Do you really need to pay INR 150 after Four Free Transactions?
Do you really need to pay INR 150 after Four Free Transactions?

Do you really need to pay INR 150 after Four Free Transactions?

The last night, the internet was ruled by this one hoax- and the message spread through Whatsapp like a bonfire- The news went around saying that after four transactions at ICICI and HDFC ATM’s, one might have to pay an amount of Rs.150 for every transaction done in the ATM. Now this was news that was a shock to many- since many people have the need to go for ATM transactions on a daily basis, and already, the demonetization has caused the rule changing practice on a daily basis- so there was no reason not to believe in this one as well. But we decided to look for the truth and look what we have been able to find out.

So what actually is the truth?

Let us jot down the facts so that you no longer have to hold your breath!

  • NO! You do not have to face that much – Ok, now you can breathe freely first. Feeling normal? Good! Let’s start now. This amount of Rs.150 has nothing to do with the ATM in any way. This Charge that will be taken by the bank after a certain number of withdrawal and only after a certain amount of money has been withdrawn from the bank and the ATM is nowhere closely associated with the same.
  • For the ATM’s of the HDFC and the ICICI Banks, about which the hoax sprung up, you have to pay a minimal amount of Rs.23 which is actually Rs.20 along with the taxes after the free transaction number gets over- and that too just for the financial transactions. As for the non-financial ones like the balance inquiry, mini statement and so on, you have to pay Rs.8.50 per swipe after the free ones are over. If this seems yet another misleading thing, just go and check for the tweet that ICICI posted.

So what is it all about?

As we probed deeper, we found out that the rules have been clearly stated in the official website of the banks and there have been no such changes as the media supposedly affirms.

  • In the 6 metropolitan cities like Kolkata, Hyderabad, Delhi, Mumbai, Bengaluru and Chennai, the first three transactions will be free per month.
  • In all the other locations, the first five ATM transactions will be free per month after which it will be chargeable.
  • Apart from these banks, the other ones have not pulled up their charts, but it is being assumed that they will have a similar setup as well.

End note:

All this has been nothing but a media hype that has been taken to the next level. The charts were brought up for the bank transactions, but the talk was all about the ATM card swipe. ICICI themselves said that if that would have been true, that would have brought the bank to the ground.

So once again! Not everything the internet says is true!

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Also Read: Truth Behind JIO Prime Membership and Movavi Video Editor

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