Withdrawing Money From Other Bank’s ATM will be Expensive, Know How Much Will be Charged

withdraw money from an ATM machine

Withdrawing Money: The Reserve Bank of India (RBI) on Thursday announced to increase 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.

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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.

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