J&K Bank has relaxed its ATM transaction charges. The bank in a breather to its customers, has decided to provide 15 free transactions (financial and non-financial) per month for its customers. Beyond that, a charge of Rs.20 (inclusive of taxes) per financial transaction and Rs. 10 (inclusive of taxes) per non-financial transaction shall be levied for use of OWN-bank ATMs at all locations with effect from 01/01/2015.
Notably, the Reserve Bank of India (RBI) has allowed the banks to charge card usage for own-bank ATMs to minimum five free transactions per month.
Similarly, in case of Domestic Transactions at other banks’ ATMs (Both NFS and MasterCard ATMs), Bank will provide 5 free transactions in a month at all locations (Metro/ Non- Metro) to its Saving Bank account holders. However, from 6th transaction onwards usage charges of Rs.20 per transaction (inclusive of taxes) for cash transactions and Rs.10 (inclusive of taxes) per transaction for non-financial transaction. Likewise, apart from free balance inquiry facility, all the financial as well as non-financial transactions of the Current Account holders would be charged @ Rs.20/- per transaction.
Only Five ATM transactions both OFF-US as well as ON-US (inclusive of financial and non-financial transactions) per month free of charge allowed to small /no frills/basic savings bank deposit accounts.