Heading to an ATM/bank for cash today? Here are a few things you should know

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“Never let anyone interfere with you getting your money.” Isn’t this the reason why ATMs were created, so that you can easily withdraw your money and bid goodbye to the long queues at the bank? However, with the recent demonstration of Rs. 500 and Rs. 1,000 notes, ATMs were shut for two days straight! Who would have thought that life without ATMs would be so difficult and inconvenient, right? But the two days have passed and ATMs have reopened. Phew, finally! If you are one of those who was stuck with low or no cash, we bet you were among the first ones to head to an ATM or a bank. Were you successful? Oh wait, are you still awaiting more news on this? Worry not, as we are here with everything that you need to know in case you plan to head to the bank or ATM post-demonstration. Read on!

  1. Not all old Rs. 500 and Rs. 1,000 notes have been flushed out of ATMs yet. Reconfiguration of machines is also still on, and boy, have you got to be patient! It’s long queues ahead.
  2. For now, ATMs will dispense only Rs. 100 notes and some may also dispense Rs. 50 notes. According to SBI chief Arundhati Bhattacharya, ATM operations will be back to normal in 10 days. Fingers crossed!
  3. Those who have an SBI account are in luck. The cash deposit machines at SBI outlets are accepting up to Rs. 50,000 from Thursday midnight. Yay!
  4. Another bit of good news: You won’t have to pay a surcharge till the end of December on using ATMs beyond 5 free transactions. No kidding!
  5. Old may not be gold post-demonetisation but old notes can still be used for paying fees, penalties, and taxes to central and state governments; this includes municipal and local bodies. So, don’t get rid of all your old notes if you have any of the above payments pending.
  6. The cash withdrawal limit per day per card is Rs. 2,000 till November 18th 2016; Post that, you can withdraw up to Rs. 4,000 per day per card.

Additional Reading: Rs. 500 and Rs. 1,000 No Longer Legal Tender

While it’s a good thing that ATMs have reopened, we must warn you that millions of Indians have spent hours waiting in queues outside ATMs and banks. And though ATMs have reopened officially, a lot of ATMs are already out of cash, given the high demand and the low supply of notes. Be prepared to brave long queues and chaos. Be careful, as minor scuffles have been reported too! Also note that the RBI has asked people to be cautious of agents offering to exchange old notes.

Ok then, all the best!

Before you go, want to hear about an easy way to avoid all this trouble? It’s really simple – just go cashless!

For More Information

Give Us a Missed Call On 022 – 62116588

Or Download Our MoneyMindz Financial Freedom App

Or Visit : http://www.moneymindz.com

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