From January, ATM Cash Withdrawals Will Be More Expensive: How Much Do You Have To Fork Over? - Viral Bake

From January, ATM Cash Withdrawals Will Be More Expensive: How Much Do You Have To Fork Over?

Banks are already informing their customers of this change.

Withdrawing money from ATMs outside of the bank’s network will cost customers more money beginning next month if they’ve used up all of their available credit or debit card withdrawal limits. An earlier Reserve Bank of India notice said consumers would be charged much more for ATM transactions in January 2022 if the limit is surpassed.

Banks are already informing their customers of this change. Transactions at automated teller machines (ATMs) will be more costly in the future since the RBI has allowed banks to increase fees on cash and non-cash ATMs.

To withdraw money from their own bank’s ATMs, customers would have to pay Rs 21 for each transaction after the limit has been surpassed when the change is enforced. A bank client now pays Rs 20 for each transaction in this circumstance.

The Reserve Bank of India allows all bank customers to make five free ATM withdrawals at their own banks before these fees are applied. The new regulation will go into force on January 1, 2022, according to the central bank. However, customers with debit cards will be able to use their own bank’s ATMs for five free transactions a month.

Customers in metro areas and non-metro cities will be able to take advantage of free transactions from other banks as well. According to the RBI’s announcement from June of this year, the changes were made.

Each month, bank users are entitled to five free transactions at their own bank ATMs (including financial and non-financial transactions). ” Other banks’ ATMs in metro regions and non-metro areas may be used for up to three free financial and non-financial transactions each, according to the Reserve Bank of India.

There Is A New Rule

Several institutions, including HDFC Bank and Axis Bank, have displayed the new notice on their websites.

According to HDFC Bank, the ATM transaction fee rate for transactions above the free limit of Rs. 20 + taxes would be raised to Rs. 21 + taxes, if necessary, from January 1, 2022.

Only cash withdrawal transactions at HDFC Bank ATMs are eligible for charge.” Transactions including balance inquiries, mini statements, and PIN changes will all be free of charge. Non-Financial transactions (Balance Enquiry, Mini Statement, and PIN Change) will be evaluated for a charge while using non-HDFC Bank ATMs, according to the statement.

There is a cost of INR 21 + GST for transactions exceeding the free limit at Axis Bank or other bank ATMs, according to the website of Axis Bank.

Since the previous increase in the transaction limit in August 2021, the RBI hasn’t raised the limit once in seven years. There were changes to ATM interchange fees in August 2012 and to customer expenses in August 2014, it was discovered. It had been a long time since these expenses were revised by the bank, according to the institution.

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