Debit or Credit cardholders are set to witness a big change in 2022 as the RBI has decided to hike the charges on ATM withdrawals for public as well as private banks across the country. It is to be noted that the hiked charges will be applicable after the customer will exhaust the free monthly limit.
The notification issued by RBI said that customers will need to pay Rs 1 more than what they were paying earlier to withdraw money.
Here are the new ATM rules, new ATM charges:
- Earlier, customers had to pay Rs 20 per transaction after the exhaustion of free limit, now the customers will have to pay Rs 21 per transaction.
- According to RBI,the charges have not been revised since August 2014.
- RBI said that the step will compensate the banks for higher interchange fees and general escalation in costs.
- The new charges will be applicable from January 1, 2021.
- It is to be noted that customers are allowed 5 free transactions from their own bank.
- Customers are also eligible for withdrawing cash from other banks’ ATMs. Three such transactions, per month, are allowed in metro cities and five in non-metro cities.
- The new rule is also applicable to Cash Recycler Machines.
- It may be recalled that RBI revised, upwards, the transaction limit in August 2021.
