Now withdrawing cash is going to be more expensive. Banks can levy charges after withdrawing money from the customer’s ATM more than the prescribed limit. The Reserve Bank of India (RBI) has recently allowed banks to increase the charge on Automated Teller Machines (ATMs) to Rs 21 per transaction.
New Delhi . Now withdrawing cash is going to be more expensive. Banks can levy charges after withdrawing money from the customer’s ATM more than the prescribed limit. The Reserve Bank of India (RBI) has recently allowed banks to increase the charge on Automated Teller Machines (ATMs) to Rs 21 per transaction. These revised rates will be effective from January 1, 2022.
Customers can do five free transactions every month from their bank’s ATMs. This includes both financial and non-financial transactions. In case they exceed this, they will have to pay an additional amount of Rs 20 for every ATM transaction. Three free ATM transactions are allowed in metro cities and five in non-metro cities for customers using ATMs of other banks to withdraw cash.
New rules for interchange fees will be applicable from August 1
In June 2019, RBI had constituted a committee to review ATM charges with a special focus on the interchange structure of ATM transactions. RBI increased the interchange fee for ATM transactions from Rs 15 to Rs 17 per financial transaction and from Rs 5 to Rs 6 for non-financial transactions. The new rates will be applicable from August 1, 2021. According to RBI, interchange fee is a fee charged by banks to merchants processing payments through credit cards or debit cards.
SBI has also changed the service charge
State Bank of India (SBI) recently launched at its ATMs and ATMs in early July. The service charges levied for withdrawing cash from bank branches have been revised. SBI has implemented new rules for BSBD account holders.
According to SBI, customers with BSBD account will now be able to withdraw money from branches and ATMs only for a limited number of times i.e. up to four times without any service charge. After this, if a customer withdraws money from an ATM or branch, then he will have to pay Rs 15 as service charge plus GST for every transaction. The same rule will be applicable for withdrawing money from any ATM other than SBI.
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