New Rules for ATMs : Nowadays, everyone uses an ATM to withdraw money. In such a case, this is significant news. The rules for ATMs will change on May 1, 2025. That is, the ATM fee is currently changing. Following the RBI’s approval of the National Payments Corporation of India’s (NPCI) plan, withdrawing money from another bank’s ATM will become more expensive.
Withdrawing money from another bank’s ATM after a fixed limit would cost Rs 19 starting May 1, 2025, up from Rs 17 before. Also, the fee for checking the balance has been raised from Rs 7 to Rs 9. The bank allows its customers to make up to 5 free transactions in metro cities and 3 free transactions in non-metro cities at other ATMs every month. Above this, an additional charge will be applied to the transaction.
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New Rules for ATMs : ATM charges will rise.
ATM prices are rising due to the demand for higher interchange fees from ATM network operators and white label ATM vendors. Their maintenance and operating costs had risen in comparison to before. In such a case, the National Payments Corporation of India filed this demand with the Reserve Bank of India, which gave it the go-ahead.
The increase in ATM costs will now have a greater impact on banks that rely heavily on others for their ATM network. Customers will now have to pay additional fees when withdrawing money or checking their balance from a non-home bank MTA. In such a case, following the higher charge, those who use ATMs frequently should either use their home bank’s ATM to avoid additional charges, or use the digital payment option.
SBI has already implemented modifications to ATM transactions and levies for its customers, which will be effective February 1, 2025. However, according to RBI regulations, higher costs for cash withdrawals would be levied from May 1, 2025.
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