Central government: Cash deposits in ATMs with no charges
Posted on: 12/Apr/2017 12:48:27 PM
The central government has informed that the bank customers can deposit cash in the ATMs an unlimited number of times without any charges.
Currently, there is a restriction on the number of times cash is deposited every month as applicable in the State Bank of India and other private banks.
If the number of cash deposits exceeds the preset limit, charges will be made at different rates. State Bank of India charges Rs. 50 for each additional cash deposit.
A question regarding this regulation was raised in the Rajya Sabha. The State Minister of Finance of the central government Santhosh Kumar Gangwar. replied that as per the current system, the State Bank of India has set the limit of the number of cash deposits in ATMs as 3 per month. If this is exceeded, a charge of Rs. 50 will be collected for each additional transaction.
However, the minister explained that the customers can use the deposit device in the ATMs for cash deposits when exceeding the limit. No charges would accrue.
About the circulation of money in the current period, the minister informed that as on 31st March, Rs. 13.35 Lakh Crores was in circulation in the country.
