Reserve Bank of India has revised the guidelines on ATM transactions from other bank ATMs. Up till now a person was allowed to make 5 free transactions from other bank ATM that included only financial transaction, there was no limit on the non-financial transactions like balance enquiry, PIN change or on mini statements.
After the enforcement of new guidelines the number of free transactions will remain the same at 5 but the now they will constitute both financial as well as non-financial transactions. Also, the facility of free transactions id applicable only for the saving account holders.
Apart from that for some relief to the customers the Central Bank has slashed sown the time duration to settle complaints regarding the wrongly debited amount from customer’s account from 12 working days to 7 and if the bank delays the to credit the amount then the customer is entitled to get a compensation of Rs. 100 per day delayed but the customer must make sure to lodge a complaint within 30 days of the transactions.
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