RBI Rules: Alert those withdrawing money from ATM, know the rules of RBI..
Bank Charges for atm transactions: Do you know that there are many rules for withdrawing money from ATMs? There are some limits every month. If that limit is exceeded, then as per RBI rules, Rs 21 will have to be paid on every transaction. Apart from this, there is no need to panic if mutilated or fake notes come out from the ATM. You can get the notes exchanged by following these processes.
Know which bank charges how much money-
All banks charge money transaction fees in addition to RBI rules. After 5 free transactions every month, Punjab National Bank charges Rs 9 as tax in addition to Rs 21. After 5 free transactions, Rs 10 is charged for withdrawing money from SBI ATM, and Rs 20 is charged at other ATMs. HDFC and ICICI charge Rs 8.5 in addition to Rs 21 after 3 transactions in the metro city and 5 transactions elsewhere.
What is the process of changing notes?
If you find mutilated notes after withdrawing money from the ATM, you can get them exchanged by going to the bank to which the ATM is linked. For this, you just have to write an application. In this application, you will have to give the date, time of withdrawal, and details of the ATM from which the money is withdrawn. The bank will immediately exchange the note once the details are verified.
What to do if you spot a fake note?
If fake notes are taken out of the ATM, instead of trying to run them in the market, turn the ATM upside down at the same time the notes are taken out. Take fake notes and receipts to the bank. The bank will exchange the note after the investigation. If excess cash is withdrawn then notes will be exchanged from the RBI issue office.
What do RBI rules say?
According to RBI rules, notes can be easily exchanged from any bank branch or Reserve Bank office. According to the rules of RBI, you can exchange only 20 notes of value of Rs 5 thousand at a time. However, the bank does not exchange those notes that are heavily torn or burnt. Such notes can be deposited in the issuing office of RBI only.
Know the rules of SBI-
In SBI ATM, notes are inserted after checking them with a note shortening machine. In such a situation, the chances of the notes getting spoiled are less. Despite this, if the notes turn out to be damaged then the notes can be exchanged from the bank branch. According to RBI rules, if anyone refuses to exchange bank notes, a fine of Rs 10,000 will be charged.
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