Country's largest government moneylender SBI has recently changed the rules for withdrawing money from ATMs. Now if the customer does not have sufficient funds in his account and is withdrawing money from the ATM, then he will have to pay the penalty charge for the failed ATM transaction.
However, ICICI, HDFC, Yes Bank, Kotak Mahindra, Axis Bank already have rules in force. Farmers should also keep these things in mind.
Let's know how much will have to be charged and what are the rules related to failures of RBI.
According to the SBI website, if there is no sufficient balance in the account, the customer will have to pay Rs 20 as penalty charge and GST along with the transaction from the ATM. The bank will also charge for non-financial transactions.
What are the rules for free ATM transactions in SBI now?
SBI currently offers savings account holders 8 free transactions from ATMs in a month. You can do 5 transactions from ATMs of SBI and 3 from ATMs of other banks. In non-metro cities, 10 free ATM transactions are available, 5 transactions can be done from ATMs of SBI and 5 transactions from ATMs of other banks.
Do OTP is required to withdraw 10,000 rupees from ATM?
OTP is required to withdraw 10 thousand or more rupees from SBI ATM. Now, this service is available 24 hours at all ATMs of the bank. SBI launched the OTP service on January 1, 2020 to protect customers.
After this, whenever a customer withdraws 10 thousand or more money from the ATM, then they are asked to put OTP on the ATM screen. It comes on the registered mobile number of the OTP customer. The facility of OTP based cash withdrawal is currently available only at SBI ATMs. You can take advantage of this between 8 am and 8 pm.
What does the rule to fail transaction say?
In 2019, the Reserve Bank of India (RBI) made rules for banks regarding such failed transactions (for which the customer is not responsible). According to this, when you make a transaction from an ATM and it fails, then the customer gets a penalty charge, but this charge is only in those cases in which the ATM transaction fails due to customer mistake.
It is not the customer's fault for some ATM transactions failing. In such cases the customer is not charged, on the contrary, the banks have to pay compensation.
If the customer does not get compensation, can he complain? According to the RBI guidelines, the customer will not be responsible for the transaction failure in some situations. Such as communication links disturbances, lack of cash in ATMs, time out sessions etc.
