ATM New Rules: ATM cash withdrawal rules will be changed – All you need to know

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ATM Cash withdrawal rules: This step will be especially beneficial for those customers who are unable to withdraw money due to technical reasons, haste or carelessness. This is an important step taken by RBI keeping in mind the safety of customers.

If you are afraid to withdraw money from ATM, then this news is for you. Actually, the facility of cash refund is being restarted in selected ATMs across the country. Under this facility, if the customer does not take the money withdrawn from the ATM within the stipulated time, then the machine will withdraw that money. This step has been taken by the Reserve Bank of India (RBI) with the aim of protecting customers and preventing fraud. Initially this facility will be implemented at selected ATMs and gradually it will be implemented at all ATMs.

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What is cash refund facility?

With the help of cash refund facility in ATM, if the customer does not withdraw his cash within the stipulated time, then this money goes back to the machine. Earlier this facility was misused, due to which RBI had closed this facility in the year 2012.

How will this facility work?

If you withdraw money from an ATM but do not withdraw the money within the stipulated time (usually 30 seconds), the ATM machine will take back the amount. After this, it will be ensured that the same amount is credited to your account again.

Benefits for customers

If a customer accidentally leaves the money, no one else will be able to take it. And this money will be returned to your account. This rule is being brought to make ATM transactions secure, to reduce cases of fraud. Let us tell you that fraudsters used to close the ATM by putting a fake cover in front of the cash-tray, so that the cash gets stuck in the machine and the customer does not see it. Even in such a situation, customers will not suffer any loss and their money will go back to their account.

This step will be especially beneficial for those customers who are unable to withdraw money due to technical reasons, haste or carelessness. This is an important step taken by RBI keeping in mind the safety of customers.

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