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New ATM rules from July onwards

Mumbai, 6 July 2011: The Reserve Bank of India has informed some changes in the ATM policy.

The changes are as follows

Only Savings Bank account holders in banks will be allowed the 5 free ATM transactions in a month.

These five transactions cannot exceed Rs 50,000 per month.

The transactions like balance enquiry and PIN change will be included in the minimum 5 free transaction list.

Banks will have to send SMS and email alerts to customers for every transaction in their registered phone, email addresses.

Banks will have to credit amounts wrongly debited from the customer's account due to failed ATM transactions within seven days of the complaint. Earlier this was 12 days.

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