Restricted ATM use by HDFC Bank
By Uday Chatterjee | 08 Oct 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 banks 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 only 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.
