What does this mean?: If your bank allows five free monthly transactions per account, new rules will mean that for the sixth transaction, your bank can take the amount of 23 for financial transactions, such as withdrawal or cash deposit.
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Similarly, non-financial transactions, such as checking balance, can attract an allegation of ₹ 7 per transaction, the account holder has abolished his free transaction for the month.
How do we know this?: While this information is not publicly accessible on the RBI website, government sources such as All India radio (Air) and Doordarshan News Reports have been published about adjacent changes in the rules.
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AirThe report clearly states that an increase in allegations applies to transactions “beyond 2 rupees free monthly use,” takes it from ₹ 21 to ₹ 23.
