All ATMs free from today - NO APRIL FOOL JOKE!

[amol48]

All ATM's will be free from today irrespective of your bank. A RBI circular came into effect from today which states that banks now cannot charge any fees on withdrawing cash from their ATM's if the customer uses another banks ATM card too!

Check today's TOI front page left side newsreel for more info.

No doubt this is good news for everyone, especially the SBI customers who otherwise used to wait in a half-a-kilometer line! However, banks with large network of ATM's and huge investments in that must have found it very bad!!!

[mrintech]

Give some online source pls

[Kl@w-24]

Yup, read about it yesterday. Very good move.

[amol48]

Originally Posted by mrintech

Give some online source pls

http://timesofindia.indiatimes.com/A...ow/2799548.cms

There you go.

[mrintech]

Originally Posted by amol48

http://timesofindia.indiatimes.com/A...ow/2799548.cms

There you go.

Thanks for NEWS... you ROCKZ :-P

[Coool]

Dont hav bank account

[amritpal2489]

gr8 news

[iinfi]

icici and sbi will feel cheated.. sbi wont feel the pinch... ICICI will

[confused!!]

excellent news

[naveen_reloaded]

things to take into account


>>> SERVICE will go down to trash,....

>>> Now this is a way to increase more money / purchase stuff... bad to people... !! Think !!

>>> This should have come way to long before...

[sude]

yup this is no April fool prank..
i am a sbi debit card holder.. and i transacted from an ing-vysya atm... and no charges were deducted...
kudos RBI...

-SUDE

[apoorva84]

very nice....now, i dont need to go miles looking for my bank's atm...

[ico]

[utsav]

Read abt it in news paper around a week back. I already had a HDFC max account so all ATMs were free for me b4 also . SBI customers r really gonna benefit from it a lot but this will b bad too as from now onwards other bank atms will also hav long queues.

[a_k_s_h_a_y]

No Dude, State Bank has ATMs every where, Around 5 Withink 1 KM radius of where I live.
Its the other guys that benefit.

State Bank ATM network is the largest. State Bank includes lots of banks SBI, SBM etc.

This is no April Fool joke too, April 1st is new financial year. That's why they are starting from 1st day of the year.

[amol48]

Originally Posted by a_k_s_h_a_y

No Dude, State Bank has ATMs every where, Around 5 Withink 1 KM radius of where I live.
Its the other guys that benefit.

State Bank ATM network is the largest. State Bank includes lots of banks SBI, SBM etc.

This is no April Fool joke too, April 1st is new financial year. That's why they are starting from 1st day of the year.

I agree that SBI has largest network of ATM's but I thnik you forogot that they have HUGE customer base too. Hence I always find a loooong queue at an SBI ATM.

On a sad note, I was a AXIS Bank customer with gold card and already had free access to all ATM's. I just hope that AXIS banks don't get crowded now . In Pune they have highest number of ATM's after ICICI. They have about 46 ATM's here.

[iinfi]

ATMs blocked as users cash in

Using third-party automated teller machines may be free now, but withdrawing cash from these machines has not been easy in many parts of the country.

During the first two days of free ATM use, when account-holders rushed to the nearest outlet to withdraw cash, many customers have had to deal with printouts saying 'transaction declined.' Customers using their own banks' ATMs did not, however, face similar problems.

Executives at State Bank of India [Get Quote] and ICICI Bank [Get Quote], which together account for over 17,000 of the nearly 40,000 ATMs, confirmed that third-party ATM use was proving difficult. The problems were the result of overloads on the national financial switch, which enables inter-bank transactions.

Transactions on a bank's home ATM network are processed through a different switching system, while inter-bank transactions go to NFS, the country's largest domestic network for authentication and routing payment details of various e-commerce transactions and e-government activities.

Adding to the volumes were the higher cash withdrawals at the start of the month. Typically, cash withdrawals go up ahead of a long weekend, such as the one starting on Friday.

"The traffic has increased manifold. NFS is yet to put in place requisite systems to handle this huge volume," said an SBI executive.

"For inter-bank transactions, the routes are different and there may be a problem with satellite connectivity," an ICICI Bank spokesperson said. Asked about the problem, an HDFC Bank [Get Quote] spokesperson, however, said the bank's terminals were not affected and there was no significant surge in volumes.

Bankers said the problem had also been taken up with the Reserve Bank of India before the shift to free ATM use from April 1. "RBI has assured us that this problem will be addressed. It will take a few days for the system to be upgraded," a bank executive said.

Although ATM use is free, for withdrawals as well as balance enquiries, banks are yet to finalise new inter-bank transaction charges.

An RBI official said the regulator has not received any complaints and the problem was not due to any pricing-related issues.

[Ecstasy]

Wooohoo great news, but anyway I never used to get charged since I had HDFC gold card and I used to withdraw money from ATM without getting charged.

Anyway its a good move and it will help a lot of people in the future.
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Posted again:
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Wooohoo great news, but anyway I never used to get charged since I had HDFC gold card and I used to withdraw money from ATM without getting charged.

Anyway its a good move and it will help a lot of people in the future.

[ajayritik]

I already had a power account with ICICI which means I can use any ATM other than ICICI for any number of transactions without any charge being levied. So this feature not going to help much.

These initiative maybe useful for smaller banks which can now invest the money that it used for putting up new ATM's in some other ways.

[INS-ANI]

It will take time to stabelize, may be after a few notices from RBI.
I tried taking out money using my SBI card yesterday from IDBI, and ICICI bank. But i guess IDBI was more supportive..they simply declined the transaction, whereas, ICICI charged me 20 buks for transaction, which is not good.
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Posted again:
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It will take time to stabelize, may be after a few notices from RBI.
I tried taking out money using my SBI card yesterday from IDBI, and ICICI bank. But i guess IDBI was more supportive..they simply declined the transaction, whereas, ICICI charged me 20 buks for transaction, which is not good.

[amol48]

Originally Posted by INS-ANI

It will take time to stabelize, may be after a few notices from RBI.
I tried taking out money using my SBI card yesterday from IDBI, and ICICI bank. But i guess IDBI was more supportive..they simply declined the transaction, whereas, ICICI charged me 20 buks for transaction, which is not good.

I think those charges will get reversed in a few days or may be in 24 hours only. Try checking your mini statement.

[GeeOne]

Yes it is true, it was on all the leading financial news papers of India.

[casanova]

Its good on a whole but bad for me. I had free access to all ATM's and now I might have to deal with longer Q's (oh, I m not in India now)

[mrintech]

Is this FREE ATM thing Working or there's any limitation???? - Please Clear

[Tech.Masti]

^ in our local SBI ATM, they hang a notice somedays ago, that from now, you can use all banks ATM here. I dont think there are any problem now.

[mrintech]

Is there any 500/- Minimum Withdrawal Limitation????

[mrbgupta]

I didn't face any problem till now.Used Axis Bank,SBI and UBI debit cards through Bank of Baroda ATM at least 10 times without any hassle.

[Joker]

great_news

[agnels]

For the moment only cash withdrawal & balance enquiry is possible at 3rd party ATM. You cannot change ur PIN , other VAS are not available as well...