Are you among those who frequently withdraw money from the nearest ATM (automatic teller machine), check the account balance or account statement details? Make sure you stick to the ATM of your own bank.
Can I withdraw money from a different bank’s ATM?
savings bank account holders are only allowed five free transactions from ATMs of other banks, including cash withdrawal, balance inquiry, and change your PIN (personal identification number). Earlier, cash withdrawal was calculated only for the purpose of five free transactions. Any number of non-cash transactions such as balance inquiry was free.
Now, if the total number of the transaction at other banks’ ATMs exceeds five, a fee will be deducted from your savings account i-e Rs 20 for each cash withdrawal and Rs 9 for non-cash transactions.
How to Avoid ATM Fees
If we’re paying too much in ATM fees, you have several immediate ways of reducing your costs. These methods each involve planning ahead and thinking about our ATM habits.
If we are paying charges for an ATM fee, then we have many immediate ways to reduce your charges. These methods include planning ahead and thinking about the habits of our ATM.
These three points will help you to avoid the charges as ATM’s Fee:
- Use your bank’s app to find branches and free ATMs near you
- Choose the cash-back option when paying at grocery stores and other merchants
- Withdraw cash less frequently but in greater amounts
You can stick to using free ATMs by keeping track of where your bank operates ATMs and branches. The same goes for knowing which local stores offer the cash-back option. Withdrawing larger amounts of money will reduce the number of ATM withdrawals you make, but carrying more cash comes with greater risk of loss. If these practices seem impractical or unsuitable for you, you can also avoid ATM fees by switching banks.
We could stick to using free ATMs by keeping track of where our bank operates ATMs and branches. The same goes to know which local stores offer the cash-back option. Withdrawing larger amounts of money will reduce the number of ATM withdrawals we make, but carrying more cash comes with greater risk of loss. If these practices seem impractical or unsuitable for us, we can also avoid ATM fees by switching banks.
