Lakshmi Vilas Bank has stated that its debit card holders can use its own ATM network free of cost without any cap on the number of such transactions. Further, the Bank has notified that it would also allow its customers to do up to five ATM transactions including both financial and non-financial in a month at other bank ATMs in non metro cities or locations without any charge. Transactions up to three in a month at other bank metro ATM's would be cost free.
The private lender further stated that for customers having account in Prime savings and Titanium Savings products with an average minimum monthly balance of Rs 1 lakh, it would not charge any transaction fee for up to five ATM transactions at other banks ATMs , including the ATMs at six Metro locations.
The RBI had recently allowed banks to cap the number of free transactions at five in a month in bank ATMs in metro cities include New Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore.
Lakshmi Vilas Bank reported over 4-fold rise in net profit to Rs 31.50 crore for the second quarter ended September, 2014-15, on account of decline in bad assets and lower provisioning.
