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  • Category: Miscellaneous

    Dont you feel 150 rupees extra charge for using ATM to withdraw our own money after 4 times ?

    The Modi government has forced us to deposit all the banned 500 and 1000 rupees notes in the accounts of the Individual and given us little rights to withdraw amounts in small amounts and still we are not able to withdraw full amount from the accounts as the situation is still not improving to the normal. In this situation some banks have imposed 150 as the operating charges for using the ATM over and above 4 times in a month. When the banks are already thriving on our deposits, then why they are charging 150 for withdrawing our own money ?
  • #592216
    They want to discourage cash transactions, as simple as that!
    When you talk, you are only repeating what you already know. But if you listen, you may learn something new!

  • #592217
    Mr. Mohan,
    Is this information authentic? Have you been charged Rs. 150/- ? What is the source of this information? If at all it is a reliable information, it could be to limit the number of withdrawals through ATM. I have seen people going to ATM to withdraw Rs. 500/- and as and when they feel like. Thus the life of the machine get reduced. It is a good move and we should appreciate it.

    No life without Sun

  • #592218
    But Gypsy what the hell bank was loosing as we are not even bothering the bank clerks or bank branches for our withdraw like before and their overhead costs were drastically cut.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592219
    Mohan,
    The ATMs are the blessings in disguise for the human beings. Our money is safe in the banks. We don't spend much. We need not waste time in going to the bank branches located far away and waste our money for the conveyance. We need not stand in bank queues for long hours with a token in hand and waiting for our turn and waste our time. We can travel safely from one corner to another corner safely without any cash in hand or bag.

    Therefore, I feel that the bank levying few rupees for misusing ATM for more than four withdrawals should be acceptable.

    No life without Sun

  • #592220
    Today I went to the ATM for the first time during this month. I have been charged Rs. 23/- even for the first transaction of the month. Going to complain tomorrow.
    Caution: Explosive. Handle with care.

  • #592221
    This step encouraging the discontinuation of banking accounts in the public. The difficulty is not to be faced by the big shots but the middle class people and lower class people only.

  • #592222
    Yes I feel it's a high amount to be charged after 4 transactions. It can be to discourage cash transactions but people need time to go for cashless completely. Imposing such huge amount all of a sudden might be a burden for common man. I may be ready for cashless transaction, but are all the vendors ready? Few members accept money through Paytm but not everyone. We need to draw money in some circumstances and this will really be a burden.

  • #592223
    Sun,

    It was in the national news that Axis, ICICI and HDFC banks will start charging it.

    @Mohan: We managed without cash (well, almost nil) during demonetization, then we can manage it now also. What is the big deal?

    Who says the banks' overheads have reduced drastically? They keep on increasing ever year with periodically increasing rent, electricity charges, employees salaries, maintenance charges etc. They need to increase their earnings and they keep on devising new ways for that. If you do not like their terms and conditions, simply close your account, as simple as that.

    When you talk, you are only repeating what you already know. But if you listen, you may learn something new!

  • #592226
    No doubt 150 rupee charge is at a very high side and I think there is not much disagreement on that point.
    Let us go back to old times when ATM machines were not there. I remember we were going to the bank once or may be twice in a month. Now with technological advancements and modernization we are taking advantage of the system and feel that we can use ATM as many times as we want. Due to various reasons Govt wants that people should use ATM as sparingly as possible and to enforce it this new regulation is coming in force from 1st April 2017 though bank to bank some minor differences are there.
    By keeping a higher amount people will be discouraged to use ATM but at the same time some needy persons will be unnecessary penalized.
    So reduction in this amount is needed and I believe after hue and cry from public some changes will be incorporated.

    Knowledge is power.

  • #592233
    Any information about state bank of bikaner and jaipur, they also charged for 5 and more transaction in a day through ATM.

  • #592242
    Members,
    This will not affect the common man as they may not have sufficient money in their bank account to withdraw more than four times. It will affect the rich and the business class who have a huge sum and make too many withdrawals through the ATM. And they can afford to pay the extra charges levied by the banks.

    We should learn to plan our budget and withdraw the amount for the month as required. We should plan it in such a way that we dont exceed four withdrawals. Draw your cash once in a week to avoid extra charges.

    No life without Sun

  • #592252
    Enough though this move is heart failing, it will definitely boost cashless transactions.
    Most of developed countries use plastic money. Along with these kind of penalties , government should propose new ideas to attract people for using plastic money. Bank should offer bonus and cashback on credit cards.
    It is tough for rural people and low earning people from this decision best we tend to find workaround for every situation. We have given government five years so let them do what they want.

    Avi
    Life Is Beautiful

  • #592254
    Let the government push cash less regime but not at the cost of levying fine on our own money ?
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592271
    Mr. Mohan, I wanted one information. I have also heard about this Rs. 150 charge levied on a cash transaction done the 5th time or anytime after. My question is if this charge is also levied on cash withdrawal from bank through cheques issued more than 4 times? Is this charge also applicable if we deposit cash in our bank accounts via cheques more than 4 times. Other ISCians might also comment, if they know about this. I am confused about this.
    Live life Kingsize!

