg…..

    Reply
  5. Sangeeta

    I am really very happy by this news as my bank’s atm is far away from my hostel.

    Reply
  6. Tarav

    Hey Is there any “Interbank rate” they are charging ? — For example if i am using ICICI card in SBI ATM then Do ICICI has to pay something to SBI? IF yes then How much

    Reply
    1. Naveen Post author

      Yes there is an amount payable to SBI by ICICI (in your example), but I don’t know how much it is.

      Reply
  7. hemanth kumar

    dear sir, u told using ICICI ATM card to withdraw money from an SBI ATM is free, but SBI atm card to withdraw money from any other bank is it free or any charges please reply?

    Reply
    1. Naveen Post author

      I took it as an example. Any bank holder can withdraw money from any other bank for free.

      Reply
  8. A.Banerjee

    Despite Circular RBI/2007-2008/260
    DPSS No. 1405 / 02.10.02 / 2007-2008
    March 10, 2008, Canara Bank does not accept ATM cards of other banks.

    Reply
  9. MOHAN DIVATE

    Dear Naveen Sir,
    Tank you about your EMI calculator Sheet
    i am from last one year confusion to my bank EMI but my problem solve of this is your excel sheet

    Reply
    1. Naveen Post author

      There is a limit on transactions you can do at other bank ATMs. If you are doing more than that, it will attract the same old Rs. 20 fee per transaction.

      Reply

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