ATM cash withdrawals are getting more expensive from January

Hyderabad Now

3 years ago

Hyderabad: Transactions at the Automated Teller Machines (ATM) beyond the permitted number of transactions will cost Rs 21 plus taxes from January 1. Currently, the charge is Rs 20.

Customers will be eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. They will also be eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs. The number is limited to three transactions in metro centres and five transactions in non-metro centres.

The new rates are as per the notification issued by RBI in June this year. The Reserve Bank of India had constituted a Committee in June 2019 under the Chairmanship of the Chief Executive, Indian Banks’ Association to review the ATM charges and fees with particular focus on interchange structure for ATM transactions.

Beyond the free transactions, the ceiling / cap on customer charges was Rs 20 per transaction. 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 Rs 21 per transaction. This increase will be effective January 1. Applicable taxes will have to be paid additionally, RBI had said.

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