I completely don't understand why in India every facility provided as to cost. ATM were suppose to reduce the no of footfall in a bank branch for day to day activity, and for all those activities back charges our account with service charges, then why they are putting the burden of there convenience on to us. every PSU or Semi Govnt. bodies are doing the same they create infrastructure to reduce there work load and then on the name of facilities they charge general public. On ther other side Govnt. promote people to open back accounts in PSU banks and other side they want money for the services they will give, both are not possible.
While the maximum withdrawl limit is Rs 20000 (i.e 40 Rs 500 notes) in most ATM but in practice it depends on the currency notes available in the machine during the time when one in withdrawing. On number of occassions I wanted to withdraw Rs 20000 but could only withdraw Rs 4000 at a time because the machine only had Rs100 notes. Hence to withdrawn Rs 20000 I had to transact 5 times. It was free then but now it will hurt.
No banks in the world charges for ATM transaction on their own network. Something is going wrong in our banking system.. they are running out of money. So they just imposed this unfair fee.. This is BS. and what is our Govt doing?
Re: This is totally Unfair
by Saravanan BS on Nov 14, 2014 06:17 AM
every Body are fretting over a valid charge levied bank. Maintaining an ATM costs between 50000 to 1 lakh Rs pm depending upon the class of city. this includes the security guards salary. But what we should be worrying about is the Rising amount of NPA's in the banks. That is running to many thousands of crores. These are our money which we have paid as tax. the big business magnates have swallowed our money. We should be questioning our government and also the banks why no action has been against these people instead of fretting over minor issues. Because of these NPA's the cost of operation has increased and the banks are running into losses
Re: Re: This is totally Unfair
by frank godman on Nov 15, 2014 01:40 PM
thats all great, we put money in bank after paying all taxes(CST/VAT/Service tax and more)to withdraw my money again I should pay kind of tax per transaction.I think we are going back to 50's and 70's. this will only encourage more cash transaction on b2b/b2c and will add up to black money. banks are keeping huge money in savings account and paying paltry 3 to 5% interest per year. current account needless to say huge deposits without interest. on Loans the charge 14% to 36%.its time we innovate banking system to be consumer friendly again.
Re: Re: Re: This is totally Unfair
by Saravanan BS on Nov 15, 2014 08:32 PM
Dear Friend for your Info bank does not charge u anything for keeping ur money in the bank. I am a banker and am well versed with the nitty gritties of the banking. You are welcome to keep your money in the fixed deposit which gives u higher interest. Bank does not charge u anything for keeping the money. No Public sector banks charges u more interest on a secured loan. It is so only on unsecured loans like personal loans does it charge u more to cover the risk on the NPA. even then it is not more than 18%. an atm has an operating cost of rs 50000 to 100000 depending upon the class of city. this includes Rs 42000 to 60000 as security guards salary then add on to the rents electricty etc and other expenses.
Re: Re: This is totally Unfair
by anshuman sharma on Nov 15, 2014 11:16 AM
ur r right friend rbi and banks not serious and worried abt npa and want to take that loss from honest taxpayers and account holders shame on finance minister and secretaries who bloddy did not utter a word
Banks have become too greedy. This is robbery. They are thieves. Now common man has to bury his money and valuables like the olden days. Shame on them.
Re: This is robbery of the common man
by Saravanan BS on Nov 14, 2014 06:16 AM
every Body are fretting over a valid charge levied bank. Maintaining an ATM costs between 50000 to 1 lakh Rs pm depending upon the class of city. this includes the security guards salary. But what we should be worrying about is the Rising amount of NPA's in the banks. That is running to many thousands of crores. These are our money which we have paid as tax. the big business magnates have swallowed our money. We should be questioning our government and also the banks why no action has been against these people instead of fretting over minor issues. Because of these NPA's the cost of operation has increased and the banks are running into losses
Dear Friends every Body are fretting over a valid charge levied bank. Maintaining an ATM costs between 50000 to 1 lakh Rs pm depending upon the class of city. this includes the security guards salary. But what we should be worrying about is the Rising amount of NPA's in the banks. That is running to many thousands of crores. These are our money which we have paid as tax. the big business magnates have swallowed our money. We should be questioning our government and also the banks why no action has been against these people instead of fretting over minor issues. Because of these NPA's the cost of operation has increased and the banks are running into losses
This is a draconian charge levied by banks courtsey RBI simply to mint money out of helpless customers. This is totally unjustified.Is the RBI governer Mr.Chidambaram's chela?
Re: UNJUSTIFIED
by sunil on Nov 13, 2014 03:44 PM
We should be getting paid for putting our saving into the banks instead of being charged. RBI or Govt. needs to step in.
