Limit drawn: 5 free withdrawals from third-party ATMs

New Delhi: Your free run at automated teller machines (ATMs) may soon end.

Sources tell Network18 that the Reserve Bank of India will restrict free withdrawals from third-party ATMs to the first five withdrawals a month.

Customers will be charged for any more withdrawal they make from an ATM that doesn’t belong to their bank.

Sources say any ATM withdrawal from a current account will be charged and limited to Rs 10,000.

Customers, since April, were allowed to withdraw cash and check their account at third-party ATMs without paying any fees. The Indian Banks Association recently met central bank officials and sought a changes in the rules because of a steep increase in the number of transactions.

Banks say it’s unviable to provide free service as setting up ATMs costs a lot of money.