Don’t compare | Business Line

Don’t compare | Business Line

Also read last letter:

The
Hindu Business Line, January 22, 2015(Online edition)



Safe
deposit charges?
An SMS alert about an ATM
withdrawal using my ATM debit card from my SB Account with SBI concludes with
the following warning:
“Free SBG ATM txns if
AMB>25000.”
A quick surfing of SBI
website did not make me wiser about the change in the charges for using ATM
cards. The recent media reports are indicative of varying practices among
Indian banks in regard to allowing free ATM transactions and use of ‘other bank
ATMs. In the deregulated scenario this is normal.
Still, there is a need
for transparency in regard to transaction costs, especially about fees
recovered for withdrawal of cash from SB accounts, balances in which earn very
low interest. RBI too has a responsibility here as ATM debit cards are being
issued irrespective of requests or need. If costs justify charging fees for
card transactions, better option would be not to burden account holders who are
not able to maintain a reasonably high average minimum balances(AMB) with
additional expenses on ATM cards.
M G Warrier,
Thiruvananthapuram

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