ATM cash withdrawal charges to increase from today. 3 things to keep in mind
PremiumCustomers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month
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Automated Teller Machines (ATMs) across banks in India are all set to increase service charges per transaction from 1st January 2022, following an order from the Reserve Bank of India (RBI). The ATM service charges will be taken only after the bank account holder extinguishes the monthly withdrawal limits provided by the commercial banks.
ATM cash withdrawal: Three things you should keep in mind
Pay ₹21 from today
As per the RBI notification dated June 10, 2021, from January 1, 2022, banks have been permitted to charge ₹21, instead of ₹20 with applicable taxes, if any, shall be additionally payable.
Customers will have to pay ₹1 more beyond the permissible free transactions for cash as well as non-cash purposes.
Five free transactions
However, the customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs.
Other 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 centers and five transactions in non-metro centers.
The last change in interchange fee structure for ATM transactions was in August 2012, while the charges payable by customers were last revised in August 2014.
The RBI has notified the changes from January 1, 2022, citing the increasing cost of ATM deployment and expenses towards ATM maintenance incurred by banks or white-label ATM operators.
