RBI waives charges on ATM transactions for all banks till December 30

The Reserve Bank of India (RBI) on Monday waived charges for ATM transactions till December 30 at one’s own bank as well as others

The Reserve Bank of India (RBI) on Monday waived charges for ATM transactions till December 30 at one’s own bank as well as others.

People queue outside a ATM to withdraw money in Siliguri on November 14, 2016. (AFP)

The waiver applies for both financial and non-financial transactions, and is not limited by the number of times one transacts.

The RBI statement said the waiver will be in effect from November 10 till December 30, 2016, subject to review. In case of charges levied for transactions done at other bank ATMs during this window, the fee will be reversed.

The RBI had advised banks to make all financial transactions done at their own ATMs free of cost in a circular issued on November 8, the day Prime Minister Narendra Modi announced the demonetisation of Rs 1000 and 500 notes.

Following this, all major banks had not charged transactions at their own ATMs, but applied a fee for those done at other bank ATMs beyond a certain limit.