India

Pay More For ATM Cash Withdrawals From January

New Delhi: Withdrawing cash from ATM will get costlier from January. According to a Reserve Bank of India (RBI) notification, customers will have to pay more for ATM transactions from January 2022 once the limit exceeds.

Beyond free monthly limits, the ATM transactions are set to get costlier as RBI had allowed banks to increase charges on cash and non-cash automated teller machines (ATMs).

Customers will have to pay Rs 21 per transaction at their own banks’ ATMs to withdraw money once the limit exceeds after the change is implemented. The charges are Rs 20 at present.

The new rule will come into effect from January 1, 2022. RBI allows all bank customers to do five free ATM transactions at their own banks before these rates are charged.

Customers will be eligible for three free transactions from other banks in metro cities and five free transactions in non-metro cities. The RBI had notified about the changes in June this year. Banks like HDFC and Axis have updated their website with the new notification.
OB Bureau

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