Withdrawing money from atm has become expensive: Withdrawing money from ATMs for bank customers has become expensive since Thursday. Now banks can charge a fee of Rs 23 per cash with customers at the end of free withdrawal limit in the month. Earlier, banks were allowed to charge up to Rs 21 on transactions more than the free withdrawal limit. The instructions of the Reserve Bank of India (RBI) related to the fees imposed on more withdrawal than the prescribed limit from the ATM have come into effect from Thursday.ALSO READ: These changes will be applicable from today to train tickets, what will be affected on you?
5 free transactions are eligible every month: Customers are eligible for 5 free transactions (including financial and non-financial transactions) every month from their bank’s automated teller machine (ATM). Customers are also eligible for limited number of free transactions from other banks’ ATMs. In metros, they can make 5 free transactions in 3 free transactions and other places. Banks charge fees on more transactions than this.Also Read: RBI issued instructions regarding deposit and accounts
23 rupees will be charged: RBI On March 28, a circular related to the fee on ATM withdrawal was issued. The RBI had said that in addition to free transactions, a maximum of Rs 23 can be charged from the customer. It will be effective from 1 May 2025. RBI has also issued instructions on interchange fee structure for ATM transactions. The circular states that the ATM interchange fee will determine the ATM network.
Interchange fee per transaction Rs 17: The current interchange fee for financial transactions in all centers is Rs 17 per transaction and Rs 6 for non-financial transactions. The ATM Interchange Fee offers one bank to another bank to allow its customers to withdraw cash from another bank’s ATMs. RBI circular applies to all commercial banks including RRB, cooperative banks, authorized ATM network operators, card payment network operators and ATM operators. (Language)
Edited by: Ravindra Gupta
