Starting in January, banks will raise ATM transaction fees for cash and non-cash withdrawals that exceed the free monthly limit.
It’s going to be a pain in the neck for customers who withdraw money from ATMs in excess of a particular limit starting on January 1, 2022.
As of next year, the Reserve Bank of India will allow banks to charge for cash and non-cash ATM transactions over the free monthly allowable limit.
“Customers should expect to pay an additional Rs 21 per transaction as a result of the increased interchange fee and general cost increases. Efforts will begin on January 1, 2022, to implement this increase “In a circular, the Reserve Bank of India said this. From January 1, 2022, there will be new ATM withdrawal fees.
If a bank user exceeds the monthly limit of free transactions, they would have to pay Rs 21 for each transaction, rather than Rs 20, beginning on January 1, 2022.
Customers will still be able to use their own bank ATMs for five free transactions per month (both financial and non-financial transactions). Three free transactions in metro centers and five in non-metro centers will also be available from other bank ATMs.