Restricted
ATM use by HDFC Bank
Uday
Chatterjee
8 October 2001
Mumbai: HDFC Bank
has announced that from October 1, there will be a limit on the
number of free transactions per month at the ATM for the bank’s
current
account-holders. Current account-holders not maintaining the
minimum balance in the accounts will be allowed ten free
transactions per month, while those account-holders maintaining
the minimum balance will be allowed 30 free transactions per
month. The bank, however, does not propose to charge fees for
transaction undertaken by its retail customers.
The reason for the
restricted use is that HDFC Bank has found that the ATMs were
being used for transfer of funds and not as a retail outlet. Since
transfer of funds through ATMs are faster unlike mail and
telegraphic transfers through branches that takes days, current
account-holders favour funds transfers through ATMs. Further, the
ATM facility is also available for 24 hours in a day unlike
branches where funds transfer facility is available for o nly
four hours in a day.
H DFC Bank currently has
302 ATMs across 54 cities. The network covers 54 centres and the
bank has this facility in every major city in the country.
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