HomeLatest NewsFor ATM transactions in excess of the free monthly limit, a fee...

For ATM transactions in excess of the free monthly limit, a fee of Rs 21 will be charged from January 1


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New Delhi. Now people will have to loosen their pockets more for ATM transactions after the fixed limit. The Reserve Bank of India (RBI) has allowed banks to charge more than the free monthly limit from customers who transact at ATMs. The Reserve Bank of India (RBI) has allowed banks to increase the charges on cash withdrawals from ATMs over and above the free transaction limit from Rs 20 to Rs 21 per transaction with effect from January 1, 2022.

Customers are eligible for five free transactions (including financial and non-financial transactions) every month from their own bank ATMs. They are also eligible for free transactions (including financial and non-financial transactions) from other bank’s ATMs. But in metros, ATMs of other banks can be transacted thrice for free. Free transactions can be done five times a month with other banks in small towns.

If the customer withdraws money more than this limit, then he has to pay Rs 20 per transaction as a fee.

In a notification issued on Thursday, RBI said, in order to compensate banks for higher interchange charges and in view of the general escalation in cost, they have been permitted to increase the customer charges up to Rs 21 per transaction. This increase will be effective from January 1, 2022.

Apart from this, with effect from August 1, 2021, the Reserve Bank has asked banks to increase the interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 for non-financial transactions across all centres. Six rupees have also been allowed.

RBI had constituted a committee under the chairmanship of Chief Executive, Indian Banks’ Association in June 2019 to review the Automated Teller Machine (ATM) charges with special focus on the interchange structure for ATM transactions. responsibility to do.

The recommendations of the committee have been extensively examined. The last change in the interchange fee structure for ATM transactions was done in August 2012, while the charges payable by customers were last revised in August 2014. (IANS)

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