According to RBI, if a transaction is not completed due to technical problem, then it will not be counted as free service or transaction.
Banks give discounts on ATM transactions to account holders. This exemption varies in urban, rural and metro areas. Some bank gives five ATM transactions free of cost to its account holders and some seven. You (Savings Account holders only) as per RBI guidelines, in a calendar month in 6 metros (Mumbai, Delhi, Chennai, Kolkata, Hyderabad and Bangalore) and 5 free transactions (financial and non-financial) across 3 other centers are entitled to.
After this, the bank charges money for the transactions done. Many times it happens that we go to ATM to withdraw cash or deposit cash, but due to technical problem, our work gets stuck. In such a situation, it is also not counted in the free service. But if your ATM transaction is not completed due to low balance then you will have to pay money to the bank.
According to the guidelines issued by the Reserve Bank of India in 2019, if a transaction is not completed due to technical problems, then it will not be counted as free service or transaction. At the same time, it often happens that the account holder went to the ATM for cash withdrawal and there is no cash in the machine and the transaction fails. This is also not counted in the free transaction. This rule is applicable to all commercial banks including Regional Rural Banks, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks.
You can request your check book at an ATM without visiting the branch or filling the transaction slip. According to RBI, if a customer places a check book request through an ATM, then it will not be included in the free transaction from ATM. Apart from this, balance checking, tax payment, fund transfer from ATM are also not included in free transactions. You can also pay your various bills using SBI and some other bank ATMs.
Apart from this, such transactions which fail due to hardware, software and communication issues etc., cannot be added to free transactions. This means that the number of free transactions that the customer has got from the bank cannot be less than the fault of the bank.
Know your rights
The bank regulator issues guidelines from time to time to alert the customers of frauds. Whose full details are asked by RBI to reach the customers through banks. At the same time, RBI itself sends the message to the customers by issuing circulars. Therefore, as a conscious citizen, if there is any kind of fraud or forgery with you, then you can directly complain about it to the Reserve Bank of India.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
