Bank ATM Withdrawal Charges Revised, Check New Rules

Debit and credit cardholders are in surprise as the RBI has decided to raise ATM withdrawal fees for both public and private banks across the country. The increased fees will go into effect on January 1, 2022. It should be noted that the increased costs will apply once the consumer has reached the free monthly limit.

According to the RBI notification, customers would need to pay Rs 1 more than they were previously paying to withdraw money. Previously, users had to pay Rs 20 for each transaction once their free limit was exhausted. With the revised rates, customers must pay Rs. 21 for every transaction.

Here are the new rules: 

• The move, according to the RBI, will compensate banks for increasing interchange fees and overall cost hikes
•  It should be noted that users are only permitted five free transactions from their own bank.
• Customers can also withdraw cash from ATMs operated by other banks. Metro cities are permitted three such transactions every month, whereas non-metro cities are allowed five.
• The new rule applies to cash recycler machines as well.

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