ATM Withdraw Fee Hike: If you withdraw money from ATM, then from May 1, your pocket expenses are going to increase and you will have to pay more charges on every transaction than before. RBI has approved the proposal of NPCI for this increase.
ATM Fee Hike: If you often go to the ATM to withdraw cash, then this news is going to shock you. Actually, now ATM withdrawal is going to be expensive and your pocket is going to be lighter to withdraw money from the machine. Let us tell you that the Reserve Bank of India (RBI) has approved the increase in ATM interchange fee and this increased charge is going to be implemented from May 1, 2025. Let us know about it in detail…
ATM outside home network will be expensive
According to the report, under the rules changing from May 1 (Rule Change From 1st May), if any transaction is done from an ATM machine outside the home bank network, or balance is checked, then the user will have to pay more charge. Let us tell you that at present also the charge for using ATM outside the home bank network is applicable and it is going to increase further from May 1. It is worth noting that this increase is part of the amendment approved by RBI based on the proposal of National Payment Corporation of India (NPCI).
How much will the charge increase from May 1
According to the report, till now if customers used to withdraw money from a bank ATM of another network instead of their home bank’s ATM, then they had to pay a charge of Rs 17 on every transaction, which will increase to Rs 19 from May 1. Apart from this, if the balance was checked from the ATM of another bank, then a fee of Rs 6 was charged on it, which will now be increased to Rs 7.
What is the free transaction limit of banks
Let us tell you here that these charges are applicable when bank users withdraw money after their free monthly transaction limit. In metro cities, the limit of free transactions from ATMs of other banks other than the home bank has been fixed at five, while in non-metro cities the limit of this free transaction is three.
White level ATM operators were demanding
The demand for ATM withdrawal fee hike was being continuously made by white-label ATM operators. Their argument was that the old fee is low considering the increasing operational costs. After the approval of NPCI’s proposal by RBI, now the pressure on small banks is expected to increase. In fact, they are very much dependent on the ATM network of other banks due to their limited infrastructure.
It is important to know that the increased interchange fee is the amount that a bank pays to another bank when one of its customers uses the ATM of another bank to withdraw money.
