Withdrawing and Depositing Cash from ATM: New Cash Deposit And Withdrawal Charges: In the new year, after withdrawing money from ATMs for free, you will have to pay more charges than before. With effect from January 1, 2022, banks will charge a transaction charge of Rs 21 instead of Rs 20 per transaction for withdrawing money from ATMs beyond the free withdrawal limit.
Till now bank customers are not charged any fee for withdrawing money from their ATMs five times every month. Withdrawals after the free withdrawal limit are over, the bank charges Rs 20 per transaction. But on withdrawal of money for the sixth time from January 1, you will have to pay a charge of Rs 21 and add tax on it. However, all non-financial transactions will remain free, from checking balance to mini-statement or changing the PIN.
How much was the charge till now?
Currently, the first 3 transactions, which include financial and non-financial transactions, are completely free on withdrawal of money from other banks’ ATMs in 6 metro cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad) and there is no charge to the customers. No charge has to be paid.
At the same time, 5 ATM transactions can be done free of cost in non-metro cities. After this, for financial transactions in metro cities, Rs 20 per transaction and Rs 8.50 have to be paid as a non-financial transaction.
Withdrawing and Depositing Cash from ATM: Fees to be charged from 1st January
The customers of the bank will have to pay Rs 21 per transaction for financial transactions and Rs 8.50 for non-financial transactions after the 5th transaction after the new rates are implemented from January 1. In fact, in June this year, the Reserve Bank of India (RBI) allowed banks to charge more for withdrawing money or doing other transactions more than the fixed fee monthly limit through ATMs.
According to the RBI’s circular issued on June 10, banks should be compensated for the use of cards in other banks’ ATMs (Interchange Fee), and in view of the increase in other costs, they should be increased by increasing the charge per transaction. was allowed to increase.