In June, RBI changed the rules for cash withdrawal from ATMs. RBI has allowed banks to collect Rs 21 from customers as customer charge with effect from January 1, 2022.
ATM Transaction Limit: After the new rules of RBI related to ATM transactions, many banks give their customers the facility of free transactions up to 5 times. But Ujjivan Small Finance Bank has offered its customers the facility of unlimited free ATM transactions. On the occasion of World Senior Citizen Day, the bank has given information about this facility. The customers of the bank can make unlimited withdrawals and deposits, both at ATMs and branches, without any charges.
Let us tell you that in June, RBI changed the rules for cash withdrawal from ATMs. RBI has allowed banks to collect Rs 21 from customers as customer charge with effect from January 1, 2022. At present, banks are allowed to charge a maximum of Rs 20 for this.
RBI has allowed an increase in the interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions. It has come into effect from 1st August 2021.
Most banks give 5 times transaction discount
If you are a customer of any bank, you will be able to withdraw cash from your bank’s ATM only 5 times every month, while there is no limit for non-cash transactions from your own bank’s ATM. That is, you will be able to do transactions like inquiry, transfer as many times as you want. At the same time, if you use ATMs of other banks, you will be able to use them only 3 to 5 times. It also includes non-cash transactions.
Cash can be withdrawn only 3 times in metro cities
Let us tell you that metro cities like Delhi, Mumbai, Kolkata, Hyderabad, Bangalore, Chennai can withdraw cash from other bank ATMs 3 times. You will be able to use other bank’s ATM 5 times anywhere in the country except metro cities. In this, you can withdraw cash or do balance inquiry or transfer money. The limit for all cash and non-cash transactions is 5 times.
Unlimited Discounts for Ujjivan Bank Customers
If you are a customer of Ujjivan Small Finance Bank, then no limit for cash or non-cash transactions will be applicable for you from ATMs of the same bank. The bank has given the facility of unlimited transactions to its customers. That is, no matter how many times you withdraw or transfer cash or inquire, you will not be charged for this.
Here’s the tweet from the bank:
Enjoy unlimited transactions at any Ujjivan Small Finance Bank ATM or bank branch. Withdraw and deposit money without any second thoughts. Wishing you a very happy World Senior Citizens Day!#UjjivanSFB #WorldSeniorCitizensDay pic.twitter.com/Vt3DuUpJb6
— Ujjivan Small Finance Bank (@UjjivanBank) August 21, 2021
Bank’s wish, take charge from customers or not
Answering a question related to this in the monsoon session of Parliament, the Minister of State for Finance had clarified that the maximum charges and limits have been fixed by the RBI. The transaction fee for banks is not mandated by RBI. It has been left to the banks to decide how much discount they should give to their customers in ATM transactions.
For information, let us also tell you that recently Nitin Chugh, MD of Ujjivan Small Finance Bank has resigned from the post of MD and CEO. He will not hold this post from 30 September 2021.
