ATM’s are one of the most convenient ways of drawing money from your account. In the early days, you could only draw money from the ATM of your bank. Then later on, you were allowed to withdraw money from any ATM, but you had to pay a charge (anywhere between 50-100 per transaction) for it.
Now, the Reserve Bank of India in a revolutionary move, has freed ATM’s from this charge and has made ATM’s accessible to any holder of an ATM card of any bank. So, if you have an SBI ATM card, you can freely use it to withdraw money from the ATM of any bank, be it ICICI, Vijaya Bank or HDFC Bank.
Initially, I was doubtful how this would work. So, I decided to try it out myself. I first tried my Citibank card at SBI’s ATM. Then, today I tried it again at an ATM of Dena Bank. I had a doubt whether it would work in Dena Bank, but it worked fine without any hassles. And both times, I made sure to check my account and there were no extra charges debited!
This is a great move by the RBI and very consumer friendly. This has freed ATM’s and made life more easier for customers. Just imagine, even if you go to any remoted place, all you need is just one ATM - any bank and you can withdraw money easily, without any trouble and without any charge. This move wil help consumers as they need not carry cash while travelling. For now, you can get money from any ATM in India.
But of course, this move has some risks. ATM frauds are on the rise and one has to be mroe careful and watch out for any phishing attempts while using an ATM.
But overall, this is a great decision and beneficial to customers of all banks. So, if you don’t have an ATM card, make sure you get one today and enjoy the benefits of RBI’s decision.