A claim is circulating on social media about exorbitant charges on ATM withdrawals.
“On withdrawing money from an ATM more than 4 times, Rs 173 will be deducted including Rs 150 tax and Rs 23 service charge. One more gift. Starting June 1, each bank transaction after 4 transactions will carry a Rs 150 charge,” the message claims, asking people to forward it to others. Is there any truth to the claim? Find out below.
The government’s fact check handle on Twitter refuted the claim. “Up to 5 free transactions can be done every month from your bank's ATM,” wrote PIB Fact Check.
“After this, a maximum of Rs 21 per transaction or if any other tax, it will have to be paid separately,” it added. PIB also shared a link to an RBI circular clarifying the same.
“Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. They are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz. three transactions in metro centres and five transactions in non-metro centres. Beyond the free transactions, the ceiling / cap on customer charges is ₹20 per transaction, as prescribed vide circular DPSS.CO.PD.No.316/02.10.002/2014-2015 dated August 14, 2014. To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to ₹21 per transaction. This increase shall be effective from January 1, 2022,” mentions the RBI circular.
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