Automated Teller Machine [ATM] !!!

ATMs: (Automated Teller Machine):

  The ATM debit cards, credit cards and prepaid cards (that permit cash withdrawal) issued by banks can be used at ATMs for various transactions. 

Use of ATMs of Other Banks:

  i. 5 free transactions are permitted per month (inclusive of financial and/or non-financial) at other bank ATMs for Savings Bank Account holders.

 ii. For transaction beyond this minimum number of transactions, banks charge maximum of Rs 20/ per transaction. 

Personal Identification Number (PIN) :

A Personal Identification Number is a secret numeric password shared between user and a system that can be use to authenticate the user to the system. Reconciliation of failed transactions at ATMs

 i. The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to 7 working days from the date of receipt of customer complaint.

ii. Accordingly, failure to re-credit the customer’s account within 7 working days of receipt of the complaint shall entail payment of compensation to the customer @ Rs. 100/- per day by the issuing bank..
 

iii. Any customer is entitled to receive such compensation for delay, only if a claim is lodged with the issuing bank within 30 days of the date of the transaction. iv. All disputes regarding ATM failed transactions shall be settled by the issuing bank and the acquiring bank through the ATM system provider only. v. If the course of action for the customer complaint is not taken by his/her bank within the stipulated time than customer can take recourse to the local Banking Ombudsman in such situations.

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