Indian Bank Association has proposed to apply the charges to any transaction made at ATM after the 5th attempt irrespective of the Bank to which the ATM belongs and that also includes a person's own bank.
Four years ago, transaction charges at other bank's ATM where somewhere in between Rs.20 to Rs.60. Then, Government directed Banks to shelve off any such charges but finally settled for 5 free transactions at other bank's ATM.
Currently, average charges after 5 transactions at other bank's ATM for balance inquiry is Rs.9 and for withdrawal, it is Rs.20 per transaction.
This new proposal has been made in light of the money that banks need to expend for CCTV camera and a security guard at each ATM as per Government's orders after brutal robbery incident at an ATM in Bengaluru last year.
IBA has also supported an increase in charges that banks pay each other from Rs.15 per transaction to Rs 18 per transactions.
IBA has also suggested that, for balance inquiry SMS services are more convenient.
Are you happy with this new proposal by IBA? If not then why? Does 5 transactions per month suffice you? Or do you think it should be more? I would like to know your views in comments.