  • #592273
    The news of Rs.150 levy is I guess not related to ATM charges. Wherever I read it is related to branch withdrawals and deposits. Have any of the members read any article where it specifically mentions that the charges are on ATM transactions?

  • #592280
    Yes the service charges would applicable for deposits and withdrawl over and above 4 transactions. Though at present ICICI, Axis and HDFC have started charging, others will also follow suit.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592296
    This is very cruel decision that private banks such HDFC and AXIS banks etc impose extra charges of 150 rupees after the limit of 4 times threshold crossed. It is not justify that our money goes into the hands of banks if our limit of withdrawal crosses 4 times. I think that this is the first benefit of demonetisation or entering new notes. I think that there is no benefit from demonetisation in such a way that gas and petrol prices increases day by day. Recently, gas price hikes by 90 rupees. This is the result of demonetisation. Gold rates are also hiked by the government. So, government does not think about a lay man to develop financially. So, it is black shade of financial status of middle and poor class people. We have to wait to see the dangerous revolutions coming in financial matters in future.

  • #592298
    PM Modi said that honest people would be honored. but here honest people who deposited money with banks are being punished.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592304
    This is another step to make our country cashless without any preparation. But banks are very much prepared to make the burden on common people's pockets. These banks are going to charge after user got free transaction exhausted. The user has to pay charges decided by the bank. Innocent people praising the cashless initiative but they are suffering a lot. This is the case with the people who a have somewhat exposed to the technology. But what about the village people who hardly know this concept.

    The government had started the compaign at the very start of the cashless announcement but this compaign also now hardly apperar. Is the people trained?

    Cash transaction should have to bear Rs. 5 per Rs.1000 as cash handling charges. A big burden on the marchants and petrol pump owner. There is problem every where but we should hope for best.

    Prasanna
    Well done is better than well said

  • #592328
    Recently some banks have changed rules in respect of free transactions. HDFC banks gives its customers four free transaction every month, and after that it will charge Rs. 150+tax+cess. This has become applicable w.e.f. 1st March, 2017. Earlier, this bank used to charge Rs. 100/- after six such transactions.

    Similar changes have also been made by ICICI Bank, Axis Bank and other private sector banks. These banks are fleecing their customers taking advantage of Government's efforts for moving towards cash-less economy.

    Caution: Explosive. Handle with care.

  • #592336
    And I thought all banks are regulated by Reserve bank rules! I had to take a draft for Rs 300/- yesterday. Union Bank, with which I am having an account charged me Rs 78/- as commission. I questioned the Assistant Manager as to whether they follow RBI rules to which she gave a vague reply that she was not aware.

    It is not the question of charging Rs 150/- after four transactions; it is a question as to how we should plan (according to the their wishes) our daily budget. Is the government forcing us to withdraw a sum that would take us through a month? What if I want to withdraw only that amount which I need to spend each day? The BJP government at the center is getting too much into our privacy and they want to decide how and for what we should survive.

    'Real knowledge is to know the extent of one's ignorance'- Confucius

  • #592343
    From the Saji's post it is still a big concern that banks are working at their whims and fancies with no rule stipulated by RBI.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592346
    The step seems to be taken to promote a cashless transaction system. For now, only a couple of private banks have been charging the amount. Public sector banks have stated that there isn't any such directive from RBI or Finance ministry.
    I guess the charges will not be applicable to ATM transactions. When I went through the information on some sites, it was indicated that the charges would be applicable to branch transactions in CASH. Cheque transactions do not seem to be affected. However, we may need to wait for confirmation from general users who have been charges actually.

    Live....and Let Live...!

  • #592347
    Timmappa when they say four withdraw, surely that means ATM withdraw only. Who is going to banks for withdrawing money these days ?
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592370
    But, Mr Mohan - the reports that appeared in the dailies or even on the websites clearly mentioned that it is for the cash transactions effected at the branches. Even I am not sure what exactly that means. In fact, it is the private banks like HDFC and ICICI that have made this announcement.
    There is clearly an ambiguity in this statement being made by the banks. ICICI has stated that the rule was in effect since July last year. The report in the Economics Times says

    "banks are levying ...withdrawal of cash from Savings accounts at bank branches beyond four to five times in a month"

    That is exactly why I said we may need to wait till the charghes are actually levied.

    Live....and Let Live...!

  • #592392
    I find this logic of bank surprising though. Incoming money after specific threshold incurs the charges. And the outgoing money through ATM and over the counter is also having charges. So by that logic, we are being taxed on almost everything. So that is not a good sign towards a better future. I guess banks need to have some component set aside to give people assurance that not every activity in bank will be charged.

  • #592395
    This move will surely discourage the people savings in the banks and they may keep the cash at the home lockers itself in future.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592417
    SBI too made an announcement to that effect today. So it goes on to prove that the public sector banks too are joining the bandwagon. SBI is charging Rs. 50 if you tend to make more than three cash transactions at the branch. I can't really understand in which direction are the banks heading towards. This move will definitely discourage people from using banking services. So it will encourage hoarding of cash yet again. Is that what the government wants to do?
    Live....and Let Live...!

  • #592431
    Timmappa thanks for this latest update. And what the RBI is doing. It wont control the banks at all. And where is Ombudsman for the banks ?
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease


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