The Reserve Bank of India recently announced its decision to reduce the number of mandated free transactions for savings bank account holders at other bank ATMs located in six metro cities from five to three per month. This reduction would come into effect from which date?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	1 October 2014
B	25 October 2014
C	1 November 2014
D	1 December 2014

Explanation:

Detailed explanation-1: -ATM cash withdrawal rules: Usually, banks offers five free transactions at the ATMs every month. All the lenders provide a limited number of free ATM transactions every month. Once the limit is exhausted, banks levy a charge along with taxes for any further transactions, including financial and non-financial services.

Detailed explanation-2: -How much to pay for extra ATM cash withdrawal? The RBI has already said that starting from 1 January 2022, the bank customers will have to pay Rs 21 per transaction, instead of Rs 20 if they exceed the monthly limit of free transactions at the ATMs.

There is 1 question to complete.