RBI new Rule, Balance inquiry/Mini statement will also be included in 5 free transaction

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Now get ready to shell out more on ATM transactions,RBI has rolled out new Guidelines on All the ATM transactions.

If you are doing transactions in any ATM other then your account holder bank,balance inquiry/mini statement will also be considered in 5 free transaction.this rule effective from 1st July 2011.So think before you check balance in any ATM other then your account holder bank.

Charges for transactions over the free one
Rs. 20.00/- (including taxes) per Financial transaction – i.e. Cash Withdrawals
Rs. 8.50/- (excluding taxes) per Non-Financial transaction – i.e. Balance Inquiry, Pin Change & Mini Statement.

This rule is applicable to savings account,for other account holders please contact your respective bank.

Failed ATM transactions to be settled within 7 days:
As per RBI guidelines,Bank should credit such wrongly debited amounts within a period of 7 working days from the date of the complaint.The Bank will pay Rs.100/- per day beyond 7 working days only if the complaint is lodged within 30 days of the date of the transaction.

More info about failed transaction is provided here