Withdrawing money from other bank's ATM will be expensive, know how much will be charged

 

Withdrawing money from other bank's ATM will be expensive, know how much will be charged



The Reserve Bank of India (RBI) on Thursday announced an increase in the interchange fee from Rs 15 to Rs 17 for every financial transaction done through ATMs. The hike in ATM withdrawal fee will be effective from January 1, 2022. That is, from the first day of the new year, you will have to pay more fees.

Along with this, RBI has also announced to increase the maximum limit of charges on customers from Rs 20 to Rs 21 after free ATM withdrawal every month to customers of any bank. Banks are now offering customers 5 free cash withdrawals from ATMs every month. The Reserve Bank has said that the last time the ATM interchange fee was changed was in August 2012.

Non-financial transactions will be costlier from August 1, 2021

At the same time, the charges applicable to customers were revised in August 2014. In such a situation, after examining the recommendations of the committee, it has been decided to increase the interchange fee and customer fee. RBI said that this decision has been taken keeping in mind the convenience of all stakeholders and consumers along with the ATM deployment cost and maintenance cost on banks and ATM operators. The central bank has increased the fee for non-financial transactions from Rs 5 to Rs 6, which will be effective from August 1, 2021.



Comments

  1. S. SaranJune 15, 2021 at 5:45 AM

    Why so much noise over Re 1 increase? Waste of time and money.

    ReplyDelete
  2. UnknownJune 15, 2021 at 6:31 AM

    What is the meaning of CORE banking why one cant use the other bank ATM for his/her urgent & important needs of money where the concern bank ATM is not avaibale for eg: one goes to other state thier are few banks ATM is not avaibale for eg: A person has ATM card of CANARA BANK does not find this bank gets only BOB then he withdraws his urgency /important need of money & get is requirment fullfiled in such case the RBI & BANKS should think on ground level problems faced by the bank customers expect to revise the thinking & do necessary needfull requirments & not burden the customers that to at this days /time were the world is going through a strong economic crunches & difficluties of pandamic of CORONA-19-20-21 next do not know what else awaited

    ReplyDelete
  3. G.GopiramJune 26, 2021 at 6:00 PM

    Hike in ATMwithdrawels of other banks is highly denounced.When the bank of ATMcard is not available then only goes tootherATM.thenwhysohike.Bank customer cannot goon searching ATMin city .In rural area only one atmwillbe there of particular bank.thenwhat the customer has todo in case of money emergency

    ReplyDelete
  4. Bipin Sukumar PillaiOctober 28, 2021 at 12:37 AM

    ANOTHER WAY OF PAYING THE HIKE IN STAFFS SALARY. P2P SEEMS THE BEST OPTION.FAIRCENT.COM IS R.B.I. REGULATED.CONTCT ME OR MORE DETAILS.

    ReplyDelete
  5. sayeeOctober 28, 2021 at 2:41 AM

    it is highly condemnable(although Re.1/- ) but the services of particular ATM should be available in all places or do not charge for using other bank ATMs. It is a wrong move by RBI to loot money. kindly reconsider. Same way if the ATM is failed in its services give chance to customers to get ATM failure of Rs.101/- per transaction,

    ReplyDelete

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more