ATM Transaction New Charges: Actually, some time ago RBI had announced to increase ATM withdrawal fee and this decision of RBI will come into effect from May 1. In such a situation, if you cross the limit of free transactions, then you have to be ready to pay more money.
ATM Transaction New Charges: Some changes happen on the first date of every month. On May 1, there are going to be changes regarding ATM transaction charges. Actually, some time ago RBI had announced to increase ATM withdrawal fee and this decision of RBI will come into effect from May 1. In such a situation, if you cross the limit of free transactions, then you have to be ready to pay more money. However, those people need to worry more about this who use ATM more.
How much charge will have to be paid from May 1
From May 1, customers will have to pay an additional 2 rupees for every transaction after crossing the monthly free transaction limit. Currently, banks charge Rs 21 for exceeding the free transaction limit, but from May 1, you will have to pay Rs 23 for this. However, there will be no change in the free transaction limit. This limit will remain the same as before. You will still get 5 free transactions from your bank’s ATM. At the same time, you will get a chance to do 3 free transactions in metro cities and 5 free transactions in non-metro cities from other ATMs. After exceeding the number of free transactions, you will have to pay additional charges.
Why did RBI decide to increase ATM withdrawal fees?
Actually, white-label i.e. third party ATM operators and banks were demanding to increase the charges for a long time. Their argument was that increasing operational expenses are affecting their business. NPCI had also recommended RBI to increase the charges. After this, RBI decided to increase the ATM withdrawal fees. The new charges will be implemented across the country from May 1.
Digital payments have reduced the need for ATMs
The increase in ATM withdrawal charges is a problem for those who are more dependent on cash and often do cash transactions through ATMs. Those who do limited transactions need not worry. Let us tell you that ATM service has been greatly affected due to digital payments in India. The facility of online wallet and UPI transactions has reduced the need for cash withdrawals to a great extent.
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