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Tuesday, March 23, 2021

Bank charges for ATM transaction failure, so do you know how many rupees are there? Know what is the solution

Bank charges for ATM transaction failure, so do you know how many rupees are there?  Know what is the solution

Withdrawing money from bank accounts and ATMs is common.  Most of the people of the country have got an account opened in some bank.  The bank offers many services on its behalf for free, but the bank charges you for many types of services.  Many times it happens that while doing ATM Banking, we forget to take care of the balance that there is insufficient balance in our account.

With an example, let's understand that we have 3000 rupees in our account and we put an amount of 3500 rupees while withdrawing from the ATM.  In such a situation, the transaction fails, but it also has its disadvantage in us.  If there is not enough balance, the bank charges you if the transaction is done through the ATM and the transaction fails.

This charge can be up to 20-25 rupees per transaction.

This rule of ATM transaction has come into effect from December 2020.  You will have to pay fine if your transaction fails at the ATM due to reduced deposit in the bank account.  Therefore, by withdrawing money, definitely check the balance of your account.  Different banks charge different charges on this.  Let's know, how much charge has to be paid from different banks.

How much does SBI customers have to pay?

The country's largest government bank SBI customer has to pay a penalty of 20 rupees in case of ATM Failed transaction due to insufficient balance.  Apart from this, a separate GST will be imposed on it.  HDFC Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank and ICICI Bank are recovering the fine on account of failure of transaction on low account balance.

How much is fine to pay in HDFC Bank?

Once the transaction fails, HDFC Bank customers have to pay 25 rupees.  At the ATMs of other banks of the world or at any merchant outlet outside India, Rs 25 fine is charged even if there is insufficient balance.

Kotak Mahindra Bank, Axis Bank and Yes Bank

Kotak Mahindra Bank charges 25 rupees for the ATM transaction failure.  At the same time, due to insufficient balance, Yes Bank charges 25 rupees every month.  Axis Bank's domestic ATM is charged an Rs 25 per transaction for ATM transactions if there is insufficient balance.

What to do to avoid fine?

If you do not remember how much money is in the account, then you must make a check before going to the ATM.  Most banks offer the facility of checking account balance through SMS and calls.  You can use this facility.  You can also use UPI app or banking app of the concerned bank to check account balance.

Charge on checking balance in other bank's ATMs

You may also have to pay a charge on the balance check at another bank's ATM.  Most banks offer 5 to 8 transactions to customers of other banks for free.  These include non-financial transactions ie balance checks.  If you have used this facility, do not even make a balance check at the ATM of another bank.  After the fixed limit, SBI charges 8 rupees for non-financial ATM usage.  GST is also applied on this.

1 comment:

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