ATMs have made life easy as it allows you withdraw cash, anytime. It has eliminated the need for a bank visit, each time you need cash. As ATM users, we just know the word ATM, but there are different types of ATMs like, Bank owned ATM, Brown Label ATMs and White Label ATMs.
Bank owned ATM
ATMs which are set up, owned and operated by banks are called bank owned ATMs. In the case of bank owned ATMs, the responsibility of cash management, AMC, and security lies with the banks.
Brown Label ATMs
In the case of brown label ATMs, the ATM hardware is owned by a service provider, but cash management and network connectivity are provided by a sponsor bank whose brand name is used on the ATM.
White Label ATMs
White label ATMs are those which are set up, owned and managed by Non-Banking Financial Companies (NBFCs). The features and the functions of White label ATMs are the same as that of a normal ATM. Currently in India, there are 8 white label ATM operators.
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You can use ATM-cum-debit cards, credit cards and open prepaid cards issued by any authorized bank at White Label ATMs.
Services available at White Label ATMs
Services available at White Label ATMs consist of cash withdrawals, account information, mini/short statements, PIN change, request for a cheque book and cash deposits. White Label ATMs were not allowed to accept cash deposits, now they have been allowed to offer this service.
Charges for using White Label ATMs
There are charges you must pay for using white label ATMs. These are just like bank ATM charges. But, you will not be charged for using a white label ATM, if you are within the free ATM transaction limit. The charges will apply only if you exceed the free transaction limit. If you reside in a metro city, its three free transactions, while for non-metro cities, the transaction limit is five transactions a month. A higher number of free transactions will be provided by certain banks to specific categories of customers with premium accounts.
ATM interchange fees:
ATM interchange fees are paid by the card issuing bank, if you carry out a transaction at an ATM of another bank. This amount is paid to the bank whose ATM is being used. In case you use white label ATMs, the card issuing banks must pay the fees to the white label ATM operators. At present, the ATM interchange fee is Rs 15 and Rs 5 for cash transactions and non-cash transactions respectively.
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