Bank customers will have to pay additional charges for withdrawing cash from ATMs across the country from next month. The customers are already being informed about this move by the banks. However, all bank customers with debit cards will be eligible for five free transactions (cash or non-cash transactions) at their own banks. ATM per month. Additionally, they will be eligible for three free transactions from other banks in metro cities and five free transactions in non-metro cities.
The Reserve Bank of India (RBI) has allowed banks to increase charges at cash and non-cash ATMs beyond the free monthly limits.
In a previous notification in June 2021, the Reserve Bank of India said that once the limit is exceeded, users will be charged even more for ATM transactions starting January 2022.
New ATM cash withdrawal fee from 1st January 2022
Customers will have to pay from January 1, 2022 21 per transaction, instead of 20 if they exceed the monthly limit of free transactions. “In order to compensate banks for higher interchange fees and in view of the general increase in costs, they are permitted to increase customer charges. 21 per transaction. This increase will be effective from January 1, 2022,” RBI had said in a circular.
HDFC Bank and Axis Bank inform customers about the new rule
Few of the banks including HDFC Bank and Axis Bank have updated their website with the new notification.
“With effect from January 1, 2022, the ATM transaction fee rate exceeds the free limit of Rs. 20 + Taxes Revised Rs. 21 + Taxes, wherever applicable,” says HDFC Bank’s website.
According to Axis Bank’s website, “With effect from January 1, 2022, the free limit plus financial transaction charges at Axis Bank or other bank ATMs will be INR 21 + GST.”
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,