Atm Withdrawal Limit – Now Withdrawing Money From Atm Will Be Expensive, Reserve Bank Increased This Fee – If you withdraw money from the other bank’s ATM rather than your bank, then extra money are going to be deducted on the transaction quite the free limit. Now you’ll need to pay more charges if you cross the limit of free transactions in your bank’s ATM also.
Atm Withdrawal Limit – Now Withdrawing Money From Atm Will Be Expensive, Reserve Bank Increased This Fee
Now for the bank customers, the transaction of quite the free limit during a month from the ATM are going to be costly. The RBI has increased the customer charge and non-bank ATM charges to be charged from the purchasers .
The Reserve Bank Of India of India (RBI) has increased the interchange fee on ATM transactions. this suggests that if you withdraw money from an ATM of the other bank rather than your bank, then you’ll get extra money for the transaction quite the free limit. This increase will inherit effect on 1st August , 2021.
Increased customer charge
Similarly, the RBI has also increased the limit of customer charge from Rs 20 to Rs 21 per transaction. this suggests that if you cross the limit of free transactions in your bank’s ATM, you’ll now need to pay more. The reserve bank said that these new charges also will be applicable for cash recycler machines. However, this increase are going to be applicable from January 1, 2022.
The RBI has increased the interchange fee from Rs 15 to Rs 17 for financial transactions in the least bank ATMs. Likewise, the charge for non-monetary exchanges has been expanded from Rs.5 to Rs.6. Financial transaction means to withdraw money, similarly non-financial transaction means to seek out out balance etc.
Transaction costly over the limit
It is worth noting that no charge is charged from customers for transactions made up of other bank’s ATMs thrice monthly in metro cities and five times in non-metro cities. then it gets charged. That is, if you transacted quite this limit, then now it’ll be expensive.
In June 2019, a committee was constituted under the chairmanship of the top of the Indian Banks Association. this alteration has been made on the idea of his recommendations. during a statement, the RBI said, “The recommendations of the committee are widely considered. it had been also observed that the primary change within the interchange fee on ATM transactions was wiped out August 2012. Similarly, the last change within the charge to be taken from the customer was in August 2014.
It is worth noting that banks give free transactions to their customers up to a particular limit from their ATMs, then they also levy charges. The RBI says that customers will get five transactions financial or non-financial monthly from their bank ATMs for free of charge .