NRB Makes Changes in ATM Policies: Free Withdrawals all over Nepal, Increase in Daily Limit

The Payment System Department of NRB came to a collaborative conclusion of making ATM withdrawals free from all the banks across Nepal. This is one of the long-awaited positive changes. Additionally, the department has even increased the monthly withdrawal limit through ATM all over Nepal to Rs.4,00,000 starting from 12 Bhadra, 2077. Besides this, they’ve introduced exciting changes to favor the visa debit card renewal procedure as well.

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About free ATM withdrawal:

Withdrawal through ATMs has increased notably after the outbreak of the global COVID-19 pandemic. This is because everyone is concerned about their safety. So, to benefit people, the free ATM withdrawal system is in operation from 12 Bhadra. Now the customers can withdraw money without being charged for using other bank’s ATMs in Nepal.

Change in digital transaction/ ATM withdrawal limit:

Along with this, NRB has made changes in digital transactions as well. The uplift in the withdrawal limit through ATM has helped people all over Nepal. Now people can make a net withdrawal of Rs.4,00,000 on monthly basis. But the one-time withdrawal and per day withdrawal amounts are the same. People can withdraw up to Rs 25,000 per transaction and the daily withdrawal limit is still Rs 100,000.

Card registration and card renewal rules:

According to NRB, banks and financial organizations can’t register more than one card in the name of the same customer. Moreover, it’s compulsory for banks to send SMS to its customers before 25 days of their ATM card expiry. Further, the SMS must include the total cost for visa debit card/ATM card renewal.

Card registration permissions:

Except for banks, several digital service providers can also register up to 25 thousand prepaid cards. Previously, such digital service providers weren’t allowed to register prepaid cards. NRB allows banks and financial organizations to register 1,00,000 cards. Now digital service providers can also register 25,000 prepaid cards. We hope that their combined banking provision will prove a boon to the people of Nepal.

Conclusion:

This year, NRB achieved great success in making ATM service free. After this, there are plans to make digital payments free from digital payment platforms in Nepal. Also, there are no changes in the sector of mobile and internet banking. But we are positive about it as well. We believe that NRB will bring such beneficial changes timely.

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