Nepal Rastra Bank just announced important notice regarding some changes in Inter-Bank ATM transaction fee, mobile, internet banking and SMS banking. These changes and the addition of rules could lead us to betterment in most of the cases for us consumers. Although, there is some good news as well as not so good news, for us who use financial transaction service of banks. Below, you can find the modifications in the above-mentioned fields. They should be applied in all the banks and institutions that fall under the rules of Nepal Rastra Bank.
Inter-Bank ATM transaction fee
If you recall a few months back, NRB had notified all the banking organizations to provide free service for inter-bank ATM transactions. That means you could use any bank ATM inside Nepal to withdraw your money for free. That rule is slightly modified from today, and should be implemented from 2077-10-01.
- 1st Modified Rule: If you opt for using another bank’s ATM service, your bank should allow it at least twice a month for free. If you want to use more than twice in a month, banks can charge up to Rs. 20 (depending on policy of your bank, they could charge less). It means you can’t withdraw money from any ATM available more than twice a month for free.
Charges on Online Banking should Be Well Informed to Users
We’ve heard or seen the news where some banks were charging for internet banking, mobile banking and SMS banking without the consent of users. They were even blamed for making the charges visibility on their website pretty difficult. Regarding the transparency, following arrangement is made by NRB:
- 2nd Added Rule: Banks and financial institutions can charge for Internet Banking, Mobile Banking and SMS Banking only after informing the account holders. They should be crystal clear about the charges amount imposed. This rule should bring transparency and confidence in users as they will know what amount they are paying and for which services.
Banks in Nepal Now Should Allow Customers to Retrieve Mobile/Internet Banking Password Themselves
The 3rd rule will make everyone happy. Remember when you forgot your password and had to go to the bank yourself to get it reset? Wasn’t it so exhausting? NRB has got our back and just introduced the rule mentioned below:
- 3rd Added Rule: Banks and financial institutions should make proper arrangements for security to retrieve your username and password of mobile/internet/SMS banking service. Now, without having to go to bank, you can reset your password from your home.
Also Read: Laxmi Bank Introduces Cardless Withdrawal: Withdraw Cash without an ATM Card
You can find the official notice here:
https://www.nrb.org.np/contents/uploads/2021/01/circular_2077-09-23.pdf
