Cash withdrawal is expensive! ATM cash withdrawal charges, debit card and credit card charges hiked; Know when it will be applicable

 

Cash withdrawal is expensive! ATM cash withdrawal charges, debit card and credit card charges hiked; Know when it will be applicable



Important news for bank customers. RBI has recently allowed banks to increase the charge at ATMs to Rs 21 per transaction. Know the details.

New Delhi: There  is important news for bank customers. Now withdrawing cash from ATMs and charges for debit/credit cards are going to get more expensive. Now if customers withdraw money from ATM more than the prescribed limit, then banks can increase the charges to them. RBI has recently approved a proposal for banks to increase the charge on ATMs to Rs 21 per transaction. These new rates will be applicable from January 1, 2022.

FEE TO BE PAID ON EVERY TRANSACTION 

Actually, customers get five free transactions every month from the bank's ATM. This includes financial and non-financial transactions. In case of more than this, customers have to pay charges. For this, now an additional amount of Rs 20 will have to be paid per transaction. Let us tell you that for customers using ATMs of other banks to withdraw cash, three free ATM transactions in metro cities and five in non-metro cities are exempted.

WHEN WILL THE NEW RULES OF FEES BE APPLICABLE

RBI increased the interchange fee for ATM transactions from Rs 15 to Rs 17 per financial transaction and from Rs 5 to Rs 6 for non-financial transactions. These new rates will be applicable from August 1, 2021. According to RBI, interchange fee is a fee charged by banks to merchants processing payments through credit cards or debit cards.

State Bank of India (SBI) has recently revised the service charges for withdrawing cash from its ATMs and bank branches in early July. Under this, many charges have been increased. According to SBI, BSBD account holders will now be able to withdraw money from branches and ATMs only up to four times without any service charge.
If a customer withdraws money from ATM or branch more than this, then he will have to pay Rs 15 as service charge plus GST for every transaction. The same rule will be applicable for withdrawing money from any ATM other than SBI.



Comments

  1. NS RAOSeptember 25, 2021 at 6:34 AM

    Number of free transactions per month may please be increased from present allowed 4 transactions to 6(Six) transactions per month

    ReplyDelete

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