Beginning December 1, 2014 as per the new directive issued by the Reserve Bank of India (RBI) dated August 14 and October 10, 2014, the number of free transactions at ATM's of your own bank has been reduced to 5 per month, and for other banks to 3 for the cities of Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad, while for others it is 5 per month.
What that means for you is, you will end up paying more if you are in the habit of withdrawing cash every now and then. On a very conservative estimate, just 10 extra transactions in a month at an ATM, will lead to an expense of 2,400 per year! Now, that's some neat money!
Some of the ways in which you can beat this increase in expense, is to use your net-banking more, or to use your debit card more. Yet another is to transfer some amount into another bank or banks and use the debit cards of those banks.
But that said, we sincerely hope that this increase in cost leads to better security arrangements at the ATM's!
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