According to the RBI notification dated June 10, 2021, from January 1, 2022, instead of Rs 20, banks will now be able to charge Rs 21 as ATM transaction charge.
New Delhi. If you are not used to digital transactions or you prefer cash transactions, then your pocket is going to increase in the new year. Actually, after an order of the Reserve Bank of India (RBI), banks have increased the charge on ATM transactions from January 1, 2022. Now customers of banks will have to pay more charges for additional withdrawals after crossing the limit of free withdrawal from bank ATMs every month.
According to the RBI notification dated June 10, 2021, from January 1, 2022, banks will now be able to charge Rs 21 and GST as ATM transaction charge instead of Rs 20. The central bank had notified the change with effect from January 1, 2022, citing the rising cost of ATM installation and ATM maintenance expenses incurred by banks or white-label ATM operators.
Free withdrawal limit is different for metro cities and villages
Customers are eligible for five free transactions (including financial and non-financial transactions) every month from their bank ATMs. For transactions above this, Rs 21 and GST will have to be paid. Earlier this charge was Rs 20. Customers are also eligible for free transactions (including financial and non-financial transactions) from other bank’s ATMs. Three transactions are in metro cities and five transactions are in non-metro cities.
Changes in the interchange fee structure were made in August 2012
Earlier, the last change in the Interchange Fee Structure for ATM transactions was done in August 2012, while the Charges Payable by the customers was last revised in August 2014.
