Presently customers are paying some charges for ATM withdrawal beyond the free monthly limit. Now RBI has decided to hike this ATM withdrawal charges beyond the free limit. So customers are getting notification messages from their banks about this new rule. This new charges will be effective from Jan 1, 2021.
What is the monthly free ATM withdrawal limit?
- Customers can do cash or non cash transaction with own bank’s ATM without any charges for 5 times.
- Similarly, they can do transactions with other bank’s ATM freely for three times in metro cities and five times in non-metro cities.
- Beyond these free limits, customers are charged Rs.20 + taxes for each extra transactions.
What are the new Revised ATM withdrawal charges?
Now RBI has decided to hike the ATM withdrawal charges beyond free limits with effective from 1st January,2022.
- Now RBI has increased Rs.1 + taxes more than the earlier charges.
- Earlier the ATM withdrawal charges was Rs.20 + taxes for each transaction for exceeding the free limits.
- Now the customers will have to pay Rs.21+taxes for each extra cash or non cash transaction in ATM beyond the free limit.
- The increased charges will be effective from Jan 1, 2022.
- This rule is applicable for both private and public banks.