10:43 PM
The facilities your ATM gives apart from dispensing cash
When automated teller machines (ATMs) first came to India around 1987, they were mostly meant to give out cash. Few customers had ATM cards since fewer banks offered it. Over the years, it has evolved into a much more customer-friendly tool, which has minimized the need for visiting a bank. All banks offer it and almost all customers use the facility. You can now get account information through mini statements and deposit cash through the machine instead of walking into a bank. In the last few years, there are a few more strides that the machine has taken.
COMMON FEATURES
l. An ATM has a maximum and a minimum cash with- drawal limit per day. The minimum is usually `100, while the maximum is set by the bank while issuing the card. This information is available at ATM centres.
2. If you are withdrawing cash l If you are withdrawing cash from another bank's ATM, there is a maximum withdrawal limit of `10,000 per transaction.
3. A maximum of five transactions at another bank's ATM are free of cost per month. For transactions more than that number, you will have to pay `20 per transaction.
THE EXTRAS Apart from basic banking transactions, ATMs allow you several other facilities.
4. You can pay your regular bills.
5. Buy top-ups for your cellphone connections.
6. Withdraw cash through certain pre-paid cards that allow you to do so.
7. Make enquiries about loans that the bank may offer.
8. Some ATMs even allow you to make donations to religious organizations.
FIXING FAULTS The Reserve Bank of India (RBI) routinely receives complaints about failed ATM transactions. In the last few years, RBI has put in place certain customer-friendly measures to sort these out.
There are times when the ATM doesn't dispense cash, but your account gets debited by that amount. In such cases, you need to lodge a complaint with the issuing bank. As per the RBI guidelines, your bank must re-credit the wrongly debited amount in your account within a maximum period of 12 working days from the date of your complaint. If the bank fails to meet this deadline, it has to compensate you with `100 per day after the 12th working day. Banks need to do so even if you haven't claimed the amount.
There are times when the ATM doesn't dispense cash, but your account gets debited by that amount. In such cases, you need to lodge a complaint with the issuing bank. As per the RBI guidelines, your bank must re-credit the wrongly debited amount in your account within a maximum period of 12 working days from the date of your complaint. If the bank fails to meet this deadline, it has to compensate you with `100 per day after the 12th working day. Banks need to do so even if you haven't claimed the amount.
