Pensioners and the physically challenged in India could be in for some banking-fee relief if the country’s central bank removes some ATM-use limits and fees under a proposal it is reviewing.
The Reserve Bank of India is considering allowing such consumers an unlimited number of free transactions at any banks’ ATMs, a spokesperson from the central bank tells PaymentsSource.
All Indian cardholders now may use other banks’ ATMs without facing a surcharge from the deployer five times per month, after which they pay 20 rupees (5 U.S. cents or 4 euro cents) per transaction. They also may withdraw no more than 10,000 rupees per transaction from the machines.
The central bank also is proposing that Indian banks waive the annual ATM card fee they charge some customers, the spokesperson adds. Most Indian banks charge from 100 rupees to 500 rupees annually per card.
If the central bank removes the limit of five free transactions, then a senior citizen or a physically challenged person can go the nearest ATM and not have to locate his bank’s machine. And this will promote the use of the ATM channel among elderly and physically challenged, the spokesperson says.
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