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No, it's not an April Fool's joke. Beginning April 1, you can withdraw cash from any ATM, irrespective of who you bank with, free of cost. Considering that, these days, every rupee counts, this is definitely something to cheer about.
The banks, however, will have the freedom to fix charges for withdrawal of cash from ATMs through credit cards and from ATMs abroad.
The guidelines on free ATM use, which were released by the Reserve Bank of India in March last year, were issued in pursuance of the approach paper on ATM charges brought out by RBI in December 2007. It also included abolishing the fee on cash withdrawal from ATMs from April 1, 2009.
During the intervening period, the banks have been allowed to charge a maximum ATM cash withdrawal fee of Rs 20, irrespective of the amount withdrawn.
'The charge of Rs 20... will be all inclusive and no other charges will be levied to the customers under any other head irrespective of the amount of withdrawal,' the apex bank said in a communication to all banks.