ICICI Bank Caps Free ATM Transactions To Five A Month

India’s largest private lender ICICI bank has now limited the free ATM transactions up to five a month for its own ATMs. However, for other banks, the limit remains at three transactions per month. The new step taken by the bank, which has the second largest ATM network in the country, will be effective from January 1, 2015.

In case of a non-ICICI Bank ATM, the number of free financial and non-financial transactions has been reduced to three per month at six metro areas--Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. So, what happens if you exceed the number of transactions in a given month. “After exceeding the free transaction limits, customers will have to pay Rs 20 per financial transaction excluding service tax and Rs 8.50 for every non-financial transaction,” reveals a PTI report.

On the other hand, if one is using the non-ICICI Bank ATM in an area other than metros, the user can enjoy five free transactions per month, after which the same charges apply.

In order to reduce dependency on ATMs, banks have also been encouraging customers to use electronic payments for most of their transactions.
(Image: The Economic Times)