You will have to pay more for ATM transactions as RBI increase ATM cash withdrawal charges – Details Here
New Delhi: ATM cash withdrawal charges; After crossing the free transaction limit on ATM transactions starting next month (January), people will have to spend more money. The Reserve Bank of India (RBI) in June allowed banks to charge people more fees for using ATMs above the monthly limit for free transactions as of January 1, 2022.
From August 1, 2021, the central bank allowed banks to increase interchange fees per transaction in all centers from Rs 15 to Rs 17 for financial transactions and Rs 5 to Rs 6 for non-financial transactions.
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Axis Bank has said in this regard: “According to RBI guidelines, multiple transactions above the free transaction limit from Axis ATMs or other banks will attract GST along with Rs 21 as of January 1, 2022.” So far 20 rupees plus GST have to be paid if the limit is exceeded.
In early June, in order, the RBI had said: “Banks can charge their clients up to Rs 21 to cover higher interchange charges and in view of the higher cost. This increase will be effective from January 1, 2022
In fact, the RBI had increased the interchange fee on each financial transaction from Rs 15 to Rs 17 for banks, under a regime effective as of August 1. While in the case of non-cash transactions, it was increased to Rs. 6 instead of Rs. .5.
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Customers are eligible to make five free transactions each month at the ATMs of the bank in which they have an account. In the case of ATMs of other banks, this free transaction limits each month in meters will be three as before. While in other cities, the five-times free transactions will continue as before. (ATM cash withdrawal charges)
Customers will continue to be eligible for five free transactions (including financial and non-financial transactions) each month from their own banks’ ATMs. They could also make three free transactions from other bank ATMs in metropolitan centers and five in non-metropolitan centers.
(Inputs From Agencies)
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