ATM withdrawal fee: Beginning May 1, you will have to pay additional costs when withdrawing money from an ATM. The Reserve Bank of India (RBI) has approved an adjustment to the ATM interchange charge, which will now take effect on May 1, 2025. This decision will impact both financial and non-financial transactions for bank clients. The RBI has approved an increase of Rs 2 in the cost for financial transactions, from Rs 17 to Rs 19. Other non-financial transactions, such as balance inquiries, will increase by Rs 1, to Rs 7 instead of 6.
ATM withdrawal fee : There are five free withdrawals allowed
Customers are granted a restricted amount of free transactions per month at various bank ATMs. Customers in metropolitan areas are allowed five transactions, whilst non-metropolitan areas are only permitted three. If the number of free transactions is exceeded, the extra charge that users must pay may increase due to the already high interchange fee.
Table of Contents
What is the interchange fee?
The interchange charge is the price that one bank pays to another when a consumer uses an ATM that is not affiliated with their home bank. It includes the fees involved with the bank holding the ATM to service a specific cardholder for several banks. These ATM fee modifications were last made in June 2021.
Avoid paying greater charges this way.
- To take advantage of the free transaction limits, use your bank’s ATM.
- Keep track of your ATM withdrawals to ensure that you don’t over the free transaction limit.
- Reduce reliance on cash withdrawals by using digital banking services and online payment alternatives.
you join our tazatimesnews Telegram Channel
you join our whatsapp channel
Next News Read – “They Had What?”US President Donald Trump reaction upon discovering the chat app leak
