Banks to Charge ATM Users for Inter-Bank Withdrawals

Nepal Rastra Bank has issued new directives regarding ATM usage charges from another bank. Now those who perform inter-bank ATM withdrawals will pay maximum Nrs. 20 rupees as a charge on conditions.

Initially Nepal’s Federal Bank Nepal Rastra Banks waived fees on such service for up to two instances. Now if a user makes a withdrawal more than twice banks or financial institutions will charge their costumers Nrs. 20 rupees.

The central bank repealed these charges on the ground of lockdown inconveniences previously. As restrictions are relaxed these charges will now be implemented.

The users will still be able to withdraw money twice a month for free. Afterwards, the user will be charged Nrs. 20 for service.

Recently there was a fiasco around the issue. The banks have remained adamant that inter-banks ATM service couldn’t come free of cost. NRB didn’t pay heed as the service would be outrageous to the common public at the time of pandemic but the banks’ push has finally come to fruition.

As per the directives from NRB, the banks or any financial institutions will have to keep their customers informed about service before charging fees. The directives also hold that the banks must pre-inform their customers about services such as ATM use, mobile internet, SMS Banking, etc.

While inter-bank transaction charges may come as unwelcome news for customers, the central bank has also compensated with good news. As of now, people who had lost their password to mobile banking, SMS Banking, and other services had to physically visit the concerned bank.

Following the new set of directives, now banks will provide the forget password service right from your home. If you have forgotten your id or password relating to any banking service, a request may sort it out for you.

Check the recent directives that NRB issued.

NRB directives for interbank ATM charge, password retrieve

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